a16z co-founder publicly criticized the current U.S. cryptocurrency regulatory framework, calling it a classic case of 'anarcho-tyranny.' Overseas crypto companies can basically do whatever they want, which eventually led to FTX. Meanwhile, U.S.-based startups face investigations, lawsuits, and banking service cutoffs, with no clear path to compliance. Bad actors exploit regulatory loopholes, while good actors bear the full cost of regulation. The crypto space still lacks unified global regulation, and this has brought us to where we are today.