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 US) has 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 returns come from and promise them certain rights, then you're screwed because you're a "security". The incentive gradient created by this "anarchic tyranny" will ultimately be worse than pure anarchy or pure tyranny.