A crypto regulatory update looking at why the long-promised market structure bill is likely slipping into next year as negotiators get bogged down in stablecoin yield, conflict-of-interest language, and the thorny problem of DeFi. The episode also covers the SEC’s increasingly sharp divide with TradFi over tokenization rules and a surprising bit of good news from the CFTC on approved spot markets, setting the stage for a pivotal regulatory year ahead. Headlines at the end.

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