I think the market is becoming a little too complacent about the #CLARITYAct. A few weeks ago, the conversation was about when it would pass. Now the conversation has shifted to whether it will pass this year at all. That difference matters. If the bill slips past the August recess, institutions won’t suddenly stop investing in #Crypto. But another delay means another period where large pools of capital still don’t have the legal clarity many compliance teams are waiting for. Markets don’t only react to bad news. They also react when expected good news doesn’t arrive on time. That’s why I’m paying less attention to today’s price action and more attention to what’s happening in Washington. Sometimes the biggest bearish catalyst isn’t a new problem. It’s the absence of the bullish catalyst everyone was expecting.