Regulatory headwinds in crypto are shifting once again. As concerns about crackdowns start to ease, we're seeing something interesting unfold in DeFi—the traditional assumptions about who actually holds the keys to revenue and IP rights are getting challenged. When the regulatory pressure was at its peak, control structures stayed murky and centralized. But now? Projects are reconsidering who gets a cut and who owns what. It's a fascinating moment where policy changes are forcing the entire ecosystem to rethink its governance model. The opaque nature of DeFi suddenly doesn't look so sustainable when regulators are watching.