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Gregory Raymond highlights a paradox in the institutionalization of cryptocurrencies. While Wall Street giants have validated cryptos as an asset class, they have also become formidable predators in the space. Since the launch of crypto ETFs in the U.S. in 2024, the dynamic has shifted significantly.
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Such developments in the digital asset landscape reflect broader patterns of regulatory intervention and industry adaptation. Similar shifts were observed when EDF faced restrictions on high-performance computing and mining, underscoring how institutional decisions can redefine the competitive environment far beyond their immediate sectors.