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Jamie Dimon interrupted Brian Armstrong’s coffee with Tony Blair at Davos. The JPMorgan CEO got in Armstrong’s face and told him he was “full of sh*t” for claiming banks were sabotaging crypto legislation.

While CEOs traded insults in Switzerland, SEC Chair Atkins is building the regulatory framework: the GENIUS Act is live. Project Crypto just formalized SEC-CFTC coordination. DTCC launched its tokenisation pilot. OCC greenlit five crypto-focused national trust banks.

Everything is moving except one thing: Congress can’t agree on where to draw the line between securities and commodities. And that stall is costing the industry billions in legal ambiguity. [CLARITY Act]

Here’s the full map of what’s moving, what’s stuck, and what actually matters for builders, banks, and allocators right now.

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What happened

The US regulatory machine is undergoing a three-part transformation of how cryptocurrency is regulated.