How much would regulatory clarity actually change things for Bitcoin?

I’ve been seeing a lot of talk about potential market structure legislation in the U.S. and how clearer rules could bring more institutional money into Bitcoin.

Trying to look at it without the hype for a second.

On one hand, big institutions usually wait for regulatory clarity before they move serious capital. They don’t like uncertainty, and Bitcoin has definitely lived in that gray area for a while.

On the other hand, Bitcoin has grown for over a decade without perfect regulatory conditions. Adoption hasn’t exactly been waiting for permission.

So I’m honestly not sure how much would actually change. Would clearer laws really unlock a new wave of participation? Or is the long-term trajectory mostly driven by fundamentals and global demand anyway?

Curious how others here see it.