Everyone keeps asking why crypto has not fully repriced the improving regulatory environment. Because markets price implementation, not intention. Project Crypto sounds bullish. But the real repricing begins when the SEC and CFTC publish language businesses can actually build around: A token safe harbor. Clear custody standards. Launch exemptions. Secondary-market rules. Staking guidance. A lawful path for regulated exchanges to offer more digital assets. That is when legal uncertainty begins turning into capital allocation. And the biggest beneficiaries may not be Bitcoin. BTC already enjoys far more regulatory clarity than most of the industry. The larger opportunity may exist in ETH, altcoins, DeFi, tokenization and U.S. crypto companies still carrying a heavy regulatory discount. A headline creates hope. A workable rule moves money.