Executive Summary Sentiment: Neutral-Bearish (Compliance Pivot).  While the US continues an aggressive deregulatory “thaw,” European and International bodies (EBA, FATF) have shifted from theory to aggressive enforcement, particularly targeting stablecoin rails and unhosted wallet interactions. The “Permissionless” Era is Ending:  Global standards now explicitly demand smart-contract-level controls (freeze/burn/allowlist). Tokens lacking these features face imminent delisting