For Ethereum holders trying to make sense of a first quarter defined primarily by geopolitical turbulence, the most important story of April may not be the price chart at all — it may be the progress, or lack of it, of the CLARITY Act through the US Senate, a bill that multiple forecasters have identified as the single most significant regulatory catalyst for institutional Ethereum adoption in years. The CLARITY Act promises to resolve the longstanding ambiguity around whether Ethereum and other major digital assets should be classified as securities or commodities, a question that has hung over the institutional