According to Paul Grewal (@iampaulgrewal), when Congress authorizes a federal agency to regulate exclusively, the agency is not required to exercise exclusivity immediately, but once it chooses to do so—even years later—states are barred from regulating in that domain. Source: Paul Grewal (@iampaulgrewal), X, Nov 10, 2025. For traders, this underscores that U.S. regulatory risk can shift abruptly from varied state rules to a uniform federal regime, altering compliance timelines, exchange operations, and cross-state market access in a single agency action. Source: Paul Grewal (@iampaulgrewal), X, Nov 10, 2025. Monitor federal rulemaking calendars and agency statements closely, as a decision to assert exclusive jurisdiction can immediately preempt state frameworks that markets may have priced into liquidity, listings, and venue selection. Source: Paul Grewal (@iampaulgrewal), X, Nov 10, 2025.