Like the last card on the gambling table that hasn’t been flipped yet—before it even is, the dealer has already set their hand on the chips, ready to collect them. That’s how close the U.S. “Clear Act” is to clearing the Senate—investment bank Jefferies just issued a report saying that if the bill passes, institutional capital will move in at a noticeably faster pace. But resistance is still significant right now. If it gets stuck, the regulatory vacuum will have to keep lingering. The market is basically just waiting for this card to be turned over. As for whether it turns out to be up or down, positions are already out there—whatever happens, it is what it is.