Either way, measuring whether regulations are “worth the cost” is a futile act. Especially in the world of crypto, where all of the real use cases are essentially ungovernable and where all excitement takes place well outside of walled gardens like Coinbase and Gemini. Mass market crypto has so far come around on a four-year timetable, and it’s only during bull markets that centralized retail crypto lending, crypto credit cards, et cetera can sound like a good idea.