1. Clearer U.S. crypto laws

The CLARITY Act could reduce the long-standing uncertainty around whether some crypto assets may be treated as unregistered securities by the SEC.

In simple terms, some digital assets may be treated more like “digital commodities,” with the CFTC taking a larger role in spot market regulation, while the SEC continues to oversee assets and products with stronger securities characteristics. A recent compromise around stablecoin rewards may also remove one obstacle to the bill’s progress.  

2. Institutional flows remain important

3. Expectations around a U.S. Bitcoin reserve.

White House digital asset adviser Patrick Witt recently said that a major update on the U.S. Strategic Bitcoin Reserve could come in…