Crypto doesn't need regulatory loopholes to win. It just needs the law to recognize facts: 🔹Developers aren’t money transmitters—they don’t control user funds. 🔹DeFi protocols aren’t intermediaries—they don’t custody assets or effects trades. 🔹Network tokens aren’t securities—no one controls their value, supply, or functionality. That recognition does not require special exemptions, but it does require legislation to reconcile outdated legal frameworks with a technology that removes the very risks those laws were meant to mitigate—custodial risk, discretionary control, and information asymmetry. If we get that clarity, crypto wins — all property becomes cryptography (h/t @balajis). But if we push for special treatment where it is not warranted—for actors who do control funds, do effect transactions, or do sell synthetic equity interests in business activities—we not only lose the principles underpinning the industry, we invite the scams, frauds, and blowups that could be its undoing. Crypto wins by being better, not by negating rules that still matter.