Clarify Act is an anti-encryption bill—this is one I originally planned to gloss over, but the term “anti-encryption” has definitely been showing up more often recently. The stablecoin bill hasn’t even fully rolled out yet, and now they’re pushing something new again. There’s a feeling in the industry that this regulator’s hand never really stops—it’s just looking for the right rhythm. If you went through the SEC actions back in 2017, this “first call it anti, then explain how to be compliant” playbook will feel all too familiar: first they scare you, then they tell you, “Follow my rules and you can survive.” They do it every time.