Review of this week: Market Rules and Listing

Democratic senators advanced the cryptocurrency market structure framework with bipartisan support, while Gemini raised $425 million in a Nasdaq IPO with a valuation of $3.3 billion. Nasdaq invested $50 million in Gemini to build a custodial partnership. The SEC Chairman reiterated that most tokens are not securities and BlackRock is exploring ETF tokenization. Despite some Republicans' reservations, Senate negotiations continue.