Last week opened with two headwinds.

CLARITY failed cloture 49-50 and the Fed hiked for the first time since July 2023.

Within 48 hours of the vote, the SEC and CFTC moved anyway.

The SEC exempted tokenized securities venues from the exchange definition for five years. The CFTC shielded passive non-custodial software providers from broker registration.

Ending the week with more regulatory clarity than we've ever had.

Full breakdown on everything that mattered last week in Eyes on the Market.