There's an intriguing pattern emerging in how different players are positioning themselves. When you look at the landscape—blockchain networks, fintech platforms, institutional players—some act as true infrastructure builders, while others function primarily as gatekeepers. The dynamic here isn't traditional finance versus crypto. It's about who controls distribution. Compliant, neutral infrastructure tends to benefit the entire ecosystem. Exchange gatekeepers? They have different incentives. When infrastructure providers innovate openly but certain dominant exchanges resist it, you get a clear signal about where the real tensions lie.