This week’s Friday Five is packed with U.S. government moves that signal crypto policy has shifted from rhetoric to action. NLW and Scott break down the SEC’s surprising guidance that puts liquid staking outside securities law, Hester Peirce’s call to enshrine financial privacy in the digital age, and the Tornado Cash verdict’s implications for developers. They also cover Trump’s executive orders opening 401(k)s to Bitcoin and other private assets, targeting bank discrimination, and appointing a crypto-friendly Fed governor—all part of a broader trend toward tangible pro-crypto measures.

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