Regulators are recalibrating. The SEC defends a lighter-touch crypto strategy, prediction markets spark a federal-state tug-of-war, and the Fed floats capital tweaks to bring banks back into mortgages. Plus, Japan’s PayPay files for a U.S. IPO, Clear Street hits pause amid market volatility, and Plaid teams up with Backbase to modernize onboarding. We break down what it all means and why timing still rules the market.