For years, every person working in the crypto industry in the U.S. has known that more regulation of the industry is coming down the road. But in the past year, that inevitability became more obvious and overt.

Gary Gensler was sworn in as Chairman of the Securities and Exchange Commission in April 2021 and soon began making comments that put crypto advocates on high alert; his SEC in October approved a Bitcoin futures ETF but has steadfastly refused to allow any spot ETF; and last month President Joe Biden issued an executive order on crypto that amounted to a call to action for multiple agencies to get on the same page for regulating crypto.

And yet, as Wall Street banking veteran turned crypto startup founder Caitlin Long puts it, “There are a number of folks in the crypto industry who don’t want regulation at all.”

Whether they want it or not, it’s coming. And the new regulatory rules will result in a “split into three camps” in the crypto industry, Long predicted on the latest episode of Decrypt‘s gm podcast. Here are the three camps as Long described them:

1. “The camp that just doesn’t want regulation at all, very committed to DeFi, very interested in voluntary associations and voluntary means by which disputes get settled, no intermediaries whatsoever. That’s the ‘code is speech’ group. And they definitely are going to make some headway, they already have. And I think just like you can’t ban Bitcoin, you cannot ban those types of structures.”

2. “Those that want to be regulated in order to get to the mainstream large-value markets.”

3. “A small group of us,…

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