Here's an interesting regulatory angle. Brian Armstrong recently explained why a major compliance platform has reservations about the current Clarity Act draft. The core issue centers on tokenized equities. According to the platform's interpretation, a de facto ban on tokenized equities would essentially create such restrictive regulatory requirements that these instruments become commercially unviable. This isn't an outright prohibition in legal text, but rather a practical barrier built through compliance burdens and operational constraints that make market participation nearly impossible. It's a distinction worth understanding—sometimes regulation works through direct bans, other times through making something technically legal but practically infeasible. This type of policy debate shapes how digital assets evolve within existing legislative frameworks.