I have been thinking similarly about HIVE and the Howey Test. I am bullish on HIVE and BTC. My concern is if MATIC and BSC somehow get burned, it would reduce our on/off ramps. We would still have exchanges. But, those are more centralized and vulnerable to regs.

I can only hope that strict US regulation makes those chains a boon for other countries that embrace them. I see parallels between crypto regulation and the SWIFT network.