The Americans have passed rules to regulate and define the crypto industry. The first rule of finance is all rules are arbitraged. The second is that regulation strengthens incumbents. Very, very different to what Nakamoto and the original crypto acolytes envisaged for free, decentralised finance! Ha Ha Ha!

Society is a complex notion. It is a collection of rules and guidelines for living and when these are pressured, instability is often the result. Markets are part of modern society and are vulnerable – especially at times of massive change, as is happening now. That doesn’t mean disaster – it means evolution to what will follows. Inshallah.