Regulators keep treating crypto exchanges like banks, but every rule that forces them to hold customer funds in one place recreates the exact single point of failure that FTX already showed us. I lost about $3,000 when a smaller platform froze withdrawals in 2022, and the post-mortem said the same thing every time: too much money sitting in one hot wallet, controlled by too few people. No rule would have saved my account, but I'm honestly not sure full self-custody is realistic for someone buying $50 of Bitcoin. So here's the question I can't settle — should crypto holders push for more regulation, or refuse it and accept that personal responsibility is the only real protection?