The explanation about the impact of regulations on crypto-equity companies is spot on. It limits crypto-equity companies from raising funds by diluting shareholder equity. Imagine a company with a market cap of just $500M needing to raise another $500M from the market—that’s equivalent to diluting half of the existing shareholders' equity. The ones most affected are the speculative micro-strategy companies and ETH-focused micro-strategy companies. This will choke off two types of funding: 1. Micro-strategy for altcoin stocks—after one round of financing, it becomes much harder to continue. 2. ATM-style financing methods. The companies less affected are fully-owned crypto-equity companies, those that don’t use ATM financing methods, and the "favored child" shadow companies. If I remember correctly, the ones that meet these criteria include micro-strategy companies for SUI, SOL, BNB, and TRON. Some of them even directly changed their names and adopted targeted stock issuance as their financing method.