And they’ll use the float created by the fake buys to manipulate the fiat value. However, none of them will want to take the risk of being the one that rug pulls their clients… so that’s about the only thing that will make them operate slightly within the rules of fair play. I would imagine they will have rules in place that would say someone like blackrock gets to make their clients whole before the customers of Coinbase get made whole in the event of a liquidity crisis.. something like “we’ll allow Coinbase to exist and be the etf custodian, but here’s the catch.. you go under before we do”. 🤷🏻‍♂️.