The CLARITY Act, 49 to 50, is dead. But stablecoin regulations started rolling out on the same day. The first thing quantified: $10 billion. The second thing targeted: 2-day redemption. The third thing locked in: full reserves. You weren’t waiting for a framework, what you got is a cage. But the cage left three favorable openings: Issuing banks, Tax-collecting chains, Compliant DeFi. So, is the spring of DeFi still far away?