According to the source, crypto industry leaders at the Blockchain Association’s annual policy summit in Washington, D.C., showed a clear split between those pushing to pass a U.S. crypto market structure bill quickly and others insisting they would rather have no bill than accept a bad bill, source: the source. For trading, this visible division indicates the timeline and contours of U.S. crypto market structure rules remain uncertain, a backdrop historically associated with elevated asset volatility and risk premia, source: the source; Baker, Bloom, and Davis (2016). Traders should manage headline risk around U.S. legislative developments on market structure and adjust position sizing and hedges to account for uncertainty-driven volatility regimes, source: Baker, Bloom, and Davis (2016).