Paradigm, Multicoin, Galaxy, and other cryptocurrency institutions jointly support the Senate's proposed cryptocurrency legislation

Dan Robinson, General Partner and Research Director of Paradigm, stated on X platform that this week his team, in collaboration with Multicoin Capital, Chainlink, Electric Capital, Galaxy, Ribbit Capital, and Tribe Capital, sent a letter expressing their opinions on the draft legislation on cryptocurrency market structure released by the Senate Banking Committee. On the key issue of token securities regulation, the Senate draft differs from the approach of the CLARITY Act, which has already been passed by the House of Representatives. Paradigm believes that the Senate; Auxiliary Assets; The plan is more advantageous for the encryption industry. Both bills are superior to those that are difficult to apply and may bring about reverse incentives; Haowei Test” The system, but the Senate draft is more concise, avoiding the need for decentralized tokens and protocols to adapt to rigid frameworks. It prevents abuse by excluding clauses, that is, assets with specific financial rights and statutory rights are not considered auxiliary assets.