Unpopular opinions:

1.) we never wanted regulatory clarity. we wanted to be left alone. Regulatory clarity was something that politicians wanted to deliver, but we did not order this. Everything that is not forbidden is allowed. If regulations don't regulate crypto, we can do whatever we want.

2.) there is much less regulatory clarity. The regulations are vague. Just the AML regulations are not exact. You are supposed to somehow evaluate risk, the regulator does not tell you how exactly, but when you don't do it as they wish it's good, you are a money launderer. There are many uncertain things about current crypto regulations.

3.) projects closing down or leaving some markets is not because they are doing something wrong, but because prosecutors are making up random rules. After a decade of improving regulatory clarity, projects are closing down because the regulatory clarity is actually lower than when they started.

Result; politicians chose a goal and as usual, their actions that should have led to this goal had exactly opposite effect and increased bureaucracy, regulatory capture and hindered development. The wealth of society decreased again.