the regulator is asking smarter questions now
why the next bitcoin battle won't be in court. it will be in policy.
spent time with people thinking about regulation this week. the tone has shifted.
they're not asking: "is bitcoin a currency?" they're asking: "how do we let bitcoin exist without letting it break the financial system?"
that's a different conversation.
the first question gets you litigation. the second question gets you regulation.
and regulation is better for founders than litigation. regulation is predictable. litigation is not.
the fight i had with india's central bank was a fight about whether the thing could exist. the fights companies will have in 2026 are fights about how it exists.
if you're building a bitcoin company right now, you should be courting the regulator, not hiding from them. not because they're good. because they're inevitable. and the ones that get ahead of the conversation get better terms.
the adversary relationship is the one that costs you money and time. the collaborative relationship is the one where you get to actually build something.
are you waiting for the regulator to shut you down, or are you talking to them now?