In a message from ChainCatcher, Vitalik responded to a user on the Warpcast platform, stating that current regulatory efforts have essentially pushed honest cryptocurrency developers into a corner. The main challenge of cryptocurrency regulation (especially in the United States) has always been this phenomenon. If you do something useless or ask people for money in exchange for vague mentions of potential returns, then you are free and innocent. But if you try to clearly explain to your customers where the return comes from and promise them what rights they have, then you're done because you are "securities". This incentive gradient created by such "anarchic tyranny" will ultimately be worse than pure anarchy or pure tyranny.