Robert S.Z. wrote:
> What are Security and Exchange acts but rules to keep
> crooks out?
In an anarcho-capitalist environment, each Exchange will create
/enforce their own standards, rules and listing requirements. The
reputation of the exchange will benefit or suffer based on the
success these rules.
In a minarcho-capitalist environment, the State (sometimes in
coordination with "the" exchange) will do so.
The benefit of former is that the Exchange has a vested interest
in serving its clients and protecting its reputation, whereas the
State may be more interested in lining its pockets with taxes and
bribes.
The benefit of the latter is that the Jurisdiction has a whole can
establish and protect its reputation. When you think in terms of
jurisdictional competition between island and micro-jurisdictions,
this makes a lot of sense. For example, of someone else creates
an exchange in Sealand that promotes HYIPs and frauds, how
long before the public discounts any Sealand-based operation as
a scam?
Adam
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