A decade of uncertainty has just ended. The SEC and CFTC confirming that most crypto assets are not securities is the clearest signal yet that the regulatory framework is settling. Institutions have been waiting for exactly this. But clarity on classification is not clarity on infrastructure. Knowing what something is under the law and knowing how to operate it compliantly at scale are entirely different problems. The rules are finally clear. The work of building and using infrastructure that meets them is just beginning.