The SEC and CFTC have issued guidance on crypto regulation, providing clarity on the classification of digital assets. However, the market's response has been lukewarm, indicating that traders are looking for more than just regulatory goodwill.
Under normal circumstances, such guidance would be a major catalyst for growth in the sector. But this time around, it seems to have had little impact. The reason behind this lack of enthusiasm lies in the fact that traders are no longer swayed by promises of regulatory clarity alone.
The industry is now seeking something more concrete: durable legal certainty from Congress. This shift in expectations has exposed a new reality, where regulatory goodwill is no longer enough to convince the market that the US crypto rulebook is settled.