A lot of people are talking about the CLARITY Act lately. But I don't think many people actually understand what it represents. The CLARITY Act is not about "making crypto legal." Crypto has never been illegal. What it really does is establish the market structure for digital assets in the United States: who regulates what, how digital assets should be classified, and which rules different participants in the ecosystem should follow. For years, one of the biggest challenges for the industry has been regulatory uncertainty. Projects didn't know whether they would be treated as securities or commodities. Exchanges didn't know which regulator they should answer to. Builders often found themselves navigating rules that weren't clearly defined. That's why this bill matters. The latest reports suggest the bill may struggle to clear the Senate's procedural vote because of political disagreements and ethics-related negotiations. That's disappointing. But I think the bigger picture hasn't changed. The debate is no longer whether digital assets deserve a regulatory framework. It's about what that framework should look like. To me, that's a far more meaningful milestone than whether a single procedural vote succeeds this week. Markets react to headlines. Industries are shaped by direction.