Regulatory tensions are heating up on multiple fronts. Fed Chair Powell just got hit with DOJ grand-jury subpoenas connected to his testimony—a move that's raising alarm bells about threats to Federal Reserve independence. Meanwhile, the Senate is still grinding through the crypto market-structure bill, now dealing with a hefty 137 amendments before the final text drops on January 21st. On top of that, Galaxy highlighted some serious concerns: Treasury's pushing for surveillance powers that look suspiciously like Patriot Act provisions, giving authorities expansive reach into financial flows. NY's moving forward with its own measures as well. The crypto community's watching closely as these policy shifts unfold—it's a critical window for how regulation will actually shape the space.