Sentiment:  Divergent (Bullish for TradFi integration, Bearish for highly leveraged retail derivatives). Institutional Pathways Clear:  Exemptive orders in the US create immediate, legal avenues for Tokenisation-as-a-Service (TaaS) and 24/7 settlement of traditional securities. Capital Rule Deferrals Provide Breathing Room:  APAC jurisdictions are delaying punitive capital requirements for unbacked cryptoassets, maintaining the status quo for prime brokerage margins through 2