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As someone who has never worked in the finance industry, I feel like one shouldn't lose sight of the fact that the point of it all is to not have millions of dollars just vanish at random as often happens with Bitcoin. Making software engineers happy is not the point.

I agree with your sentiment. However, I believe you are missing the forest from the trees.

The desired result of the regulations is, first and foremost, accountability. This includes, but is not limited to, audit trails and provenance. But because the regulations have been written to specify exactly One True Way[tm] of reaching an adequate level of accountability, they end up causing nasty second-order effects.

As sibling comment by PeterStuer mentions, the unfortunate end result is inventive interpretation to avoid the worst of the disruptions. So from my point of view, the rules put in place to _enforce_ accountability have created perverse incentives to _reduce_ proper accountability.

That can not be a healthy situation either in short or long term.

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