It's striking how the gap between regulation and reality keeps widening in crypto. When major exchanges like Coinbase push back on proposed market structure legislation after close review, you realize the fundamental mismatch: lawmakers are still trying to fit decentralized finance into frameworks designed for traditional markets.

Meanwhile, the actual builders aren't sitting around waiting for bills to pass. They're shipping products, experimenting with new models, solving real problems. The innovation moves at internet speed. Policy moves at... well, you know.

This disconnect isn't just a timing issue—it's a structural one. Regulators debate how to categorize and control. Developers focus on what's possible and what users actually need. Two completely different operating systems running in parallel.