The regulation on ETFs is coming faster than expected. If true: 1. Bearish for Sol and a few others that have completed fundraising but haven't finished the DAT reverse merger yet. The overall launch timeline will be affected, and normal investors need to disclose their calls for funds. After the new policy, arbitrage opportunities will shrink—whether some institutions will back out is hard to say. 2. Bearish for small tokens and DAT. The 'left hand to right hand' trick of putting tokens in directly becomes invalid.