As new financing types emerge — from hyperscaler prepaid deals to spaceports and Bitcoin-backed bonds — the definition of a municipal bond is changing faster than current investor guidelines. The new types of financing may not be what investors signed up for, said James Pruskowski, managing director at Hennion & Walsh. As a result, issuance has accelerated in certain sectors, creating opportunities for new financing types within established sectors, he said. The "sleepwell market" is still mostly safe, though "the edges are moving faster than the regulators and faster than most investor guidelines," Pruskowski said. Scrutiny of what qualifies as a muni bond is coming, and when it happens, there will be direct implications for liquidity, pricing, and investor protection across the market, Pruskowski said.