Zoomed out, this looks like the early stages of Bitcoin being formally integrated into the U.S. financial system. The SEC and CFTC are now more aligned on defining clear asset categories—what’s a security, what’s a commodity, and what doesn’t fit either. That reduces years of regulatory uncertainty the market has been trading through. At the same time, ideas like “innovation exemptions” and regulatory sandboxes suggest a shift in mindset: instead of pushing crypto offshore first, regulators may allow controlled testing within the system from day one. Tokenization and faster settlement are also being reframed as financial infrastructure upgrades rather than just crypto narratives—aiming for more efficiency, liquidity, and lower friction in markets. Overall, it’s less about tightening or loosening rules and more about crypto gradually moving from the outside into the core architecture of finance.