Regulators have indicated that they will continue to focus on anti-money laundering, DeFi, financial intermediaries and conflicts of interest. To potentially avoid enforcement, regulated entities in crypto will need to have best-in-class transparency and compliance, and unregulated entities in crypto must either have a clear justification for the lack of regulation or must have no ties whatsoever to the U.S. – or, at the very least, no engagement or marketing to prospective U.S. clients and affirmative steps to block such activity.