The only real alternative to good market structure legislation is uber-integration with tradfi over the next three years in a way that mirrors as much as possible ideal market structure (within legal limits). It will still be hindered by the political risk overhang in the interim and may be legally fragile upon a change in leadership, but the incentives by some to attack the structure will be heavily dampened by reliance interests along with strong and determined incumbents. We saw a preview of how that plays out with delay/defend/influence ops during the Biden-era crackdowns. Is there a threshold where it becomes entirely futile? Or perhaps simply limited to attacks at the periphery? Not ideal, but certainly preferable to accepting eg draconian defi terms, just to get some relief elsewhere.(Scott Johnsson)