A couple possibilities: 1. As long as lots of money is being made, wealth created, and economic growth happening, politicians are willing to suspend action in

A couple possibilities: 1. As long as lots of money is being made, wealth created, and economic growth happening, politicians are willing to suspend action in shutting it down to see where it goes. They may not be not sure whether it’s a bubble or legit growth but won’t do anything until the answer to that question becomes more obvious than it is now. 2. “Blockchain not Bitcoin” has given cover to continue development of the technology under a dual use concept - the tech developed by permissionless cryptocurrencies could be of great value to enterprise blockchains. Lots of lobbying around this the past 5 years. 3. Politicians believe crypto won’t become the de facto world currency, for various reasons. The tech is too messy and risky (true), or they control certain gateways like fiat on/off ramps. 4. Ultimately the govt decides what is “legal tender” for payments, debts, and tax collection. Meaning the USD or other national currency is the only one ever guaranteed to be accepted in that country for debt payments and tax collection. Crypto may co-exist with it, but never fully replace it for that reason. There’s a lot of hype and wishful thinking around crypto, and it’s fun and fascinating technology for sure, but there are decades of development to go before it’s realistically conceivable it could become the defacto global currency. That said, it’s not necessarily a security just b/c it has no home. Money originally evolved as a tool invented by people not governments. There’s precedent for money being a grassroots thing rather than a centralized thing. Cryptocurrency is just a new way of doing that.