Ambiguity is a tax on ambition. The ones paying it every day are the exact institutional players this industry keeps saying it wants to bring in. What people tend to underestimate is how quickly that money moves once it feels it’s waited long enough. It doesn’t sit around hoping things get sorted out, it just goes to the places that have already made up their minds. You could watch it happen after Singapore tightened its licensing rules in mid 2025. Firms like Bybit and Bitget started moving teams toward Dubai. That made a lot of sense to me, since VARA had already licensed Binance, OKX and Cryptodotcom there and they had a framework they could actually plan around. I’ve sat on the other side of those decisions as a CFO, and nobody wants to build a five year plan on rules that might change next quarter. Got into all of this with @FXFinanceFeeds this month.