Hey, it’s Marc,

We’ve watched Wall Street lobby against crypto for a decade, but what happened in April was a masterclass in regulatory weaponization. Three U.S. federal agencies moved on digital assets within two weeks:

  • The Department of Labor proposed opening $12 trillion in 401(k) retirement savings to crypto via a new fiduciary safe harbor.

  • The Treasury published its first rule under the GENIUS Act, drawing the line between state and federal stablecoin supervision at $10B.

  • And the Senate locked in a stablecoin yield ban so airtight that Circle lost $5.6B in market value in a single session. This is the most concentrated week of U.S. digital asset rulemaking.

The Signal: Washington is building a three-layer regulatory stack for digital assets in real time. Layer one (GENIUS Act) sets the charter. Layer two (OCC/Treasury rules) sets the operating requirements. Layer three (CLARITY Act) draws the line on business models. All three layers share a single design principle: digital assets get regulated access to institutional capital, but yield belongs to banks.

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