I’ve been reflecting on yesterday’s blockchain roundtable, especially the conversation around regulation and decentralization. I think regulation has an important role in this space. But I also don’t think regulation alone fixes the problem. Regulation has much clearer points of enforcement when dealing with centralized exchanges and other identifiable businesses. DeFi is different. A decentralized exchange or protocol can operate globally, without the same traditional company, custody or control structure sitting behind it. And there’s another challenge: this industry moves incredibly fast. Regulations can take months or years of careful work to develop and make their way through the legislative process. Meanwhile, decentralized protocols, smart contracts and the way people interact with them can change almost overnight. A rule written around the way something works today may have a very different technology to contend with by the time it takes effect. That doesn’t mean we shouldn’t have regulation. It means regulation can’t be the only answer. The industry has a responsibility too. We should be building systems where projects can voluntarily commit to things like transparent allocations, locked or vested assets, delayed withdrawals and other protections that anyone can verify on-chain. Not instead of regulation. Alongside it. At the end of the day, I don’t think the answer is asking people to trust crypto more. I think the answer is giving them fewer reasons to have to trust anyone in the first place. Make the commitments visible. Make them verifiable. And wherever possible, make them enforceable by the technology itself. That’s the direction I’d like to see this space move.