I would rather have no legislation than a problematic one. This is the core viewpoint of the CEO of a well-known compliance platform when interviewed by multiple media outlets on January 16.

He candidly pointed out that if a flawed crypto regulation bill is introduced, it would be nothing short of a disaster for American consumers. The implication is clear — rushing to implement problematic policies is less desirable than having no clear regulatory framework for the time being.

What’s more interesting is that he also explicitly criticized the "little tricks" of traditional banking industry. These financial institutions attempt to suppress competitors through so-called "regulatory capture." Ironically, these banks’ commercial departments are quietly embracing cryptocurrencies and secretly collaborating with the sector.

This statement reflects the tug-of-war between the crypto industry and traditional finance — on one side, open regulatory suppression; on the other, covert technological embrace. How to formulate crypto policies that protect consumers while promoting innovation clearly still requires more rational dialogue.