Bitcoin was forged to be unstoppable in a hostile environment, but let’s be perfectly clear: surviving and thriving are two different things. Just because Bitcoin can withstand severe political antagonism doesn’t mean we should want that antagonism, nor does it mean we shouldn’t do everything possible to foster a favorable environment that accelerates adoption. Believing otherwise is a misreading of the core ethos. The brilliance of Bitcoin is that it remains permissionless and decentralized no matter who fights it—but that doesn’t preclude us from working to ensure we have the most beneficial conditions for its long-term success.

In fact, public policy responses to regulatory…

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