1/ "The U.S. will get outcompeted for crypto as other jurisdictions adopt crypto-friendly regs."

As I said for years, it's the opposite--the rest of the world's crypto regs will become more like the U.S.'s. That is just how law goes & why exit ramps like crypto are needed. https://twitter.com/propelforward/status/1360576001361772548

2/ But because the U.S. has strong free speech protections, ultimately I hope the U.S. will be the most friendly to crypto.

Give it some time--I have a lot of hope that the new crypto-savvy but pro-regulation heads of U.S. regulatory agencies will add clarity & better incentives

3/ At first it will seem like a crackdown, but over time market norms & regulatory give/take within better defined parameters will emerge, everything will become cheaper to do and with more certainty, & U.S.'s respect of free speech will make it more desirable.

4/ As un-free as the U.S. has become in practice, it is still a country with laws designed by freedom-obsessed rebels; we can do a lot with that. Ask @valkenburgh @prestonjbyrne and @propelforward who have all done great thinking on the constitutional law angles here.

5/ What do I worry about most? Actually, not securities or commodities or money transmission laws, but tax. Stateless, entity-less DAOs & decentralized associations of persons are quite incompatible with the U.S.'s tax reporting and withholding regime. This will be a struggle.