Crypto regulation keeps throwing curveballs at the market. The Banking Committee hit pause on its market structure vote after a major platform withdrew support, flagging some serious concerns. DeFi protocols, tokenized equities, privacy features, stablecoin mechanisms—these aren't trivial issues.

Strip away the political noise and you're left with a timing problem. Right now, the industry's moving faster than regulators can comfortably assess. These aren't unreasonable red flags either. The risks are real, the uncertainties compound, and nobody's rushing to solve them overnight.

It's less about ideology, more about whether the ecosystem can navigate genuine market structure questions before the next policy push comes.