Crypto Regulators Aren’t Very Sympathetic
Also cash offers, steak dinners, kids’ videos, NFT theft, AMC/Dogecoin and Amalgamated/Amalgamated.
It is conventional wisdom that big incumbent businesses love regulation. The more complicated and expensive big-bank regulation is, the harder it will be for a new bank to become big. Or in social media, as Byrne Hobart put it, “Facebook wants to be regulated, as long as everyone is regulated based on a standard set by the worst things that happen on Facebook, because that's a world where Facebook is the only company in the world with the technical capability to host a legal comments section.”
Facebook is a big incumbent but it is not all that long ago, in the grand scheme of things, that Mark Zuckerberg got in trouble at Harvard for breaking college rules with an early prototype. In new business areas, you can move from scrappy disruptor to big incumbent pretty quickly. And then you get to shape the rules.