Regulatory clarity is actually extremely bullish and extremely bearish at the same time. For such a long time, the entire industry was built around regulatory arbitrage due to a lack of clarity and understanding of the rules of the road. That is changing now. This gave way to over-inflated valuations, a lack of real metrics to compare to legacy finance & equities, and also gave way to a lot of hype-driven companies with little substance underneath. This is over. The companies who can't adjust to the new playing field will slowly be wound down, one by one. However, the companies that are setting foot in the stablecoin, tokenization, and RWA arena are going to enter an exponential age once the market structure bill passes and thus, we get better regulatory clarity. Tokens will start to look a lot more like equities and the entire regime around governance tokens will die off. Winners, with valuable onchain businesses, will drive consistent cash-flows to their tokenholders (who will be treated like first class citizens) and will absorb most of the investor flows going forward. These cryptoassets will likely have a 'supercycle' while 99% of others will trend to zero. This is the paradox of regulatory clarity.