Many new L1s getting built by companies for product-specific reasons. Others have better views on commercial viability, but on the regulatory side, I’ll say these are unnecessary / unhelpful. Some may claim a need or benefit for permissioned validator sets or built-in compliance tools. But no US regulator has so far demanded or asked for either; no serious legislative effort in Congress has contemplated them; and no one working on crypto policy should compromise on the core principle of base layer neutrality in a way that grants them any special status or approval. If you have a great commercial reason to build (or build on) a product-specific L1, have at it. If not, and you’re just vaguely worried about compliance issues, decentralized public blockchains remain the standard.(Jake Chervinsky)