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2023 was a year of both challenge and stabilization in crypto. Traditional financial services (“tradfi”) entities scaled back their engagement with crypto and DeFi, exploratory partnerships never materialized, legislators cheered and raged at the industry, and more entities and individuals sought safe, trusted choices in crypto. Now, with the recent spot BTC ETF approval bringing more institutional and lower-risk investors into at least tangential engagement with crypto, what will the 2024 U.S. regulatory environment bring to bear, and how will that affect investment and engagement with crypto?