permissionless innovation in the early internet was enabled by open protocols AND protected by a strong regulatory foundation: the first amendment. 

the fundamental unit of the internet is packets, containers for arbitrary information-and transmitting information is generally protected as free speech. 

the fundamental unit of crypto is tokens, containers for arbitrary value-and transmitting value is generally among the most highly regulated activities in world. 

so while permissionless innovation in crypto is similarly enabled by open protocols, it’s lack of a regulatory protection or clarity has been limiting.

The contrast between the internet and crypto underscores the need for regulatory clarity. While open protocols fuel innovation, crypto's trajectory is hampered without guidance. Balancing innovation and regulation is crucial to harness its full potential while ensuring security and trust for all users.