I suspect there's a third outcome within crypto many are quietly pursuing. Looked through the lens of "what if the internet were its own country" a lot of web3 makes a bit more sense.
Or maybe I've read too many Neal Stephenson novels.
That was my "eternal chasing into new as yet unbanned services". The ban wave has largely caught up with big ICOs, but not with "governance tokens" or "NFT based communities".
There's going to be a cycle of "web3 gets big money", "big money fraud in web3", "SEC enforcement against web3", and then the launch of "web4" in 2030.
Or maybe I've read too many Neal Stephenson novels.