★Crypto finally got SEC clarity. Why didn’t the market care?

"The SEC/CFTC's explicit differentiation between open crypto markets and tokenized securities provides crucial clarity, potentially de-risking institutional participation by reducing regulatory overhang on native crypto assets. However, the market's muted response suggests that while foundational, this guidance alone may not trigger significant capital inflows without further structural developments or a more favorable macro environment. This redefines the regulatory landscape, impacting future product development and market infrastructure."