The market structure bill introduces a "control" test for DeFi protocols. The problem: nobody agrees on what control means. Figure is giving away $25,000 in USDC. Deposit into Democratized Prime, earn ~9% APY hourly—and every $1 you keep in for 25 days is 1 entry. Enter here Peter Van Valkenburgh of Coin Center sits down with Jessi Brooks and Vy Le to confront a question that will determine which DeFi projects can operate in the United States and which ones can't.  The Blockchain Regulatory Certainty Act creates a carve-out for non-custodial developers, codifying the principle that if you never hold customer funds, you shouldn't need a money transmitter license. Simple enough on paper.  But Vy presses on the hard cases: what about an admin key, an upgradeable vault, or a pause function built for security? Where exactly does "non-custodial" end and "control" begin?  Meanwhile, Jessi raises the tension the industry rarely wants to discuss. The DOJ just charged cartel brokers moving money through crypto, yet simultaneously dismantled its own enforcement teams.  If Congress clears developers, who pursues the actual criminals? The answer matters for every builder, investor, and victim watching this play out. Hosts: Jessi Brooks, General Counsel at Ribbit Capital TuongVy Le, General Counsel at Veda Guest: ⁠Peter Van Valkenburgh, Executive Director of Coin Center Links: ⁠​​Crypto Market Structure Bill Clears Senate Committee — But the Hard Part Is Still Ahead⁠ ⁠Senators Move to Curb Passive Stablecoin Yields in Market Structure Push⁠ ⁠Mastercard in Talks to Buy Zerohash for $2 Billion: Report⁠ ⁠How the GENIUS Act Creates a Built-In Advantage for Banks and Deposit Tokens⁠ ⁠How Nansen’s New Trading Agent Makes It Easier to Follow the Smart Money Onchain⁠ ⁠How the x402 Standard Is Enabling AI Agents to Pay Each Other⁠ ⁠Reading is Fundamental⁠ ⁠Stablecoin for Babies Learn more about your ad choices. Visit megaphone.fm/adchoices