The SEC's recognition of cryptocurrencies as digital assets seems like a major victory for the industry, but the real question is: how long will this clarity last? Paul Atkins moved quickly after taking office as SEC chairman. He issued a new classification stating that Bitcoin, Ether, Solana, and XRP are not securities. The crypto industry has been wanting this for years and has finally succeeded. The tough stance of the Gensler era is now behind us. However, Atkins's term ends in 2031. This means a future SEC chairman could reverse these sec coin decisions. The industry is well aware of this. That’s why everyone is pushing for the passage of the Clarity Act—so these decisions can be codified by Congress and not easily changed by a future SEC head. The problem is: after the November elections, Democrats could take control of Congress. Polls suggest this is a high probability. And Democrats are generally more skeptical of crypto. If that happens, the regulatory work on sec coins on Capitol Hill could stall. Polymarket investors see only a 63% chance of the Clarity Act being enacted into law by 2026. This could mean a deadlock until the 2028 presidential election. Who will replace Trump and whether Atkins’s crypto-friendly approach will continue remains uncertain. Crypto lobbyists said this week they are not worried. Cody Carbone, head of the crypto defense group at the Digital Chamber, claimed that signals coming from Congress are aligned with the SEC’s position. Wyoming Senator Cynthia Lummis also said on Friday that it’s too late to go back to regulatory uncertainty. These statements are reassuring, but the reality is more complex. The SEC’s current sec coin decisions are good, but without legislation, it all depends on the preferences of a single SEC chairman. The industry is working to eliminate this uncertainty, but the political environment is unpredictable. We’ve won in the short term, but the fight continues in the long run.

I read an interesting interview with the CEO of Aster that puts a lot of things into perspective about what is really happening in Perp DEXs right now. First, what struck me: gold and oil now surpass Solana and XRP in volume on the platform. No one would have bet on that a few months ago. It’s a pretty clear signal that the market is changing. Traders are looking for real volatility, not just hype narratives. With all the geopolitical events, RWA assets offer exactly that. What Leonard said really resonated with me: people don’t pay for decentralization itself. That’s so true. They pay for an experience that works. If your platform is decentralized but slow and expensive, nobody cares. Aster crypto understood that. That’s why they focus on user experience first, decentralization as a bonus. The interesting thing about privacy: institutional players need to keep their strategies truly secret. As soon as they trade on a transparent blockchain, their positions are visible and their strategies become null. Aster crypto developed a privacy feature in 20 days when they saw the demand. It’s real pragmatism, not waiting for the “perfect” moment. On surviving in a bear market: cash flow is key. No secrets. If you have real revenue from transaction fees, a viable business model, and you distribute that properly to holders, you can get through winter without issues. Over 80% of Aster’s revenue comes from transaction fees. That’s a health signal. Hyperliquid vs Aster crypto: both follow different paths. One bets on an open permissionless ecosystem, the other on trading experience and product innovation. Honestly, it’s healthy for the industry. The real competitor is traditional CEXs. If you can convince CEX traders to come to the DEX, you’ve won. What really struck me: the Aster crypto team constantly tests, accepts failures, and iterates. No waiting for the “perfect” moment. They deliver first, optimize later. In innovation, a 10-20% success rate is already excellent. Many teams could learn from that. Orderbook vs AMM, it’s fundamental. Professional quantitative traders have understood the orderbook for years. Forcing them onto AMM is forcing them to change their habits. Aster crypto chose the orderbook, which explains why big players and institutions are arriving. Last point: this cycle values real fundamentals. Real revenue, real cash flow, real buybacks. Gone are the days when a big narrative was enough. The market votes with its feet now. And for Aster crypto, betting everything on Perp DEXs is the right move because the derivatives market is huge and the business model really works.