Sentiment: cautiously bullish—constructive on US market access, binding on stablecoin distribution, quiet but not empty everywhere else. The SEC has proposed a lawful route to issue tokens in America. It is a proposal, and nothing moves on the P&L this year. Treasury's rule is the one that binds—two of its dates are already in statute, and the first is 18 January 2027. Nothing material from the FCA, ESMA, MAS, the SFC, VARA or the FSA this week. That is a finding, not a gap i