The SEC and CFTC just gave crypto its clearest and most straightforward regulatory guidance in years. Most crypto assets will no longer be treated as presumptive securities, and the agencies drew a sharper line between open crypto markets and tokenized versions of traditional financial products.

Under normal conditions, that kind of clarity should have been a major bullish catalyst, but it wasn’t.

The market’s lack of response showed that traders no longer see regulatory goodwill on its own as enough to rerate the sector.

What crypto wants now is something the agencies can’t deliver by themselves: durable legal certainty from Congress.

For years, the central problem for crypto in the US was basic regulatory uncertainty. Projects could…