My final Medium column.
Just as important as what a regulation says is who it applies to.
Take financial regulation. A great idea! American could use some. But — as the cryptocurrency world forcibly reminded us — it’s not always easy to figure out when someone is doing something “financial.”
So let’s come up with a test. Here’s one: “If a transaction involves a million dollars or more, financial regulations apply to it.” Not every million-dollar transaction is “financial” but there are few enough of these that filing the “worth a million bucks, but not financial” paperwork for them won’t be a huge deal. Besides, anyone moving a million dollars around can afford professional help in navigating the paperwork.