CLARITY failed. The Fed hiked. Bitcoin barely flinched. That was the setup we highlighted earlier this week: both adverse outcomes were already heavily expected, while leverage and positioning remained relatively clean. Since then, the regulatory story has shifted fast: • SEC opens a temporary route for certain tokenized U.S. stocks • CFTC expands no-action relief • Congress keeps moving on narrower crypto bills • Deutsche Bank prepares institutional digital-asset custody Latest Ahead of the Curve Podcast: 🎧 https://podcast.k33.com/