The market structure bill introduces a "control" test for DeFi protocols. The problem: nobody agrees on what control means.
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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.
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