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Matt Levine’s Money Stuff: Crypto Regulators Aren’t Sympathetic

Sept. 22, 2021, 5:15 PM

Crypto regulation

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 ...