The summary. - $100b of leveraged Longs on crypto on centralized crypto casinos - Generic ETF rules announced so most digital assets can be wrapped as regulated ETFs. - First ETFs approving next week. - Casinos have to clear those longs or they get wrecked. - Trump posts a perfect narritive they can use. - Casinos rug the longs via well established and unregulated mechanisms. Simple. Issues: - No regulations to prevent them from doing this. - No accountability for them doing this. - No blockchain was effected, crypto operated perfectly, but will bare the bad reputational damage again. - Institutions once again get the discounts, retail loses. - SEC was supposed to protect retail.