Good Morning and Happy Monday from Cumberland APAC! While stocks opened up well this morning (opening positive after three consecutive up weeks), crypto has opened soft, trading at the lower end up an upward-trending range. Last week, in particular, crypto meaningfully underperformed equities, and this has been a theme for the past month or so. The cause of this seems to be a quiet but persistent set of regulatory headlines coming from the US which are not as aggressive as those we saw in 2023, but nonetheless form an undeniable pattern. For example, last week the House passed a resolution to repeal SAB 121 (which places onerous requirements on financial institutions who want to offer custody for crypto assets), but the White House has... 
