US regulators haven’t passed it in line with legislation: SEC exemptions roll out first, while the CFTC rules are still at the direction level. Event-driven strategies get split into two phases—when the exemption expectations start to heat up, you catch the first wave; during the rule vacuum, you only do short-term trades. Once the implementation details are released, then you talk about the trend.

Look at the current price: the news hasn’t ignited an altcoin rally. MOVE is at $0.0096, up 3.2% in 24h; NOT is at $0.000514, up 1.2%. The gains are modest, and capital is still waiting on the sidelines. For exemption-related names, you can take a small position to hold in advance, but don’t chase after it before the rules become clear.