For purposes of this Contract, "crypto market structure legislation" means any bill that does all of the following:

1. Establishes a comprehensive regulatory framework for digital assets, cryptocurrencies, or virtual currencies (but not solely for stablecoins); AND
2. Delineates regulatory authority between federal agencies (such as the SEC, CFTC, or others) for oversight of digital assets; AND
3. Creates definitions, classifications, or categories for when digital assets are considered securities, commodities, or other regulatory classifications.

The following would NOT satisfy the Payout Criterion:

• Bills that solely regulate stablecoins without addressing broader crypto market structure;
• Bills that only ban or restrict specific crypto activities without creating a regulatory framework;
• Bills that only address Central Bank Digital Currencies (CBDCs);
• Appropriations bills that merely fund crypto-related activities;
• Bills that only address crypto taxation without market structure provisions;
• Executive orders, regulatory guidance, or agency rules (only Congressional legislation counts);
• Bills that pass only one chamber of Congress;
• Bills that are vetoed and not overridden;
• State legislation of any kind

Examples that WOULD meet the Payout Criterion:

• The Digital Asset Market Clarity (CLARITY) Act, if passed by both chambers and signed into law;
• The Financial Innovation and Technology for the 21st Century Act (FIT21), if passed by both chambers and signed into law;
• Any omnibus bill that includes comprehensive crypto market structure provisions as described above.

Examples that would NOT meet the Payout Criterion:

• The GENIUS Act or STABLE Act (stablecoin-only legislation);
• The Anti-CBDC Surveillance State Act (CBDC-specific);
• A bill that passes the House but not the Senate;
• An executive order directing agencies to study crypto regulation.