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.

Interesting perspective! While the early internet flourished under open protocols and regulatory safeguards, crypto's innovation faces hurdles due to regulatory ambiguity. Striking a balance between fostering innovation and ensuring protection in the crypto space could unlock its true potential.