★‘Our interpretation is not an endpoint’: The SEC just clarified its crypto rules, but will they stick?

"The SEC/CFTC's interpretive guidance, while offering a glimpse into evolving regulatory frameworks, introduces significant market structure uncertainty by signaling potential shifts in asset classification and jurisdictional oversight. This fluidity impacts institutional capital allocation decisions, particularly for firms navigating compliance costs and long-term investment horizons within the US. The ongoing debate over regulatory permanence will dictate future capital flows and the competitive positioning of US-based crypto ventures."