There’s a natural impulse to want to protect people who might not understand those risks. At the same time, a major promise of crypto was opening up capital markets to people who wouldn’t qualify to contribute to a traditional VC fund. That openness has helped make a lot of early crypto investors wealthy, and they have, in turn, funded startups and projects that expanded the ecosystem further. That wouldn’t be possible with the same kind of controls in place in equity markets. I don’t know if there’s any way to cut that baby in half, and I’ve spent an awful lot of time thinking about it.



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