A new draft bill has been introduced, significantly revising the definitions and the authority of the SEC in its first chapter, while adding a new Section 109 addressing insider trading. The second chapter modifies the term "common control" to "coordinated control." Additionally, Section 301 has been rewritten to redefine the boundaries between DeFi and CeFi. Section 505 narrows the scope of the SEC's authority over tokenization. Furthermore, Sections 701 and 702 have been restructured to update the framework for bankruptcy and insolvency.