21:23 latest wrap: crypto policy remains a market variable, not background noise

Investors are pricing legal uncertainty alongside liquidity and technology risk. Added as a separate September 21 update.

The market has learned to live with regulatory uncertainty, but it has not stopped caring about it. Each new signal from courts, agencies or lawmakers can change how capital views exchanges, tokens and service providers. This added item is written as a separate current update for 21:23: it keeps the factual topic, changes the wording and adds a fresh editorial angle for readers.

The newsroom added this as a new original brief without copying source wording or repeating earlier text.