[valenciarose]

Every jurisdiction regulates financial institutions for good reasons (yes, also some bad reasons). While a great deal of misbehavior does persist under regulation (Wells Fargo, etc), it’s a fraction of what we would see if they were not or could not be regulated.

Inspectable and freezable payments systems are one core part of the infrastructure that enables regulation. The point at which it looks like Blockchain technologies are successfully enabling an alternative financial system that’s not subject to these controls is the point at which blockchain technology gets severely constrained by law.

Intermediaries aren’t always a bad thing. Stock settlement intermediation was transformative for the securities industry, greatly increasing the liquidity of the market.