Retail left the building because "prices are boring." The architects just walked in.



Google search trends for crypto are at 5-year lows, yet the regulatory moat just became a bridge.

• Senate confirmed Mike Selig as CFTC Chair today (Pro-Crypto).
• The "Clarity Act" is moving 80% of assets to CFTC jurisdiction.
• This is the legal foundation that turns a $2 Trillion casino into a $100 Trillion industry.

Ambiguity kills institutional flows. Law enables them. The Commodity Futures Modernization Act 10x'd the derivatives market. We are watching the sequel.

The casino is closed. The industry is open. Position accordingly.
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