There's a regulated path and an unregulated path. The market is bigger in the regulated path.
Uncomfortable truths.
Discussion
Isn't everything sort of regulated in a way? A decentralised network is regulated via people having followers, or at the extreme, what people are willing to share and believe.
This is actually far closer to what we've been working on: what does regulation look like within a decentralized, pseudonymous, peer to peer network?
There are centralized issuers of rules, but they do not have control over a decentralized network. However, individuals and businesses may be targeted for regulatory enforcement. Therefore, the application of centralized government rules will simply filter the interactions of the governed individual.
The resulting interactions will more closely resemble a due diligence such that governed individuals will filter themselves from interacting unless the proposed peer passes a due diligence process.