when a protocol shift changes everything
Senate crypto bill markup was supposed to happen in January. it didn't. here's what that tells us.
there were rumors of a Senate markup on the crypto market structure bill in January. it didn't happen. instead, we got coordination announcements and slow moves.
this is how regulatory shifts actually work. not through dramatic votes. through quiet alignment between agencies. through people in rooms saying "we agree on the framework" before anything public happens.
i watched it happen in India with the RBI. years of fighting. then suddenly, meetings happened. alignment was reached. public announcement. then everyone knew the rules.
American crypto regulation is in that same phase now. The SEC and CFTC are coordinating. The framework is being laid out. The actual legislative moves will come once the agencies agree on what they want to protect and what they want to allow.
when you see coordination before legislation, that's when you know a market is stabilizing. it's when real infrastructure can be built.