If you’re reading this, you probably already know that bitcoin is on a roll this week, jumping about 25% since Monday. But since the price could go back down in a few hours, let’s focus on two important trends that appear here to stay: the competition to become the “Red Hat” of crypto, and how staking is changing the crypto marketplace.

Also, just as we were putting the finishing touches on this newsletter, the SEC delivered its long-awaited guidance on whether tokens sold in initial coin offerings were securities. First, if this is what the SEC meant by a “plain English” determination on ICOs, I’m not sure they have lived up to that promise. Second, while some in crypto are celebrating more regulatory clarity, the jury is still out on whether this is a win for the industry. The report makes clear that some tokens sold in ICOs won’t be considered securities, but it isn’t a get-out-of-jail-free card.