Crypto has held up shockingly well despite February’s onslaught of enforcement actions; BTC was up 3.8% over the long weekend, with ETH lagging at up 1.6%. Frankly, I found this rally to be somewhat surprising. We’ve always had the view that regulatory clarity would be long-term bullish, even if it caused the market to sell off in the short-term. Speaking with experts in the past few weeks though, February has brought regulatory action, but very little in the way of regulatory clarity. The Kraken action hasn’t told us too much in terms of what actually is allowed when it comes to staking services. The Paxos action in particular, hasn’t (yet) taught us much about why BUSD was targeted, and what it means for other stablecoins.

So, why the...