A regulated cryptosphere is mostly toothless. If people wanted that kind of regulatory overhead they could just use PayPal or bank transfers denominated in cent

A regulated cryptosphere is mostly toothless. If people wanted that kind of regulatory overhead they could just use PayPal or bank transfers denominated in central bank currencies. For all of the problems in the cryptosphere, traditional LizardFi isn't doing especially well either. My view is that the regulated cryptosphere will feature the worst of both worlds. CBDC is lurking somewhere nearby in this scenario. There will always be a market for open frontiers. Gatekeepers will always seek to fence and capture these areas. New technologies will emerge as the old areas are locked down. Pioneering individuals will always find a way.