Oct 8 - Senate Dems circulate market structure outline Oct 9 - Outline leaks revealing immensely antagonistic positioning toward DeFi (worse than Gensler era), surprising many Since - Trump disapproval and Dem House control chances significantly increase. Window for legislation significantly cut short by shutdown. How do you discount the revelation that we could see a return of a major crackdown within a few years, for an asset class that lives and dies by political risk? A lot. Focus on legislation. Focus on convincing Dems their starting position is a liability.(Scott Johnsson)