[Draft Bill by U.S. Senate Banking Committee Proposes Excluding Staking, Airdrops, and DePIN Networks from Securities Regulation] The latest market structure draft bill from the U.S. Senate Banking Committee incorporates feedback from stakeholders and lobbying groups, proposing several significant revisions. The draft explicitly states that 'ancillary assets' will be excluded from the definition of securities, staking and airdrops will not be considered securities, and the SEC and private litigants are prohibited from taking action against non-fraudulent tokens issued prior to the enactment of the bill. Additionally, new provisions exempt decentralized physical infrastructure networks (DePIN) from being subject to securities laws, while retaining protections for software developers, self-custody, and exemptions for DeFi. The draft also mandates that the SEC and CFTC coordinate digital asset regulation through a joint advisory committee and resolve potential disputes. These revisions aim to provide a clearer legal framework for the crypto industry.