The Collapse of the Crypto Bill Regulation: A New Hope for the Coin and DeFi Ecosystem

Industri coin mengalami momen bersejarah minggu ini ketika Coinbase secara dramatis menarik dukungannya terhadap S. ( struktur pasar kripto AS, diikuti pembatalan sidang komite. Kejadian ini telah mengubah persepsi di seluruh sektor—bukan sebagai kekalahan, melainkan sebagai kesempatan emas bagi komunitas DeFi dan pemangku kepentingan crypto untuk merancang ulang kerangka regulasi yang lebih seimbang.

Pasar merespons dengan volatilitas moderat. Bitcoin bergerak di level $88,25K dengan penurunan 1,11% dalam 24 jam terakhir, sementara Ethereum turun 1,90% ke posisi $2,95K. Solana mengalami tekanan lebih besar dengan penurunan 3,00% ke $123,41, sedangkan BNB relatif stabil di $900,20 (turun 0,16%) dan Dogecoin melemah 2,83% ke $0,12. Fluktuasi ini mencerminkan ketidakpastian pasar menghadapi perpanjangan negosiasi regulasi, namun analis melihat ini sebagai fase konsolidasi dalam ekosistem coin yang lebih besar.

Market Dynamics of Coins Amid Regulatory Campaigns

Market analysis shows that Bitcoin is trading more like a high-risk asset rather than a macro hedge, stuck in a bearish consolidation about 30 percent below October’s peak. Sharp recoveries in the US dollar and continued strength in commodities—especially gold reaching all-time highs as well as silver and copper remaining elevated—have overshadowed the performance of the cryptocurrency sector. Nonetheless, the fundamental structure of the coin market remains solid with consistent trading volume on major exchanges.

As the Federal Reserve maintains interest rates, crypto trading experiences consolidation despite moderate gains in some altcoins. This dynamic indicates that institutional investors continue to monitor regulatory developments as a key factor in their capital allocation decisions.

The RUU Step Back: A Transformational Opportunity for DeFi

DeFi leaders do not see this delay as an equal setback, but as a strategic opportunity. Mike Silagadze, founder of Ether.fi, stated clearly to CoinDesk: “I’m not too worried about it—I actually see it as positive, because the bill in its current form is very damaging to crypto and DeFi.”

Silagadze explained that the initial proposal would limit the outcomes of stablecoin ownership and impose significant restrictions on emerging DeFi protocols. However, he expressed optimism that “a better version will eventually return to the negotiation table with more in-depth consideration of the DeFi ecosystem.”

Bill Hughes, senior advisor and director of global regulatory affairs at Consensys, reinforced this view with a more strategic perspective. Hughes said that the pause indicates that lawmakers and industry supporters are willing to step back rather than accept provisions that would overly regulate decentralized technology. “Those pushing for tighter government oversight and control need this bill more than the DeFi community, at least in the short term,” Hughes said, adding that this setback serves as a reminder of “what they will lose if no action is taken.”

Coinbase’s decision to withdraw support indicates that even the largest exchange in the US is willing to abandon a bill perceived as potentially stifling innovation in the global coin ecosystem. Armstrong was seen in Congress on Thursday, indicating Coinbase’s move is temporary until a revised draft bill is available.

Negotiations Continue: Positive Signals from Senator Tim Scott

Committee chairman, Senator Tim Scott, a Republican from South Carolina, stated in a release that he has “spoken with leaders across the crypto industry and financial sector, as well as Democratic and Republican colleagues, and all parties remain at the negotiating table working in good faith.”

This statement hints that negotiation momentum is not entirely lost. On the contrary, this delay opens space for parties to adjust their positions. Hughes from Consensys believes that although the bill draft is not perfect, crypto companies still hold significant influence in shaping its outcome.

“Sponsors and industry will prefer to leave market structure legislation rather than accept overregulation of decentralized technology,” Hughes said. This delay sends a clear message to senators pushing for a hardline stance that “they need this bill more than the coin and DeFi industry.” According to him, this dynamic could lead to revisions that are more balanced and bring key supporters like Coinbase back into the negotiation circle.

Long-Term Perspective: Pudgy Penguins and Ecosystem Evolution

While negotiations continue, the cryptocurrency ecosystem demonstrates ongoing innovation. Pudgy Penguins has emerged as one of the strongest NFT-native brands in this cycle, shifting focus from speculative “digital luxury goods” to a multi-vertical consumer IP platform.

Pudgy Penguins’ strategy involves acquiring users through mainstream channels first—toys, retail partnerships, viral media—and then onboarding them into Web3 via gaming, NFTs, and the PENGU token. This ecosystem now includes phygital products (retail sales > $13M and > 1M units sold), gaming and experiences (Pudgy Party surpassing 500k downloads in two weeks), and widely distributed tokens (airdropped to 6M+ wallets).

The success of Pudgy Penguins shows that the coin and DeFi sectors continue to innovate despite regulatory challenges. The current market values Pudgy at a premium relative to traditional peers, but sustained success depends on execution in retail expansion, gaming adoption, and deeper token utility.

Significance for the Future of Coin and DeFi Regulation

On the surface, the delay of the bill that was supposed to facilitate institutional participation in DeFi is a temporary setback, but in reality, this sector has avoided overly restrictive frameworks in the short term. With the possibility of a warmer framework once the revised bill is introduced, the DeFi community views this as a strategic victory. Ripple CEO Brad Garlinghouse also sees this situation as an opportunity for more constructive dialogue.

The postponement of the crypto market structure bill essentially reflects a shift in negotiation power. Legislators realize that the coin industry, especially the DeFi sector, will not accept regulations that go beyond reasonable limits. This paves the way for more nuanced discussions on how to protect consumers without killing innovation in the decentralized ecosystem.

Going forward, the expectation is that the revised bill will more carefully consider the needs of DeFi protocols while maintaining necessary protections for a more mature cryptocurrency market. For coin market investors and participants, this moment marks a significant change in regulatory dynamics—from a one-size-fits-all approach to a more sophisticated and adaptive framework aligned with blockchain and DeFi realities.