A new 309-page draft of crypto regulation has been released, expanding on the previous 278-page version from January. The draft maintains the core structure, with the SEC overseeing crypto token sales and the CFTC managing post-market trading. It introduces enhanced investor protections, granting the SEC antifraud and insider-trading authority over certain crypto offerings. The stablecoin section aims to prevent platforms from offering bank-like yields for holding stablecoins, while still allowing rewards for genuine crypto activities such as transactions and staking. Additionally, the tokenization section now focuses more on tokenized securities rather than broad real-world assets. Notably, the draft includes the 'Build Now Act,' a housing measure unrelated to crypto, potentially to garner legislative support.