sanctions screening is fragmenting desk risk limits

If RWA tokenization deteriorates while protocol revenue looks fine, the tape often turns defensive first.

Cycles rhyme, but the plumbing underneath keeps changing.

Against the backdrop of “Kalshi CEO Pitches Insider Trading Rules as Democrats Weigh Their Own” and “Hyperliquid Strategies Is Betting US FCM Status Matters More Than Its $620.6M Profit”, positioning still matters more than slogans.

Stay close to what users and balance sheets are actually doing.

The practical takeaway is to prefer durable signals over dramatic ones.

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