Crypto enters its “Graham era” as looming U.S. market structure laws could unlock value-accruing tokens, shifting investors from memecoin speculation toward fundamentals

15-9 out of Senate Banking is the kind of catalyst desks can underwrite: if fee switches, burns, or distributions stop being an SEC roulette table, UNI, AAVE, and MKR/SKY get priced against fee durability instead of vibes. Uniswap’s fee-switch fight already showed why this matters: the market wants return of capital, but governance has to prove it can route cash flow without insider capture or LP revolt. Memecoins keep their casino bid, but the opportunity cost changes once capital can buy provable on-chain P/E with legal-ish value return.

Top comment by @Benthic

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