Olivia Capozzalo & Camila Russo
January 15, 2026

gm Defiers!

Today’s big story:

For an industry that has spent years asking regulators to “just tell us the rules,” the crypto market structure bill remains the closest answer yet.

In other news:

Crypto scammers turn to DeFi: Chainalysis
Tokenized trading cards make a comeback
DASH rallies 50% in a day

The Defiant’s 2025 in review:

Read more below! But first, please give our sponsors some love; they make this newsletter possible.

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Watch Ep. 4 Now

We’re back! Here’s what you need to know in web3 today

📈 Markets in the Past 24 Hours

TICKER	VALUE	24H
Bitcoin	$95,824	-1.04 %
Ethereum	$3,281.95	-1.71 %
BNB	$931.73	-1.19 %
XRP	$2.07	-3.28 %
Solana	$141.74	-2.87 %

Today’s Big Story

Crypto Has Spent Years Asking for Rules. Now It Has to Decide If It Wants Them

Today, the Senate Banking Committee delayed its markup of the digital asset market structure bill after Coinbase withdrew its support, triggering headlines about discord inside the industry. But prices stayed flat because a delay is not a no and the bill is still set to be the most consequential piece of U.S. crypto legislation to date.

Amid the daily headlines, let’s not lose sight of the fact that this bill is almost exactly what the crypto industry has been asking for, for years: Regulatory clarity.

The legislation, formally called H.R. 3633 and commonly referred to as the CLARITY Act, would establish a comprehensive market structure for digital assets, clarifying when tokens fall under the jurisdiction of the SEC versus the CFTC, and creating registration paths tailored to how crypto markets actually work. It’s the first serious attempt to update U.S. financial law for a world where blockchains exist.

The bill has broad support from lawmakers on both sides of the aisle, policy groups, and much of the industry, even after Coinbase’s public break.

Why Many in Crypto Still Back the Bill

Among those backing the bill are big names like Coin Center, Kraken, a16z and Circle.

Supporters argue the bill would:

End the existential uncertainty around whether most tokens are “unregistered securities.”
Give exchanges, brokers, and custodians a clear path to compliance.
Keep crypto innovation onshore, instead of pushing it to Europe or Asia under MiCA-style regimes.
Reduce systemic risk by bringing trading venues into a defined regulatory perimeter.

So why did Coinbase pull back? Brian Armstrong listed Coinbase’s objections:

A de facto ban on tokenized equities
DeFi prohibitions, giving the government unlimited access to your financial records and removing your right to privacy
Erosion of the CFTC’s authority, stifling innovation and making it subservient to the SEC
Draft amendments that would kill earning interest on stablecoins, allowing banks to ban their competition

That criticism has found sympathetic ears. Some legal analysts worry the definitions around “ancillary assets” and decentralization thresholds could be gamed or interpreted inconsistently. Others argue that the bill doesn’t go far enough in constraining the SEC, leaving room for future enforcement fights.

Still, industry voices across exchanges, venture firms, and policy groups continue to push for passage, even if the final text isn’t perfect.

Markets Understand What Politics Is Doing

The market’s muted reaction reflects a sober read of the political process. Delays are normal for bills of this scope, especially when they aim to rewrite how entire asset classes are regulated. A postponed markup means parties will continue negotiating.

Crucially, key lawmakers, including Senate champions of crypto legislation like Senators Cynthia Lummis and Tim Scott, have signaled that talks are ongoing and that the goal remains to move a market structure framework.

For an industry that has spent years asking regulators to “just tell us the rules,” this bill remains the closest answer yet.

There’s a risk that internal fragmentation convinces Washington that crypto can’t agree on the bill when it’s finally within reach. But hopefully, this delay is used to tighten language and fix flaws, not to lose sight of the bigger win.

With love,

Cami, founder of The Defiant

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🎬WATCH

How Stablecoins Are Rewiring Global Payments | Borderless CPO Alex Garn

In this episode of The Defiant Podcast, Chris Storaker sits down with Alex Garn, chief product officer at Borderless, to unpack how stablecoins are quietly transforming cross-border payments — and what it actually takes to move money at scale across jurisdictions.

We explore why stablecoins are moving beyond trading and DeFi collateral into real-world enterprise payments, where they already outperform legacy rails on settlement speed, transparency, and custody — especially across emerging market corridors like Latin America and Southeast Asia.

Top News in the Past 24 Hours

DeFi Becomes Preferred Laundering Route For Impersonation Scams: Chainalysis Crypto scams are becoming harder to track as criminals move deeper into DeFi to launder stolen funds, according to Chainalysis’ report on crypto fraud in 2025, with impersonation scams driving much of the growth. Why it matters: Unlike earlier scam waves, these operations are now relying less on centralized exchanges and more on DeFi infrastructure to move funds.
CARDS Token Surges as Gacha Volume Hits All-Time High On-chain trading card platform Collector Crypt’s CARDS token is up 60% over the past week as its gacha spin volume hits new highs, driving protocol revenue and token buybacks to their highest levels since September. Why it matters: Activity is also increasing on legacy tokenized trading card platforms such as Courtyard, which also recorded its highest weekly revenue since September.
Dash Jumps Nearly 50% Following Alchemy Pay Integration Dino privacy coin Dash (DASH) rallied nearly 50% on Wednesday after the team behind announced a new payments partnership, currently posting over 100% gains on the week. Why it matters: The notable rally comes as traders have shown renewed interest in privacy-linked tokens more broadly.