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Sounds like a free market version of a SEC regulated exchange. Not sure what the free market theory is for why it would be less susceptible to regulatory capture.



It wouldn't be susceptible because there could be more than one competing. Different providers would optimize for different types of investors.


There would be two types of customers to compete over between the exchanges, startups and investors. Since there is a natural tension between investors and the businesses as far as how much disclosure and oversight there is, it would probably depend on which class of customers was more profitable as to which side the industry as a whole would favor.




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