"Treat regulatory precedent as a durable competitive moat Chris Brendler, drawing on his experience advising policy makers and working in institutional finance, explains why incremental regulatory clarity matters more than a single landmark law: 'In 3 years from now, it's very difficult for a new regime that hates crypto to come in... because you have three years of precedent. The market has moved and they've adopted those standards.' The lesson: in any regulated industry, quietly accumulating favorable precedent is a defensive strategy that compounds over time, making it much harder for future adversaries to reverse course. Source: Chris Brendler, Milk Road, Geopolitics, Crypto & the Fed with Chris Brendler"