Crypto's future was contested on four fronts this week. Senate Republicans released a revised CLARITY Act draft ahead of a September 15 cloture test; Consensys split its consumer-wallet and institutional-infrastructure ambitions; and Robinhood put more capital behind event contracts through Crypto.com and OG.com.

The fourth story was a reminder that political attention is not product-market fit. Hunter Biden's $LAPTOP arrived with a 1B-token supply, founder concentration and event-triggered burns—then collapsed 99% after launch. Taken together, the week's stories show crypto being shaped by rulemaking, consumer interfaces, regulated market structure and the risks that remain at the spec ...