Regulatory framing matters for positioning. If crypto gets treated as cash (crime = enforcement action), we're looking at targeted prosecution without blanket KYC/licensing overhead. If it's weaponized (regulate all participants), expect compliance costs to spike across exchanges, custodians, and DeFi protocols—margin compression for infrastructure plays, higher barriers to entry, potential exit of smaller operators. Watch for jurisdictional arbitrage as capital flows to lighter-touch regimes. The distinction determines whether you're pricing in selective enforcement risk or systemic regulatory drag on the entire stack.