I guess i would refer you to the brief period of time where cryptocurrencies were skirting these regulations. I'm sympathetic to the argument that there was some value created there, but hoo boy, a lot of people lost a considerable portion of their life savings there.
A lot of people have gotten life-changingly rich from crypto investments. Bitcoin is already the best performing asset class of all time, and has minted plenty of millionaires.
Importantly we also implemented several new schemes to ensure that we were better able to evaluate illegal and non-rule-following activities after 2008 as well.
Right, this is the sort of regulation that people are now complaining about in the securities market because a long time has passed since it was originally enacted.
