The SEC just proposed excluding crypto assets from OTC market rules that govern broker-dealer quotations. These are regulations originally designed for penny stocks and thinly traded equities. This is a quiet but meaningful shift. Instead of forcing Bitcoin and crypto into existing securities frameworks, the SEC is explicitly carving it out. The rules being amended (Rule 15c2-11) dictate how broker-dealers can publish quotes for securities. By clarifying that crypto doesn't fall under these requirements, the SEC is signaling it doesn't view these assets through the same lens as traditional equities. Under Gensler, the approach was the opposite, force everything into existing rules, then sue when companies couldn't comply. This is the regulatory posture flipping from "prove you're not a security" to "these rules weren't built for you." It's incremental. It's boring. And it matters more than most of the headlines.