ETF regulation is coming faster than expected. If true: 1. This is bad news for Sol, which, despite completing fundraising, has yet to complete its DAT backdoor listing. The overall launch schedule will be impacted, and investor calls are subject to public disclosure. With fewer arbitrage opportunities after the new regulations, it's unclear whether some institutions will retreat. 2. This is bad news for small-coin DATs, as the strategy of transferring coins from one hand to the other is completely ineffective.