The most important development is not any single press release. It is the two agencies acting as if they might supervise one market. The March memorandum set up joint work on policy, examinations, enforcement, product definitions, clearing, collateral, dual registration and reporting.
That matters because the American problem was never a pure absence of rules. It was that a serious firm could not get a stable answer to basic questions. Is this a security, a commodity, a payment instrument, or something that does not fit? Which regulator is in charge? May a broker, an exchange, a fund or a bank custody it, list it, clear it, finance it? Which customer-protection, capital, disclosure and reporting rules apply? Can tokenised collateral and stablecoin settlement sit inside a firm that already has a licence?