Great piece from Dave Nadig on the rush to deregulate. The main problem is that the Wall Street sellside completely controls the narrative. What is needed is more balance, more advocates for the buyside, the people who buy all of this. But in an up market, there is very little appetite for warning people about the downside of taking the guardrails away. Bottom line: We can and should support financial innovations like blockchain and stablecoins, but we need to do in a manner that does not introduce hidden systemic risks.

davenadig.substack.com/…