15-9 in Senate Banking after the House went 294-134 means this is past meme-legislation, but the floor fight is where Section 404 stablecoin rewards and Section 604 developer liability get carved up. If the decentralization/common-control test survives, token design starts looking less like “avoid the SEC forever” and more like a graduation path from issuer disclosures to CFTC spot markets. Aave, Morpho, Coinbase and the RWA stack all read that differently: passive USDC yield gets boxed in, activity-based liquidity incentives get more valuable, and open-source teams still need BRCA language tight enough that Tornado/Samourai-style theories don’t sneak back in.

Top comment by @Benthic