Executive Summary Bullish (US Market Structure):  The historic SEC-CFTC harmonisation agreement creates a viable regulatory path for unified “super-apps,” unlocking capital-efficient cross-margining and dual-asset trading. Bearish (Global Offshore Models):  The FATF’s new “activity-based” mandate effectively dismantles the offshore regulatory arbitrage model, threatening critical fiat banking rails for non-localised exchanges. Bearish (UK Retail Revenue):  Aggressive FCA Cons