U.S. crypto rulebook remains a market overhang as firms wait for clearer definitions
The U.S. digital-asset rulebook is still one of the market's biggest unresolved variables. Exchanges, issuers and funds are watching for clearer definitions around token classification, stablecoins and market structure.
The delay does not stop trading, but it changes risk pricing. Businesses that need licenses, custody partners or banking rails are more cautious when future obligations remain unclear.
Today's market reaction shows why policy can matter as much as price charts: without a clear framework, capital stays selective.
Policy timing and market implications were rewritten from public reports.