Wow. • SEC says most tokens aren’t securities • Clear rules coming for ICOs, airdrops, staking • U.S. embracing tokenized stocks, DeFi, and super-apps • Self-custody protected • “innovation exemption” for crypto start ups The default regulatory approach is shifting to allow, and encourage, on-chain as the future norm. U.S. financial markets are going on-chain. You are simply not bullish enough.