Paradigm, Multicoin, Galaxy and other crypto institutions jointly support the Senate's crypto legislation draft

Paradigm believes the Senate's "ancillary asset" proposal is more beneficial to the crypto industry. While both bills offer advantages over the "Howey Test," which is difficult to apply and creates perverse incentives, the Senate draft is simpler and avoids fitting decentralized tokens and protocols into a rigid framework. It also uses an exclusion clause to prevent abuse, excluding assets that carry legal rights to specific financial benefits from being considered ancillary assets.