Regulation is moving faster than legislation right now. The SEC's new custody proposal, and the quiet point that rules are arriving even as the CLARITY Act stalled in Congress, shows oversight forming through agency action rather than clean law from lawmakers. That matters structurally because it shapes how funds and advisers can legally hold crypto, which affects institutional comfort more than any single headline price move. Meanwhile, the NEAR Intents exploit is a reminder that security risk hasn't gone away even as regulatory clarity improves, and Illinois delaying its crypto tax shows state-level friction is still being negotiated in real time. Watch how custody rules get finalized and whether more states follow Illinois's lead. Does clearer regulation reduce hacks, or are they separate problems entirely?

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