The SEC providing guidance on digital assets is a positive step and a significant improvement compared to previous years. However, passing market structure legislation in Congress will ultimately provide the most important guidance for the industry in terms of long-term regulatory clarity. Why? Guidance is helpful for investors because it provides insight into the general thinking of the Corporation Finance staff. However, as we saw with SAB 121, guidance (and rulemaking) can be repealed or amended under a different administration. In contrast, when Congress passes laws, those rules are set in stone and much harder to change as it would require a lengthy legislative process. And in this case, according to members of Congress like @RepBryanSteil, policymakers are now rowing in the same direction. The regulators are collaborating with lawmakers, providing feedback and technical assistance on the legislation that’s being drawn up.