The crypto market is still lingering in a slump, but regulators have quietly changed their approach. This week, the SEC, CFTC, and NYSE made almost simultaneous moves— • Stablecoin discount rates dropped sharply from 100% to 2%, boosting capital efficiency by 50x, officially upgraded to 'quasi-cash' • BTC/ETH received federal recognition, now directly usable as futures margin, making 24/7 collateralization a reality • Crypto ETF options position limits removed, paving the way for large-scale institutional hedging Author: @bz1022911