One of the most naive takes on CT now is that it will be trivial for existing perps DEX’s to go from non-compliance to compliance. I lived through Dodd Frank, and also saw what happened when some crypto exchanges in the USA had to add KYC. No bueno. It’s a killer for many given loss of business, additional compliance resources, and general distraction. So my advice to pre-launch DEX’s? Wait. Wait for @vnovakovski to get a license and follow his lead as @Lighter_xyz seems to be in pole position. In the meantime? Build productive AI tools that capture users and agents that can be integrated when you do launch in a compliant way. The way things are going, that solution may actually become bigger (and way less risky) than a DEX – and that becomes what you focus on. And don’t be afraid of the pivot when the facts change.