Crypto software mediates transactions that used to require a centralized middleman. Regulators will insist that risks from the software and from a system based on software intermediation be mitigated through regulation and, when necessary, enforcement. Regulators will not just put restrictions on the deployment of certain software, but on the use of it as well. Can we count on courts to stop them? In many instances, no, because the courts will not view creating or participating in these systems as fundamental rights in the U.S., and other countries recognize far fewer rights generally. The system itself can mitigate these risks and avoid the pressure to impose regulation, but those changes must start happening now.
