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.

and then you have it created as a wrapper irl with Bitcoin etfs and celebrated.

pack to unpack