The week's clearest signal: crypto regulation is finally moving from threats to frameworks. The U.S. CLARITY Act is teetering on the brink of a Senate vote, the SEC is drafting a formal Regulation Crypto rulebook, Japan just classified crypto as financial instruments, and Nigeria signed an executive order to harmonize oversight. Everyone agrees that clearer rules could unlock institutional capital, but the devil is in the details—and the politics.

Proof of Work

• **CLARITY Act...