"like with numerous cryptocurrency companies relearning why the finance industry has so many dang regulations." My wife is into architecture and told me once t

"like with numerous cryptocurrency companies relearning why the finance industry has so many dang regulations." My wife is into architecture and told me once that "every building code has a tombstone." Every building code is there because someone (or sometimes lots of people) died. Same with vehicle and road regs, etc. I had a lawyer tell me almost the same thing about equity, finance, and contract law: every standard provision in e.g. a VC deal and every financial regulation is there because somebody perpetuated a fraud or someone got screwed. Many are also there to compensate for large-scale systemic failure modes like runaway financial bubbles that occurred in the past. These systems are clunky and crufty and ugly and sometimes there is some value in "disrupting" them, but at the same time I think any would-be disrupters have to understand that the content of these laws and customs is the outcome of an evolutionary "Red Queen's race" lasting centuries or more. The code base is ugly but there's a lot of value and information captured in it.