SEC Tokenization Push: The SEC is preparing an “innovation exemption” that could let tokenized versions of stocks trade on crypto platforms even without issuer permission—an enormous test for whether on-chain markets can run without traditional equity guardrails. Regulatory Clash: Sen. Elizabeth Warren escalated her probe of the OCC over “national trust” charters for crypto firms, arguing they’re acting like banks while dodging bank-level safeguards. Stablecoin Crosswinds: The Bank of England is rethinking stablecoin holding limits after industry backlash, with talk shifting toward issuance caps instead. Crypto Market Signals: Bitcoin dipped toward a two-week low as liquidations topped $800M, while whales kept adding—large BTC wallets rose. Cyber Threats: Deepfakes are driving a “trust recession,” and Kimsuky-linked phishing campaigns targeted recruiters, crypto users, and defense staff. Institutional Bets: Polymarket teamed with Nasdaq Private Market to launch prediction markets on private-company valuations and IPO timing. Data Center Pressure: IDCA says global data-center power draw hit 67.7 GW, with policy pushback growing.