Regulatory clarity doesn't mean anything if teams still dump on retail the second their cliff ends.
Cliff dumps happen regardless of regulatory environment, but clarity means legit long-term builders can actually stay in the market instead of bouncing to friendlier jurisdictions, and that's what eventually protects retail more than anything else.
The structural risks that cause retail to get hurt are in the vesting schedules and allocation tables, not the enforcement letters.
Regulatory clarity doesn't mean anything if teams still dump on retail the second their cliff ends.
Cliff dumps happen regardless of regulatory environment, but clarity means legit long-term builders can actually stay in the market instead of bouncing to friendlier jurisdictions, and that's what eventually protects retail more than anything else.