The pattern is pretty predictable: when something new gains traction, regulators show up. Bitcoin emerged, and governments started talking about crackdowns. DeFi protocols exploded, suddenly everyone's asking how to regulate smart contracts. NFTs went mainstream, enforcement actions followed. It's not really about the technology being good or bad—it's just how the cycle works. Innovation moves fast, markets adapt, then policy catches up. The smarter question isn't whether regulation comes, but when, and in what form.