[JumpCrisscross]

> If your entire shtick is legitimacy and being subject to competent regulation, then why would you release a product like that?

We call it greed, but it’s a consistent feature of trusted institutions being tempted to sell out that brand for short-term gains.

My hypothesis is the trusted market is efficient, and so tends towards consolidation and low margins. The untrusted market is more cottage-like, with small players and large margins. If you’re an institution, it’s tempting to try that high-margin field, leveraging your trusted brand for scale.