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This is a strong thesis. The key takeaway is that crypto regulation itself is becoming a market catalyst, alongside CPI, Fed policy, and ETF flows. One important nuance: SEC action can improve clarity, but it doesn't replace legislation. The CLARITY Act could establish a broader statutory framework and clearer SEC/CFTC jurisdiction, whereas SEC exemptions or rules would operate within the agency's existing authority and could face legal or political challenges. For the market, the hierarchy is basically: CLARITY passes → strongest structural clarity SEC provides workable exemptions/frameworks → constructive but potentially less durable Congress remains stalled + SEC faces challenges → uncertainty persists That makes your conclusion reasonable: BTC and ETH are better positioned to attract institutional capital when regulatory uncertainty falls, while altcoin performance could become increasingly selective rather than broad-based. The biggest thing to watch now is whether regulatory developments actually translate into institutional flows and capital deployment, rather than simply positive headlines.