The author even calls out that hot dog stands are regulated for cleanliness and possible danger to consumers. Consumers do things not in their own best interes

The author even calls out that hot dog stands are regulated for cleanliness and possible danger to consumers. Consumers do things not in their own best interest all the time. Think MLMs, rent-to-own appliances and furniture, upside down leases, etc. For me the point of regulation is when some of these fintech companies start to hold deposits, which some of them represent themselves as doing even though the actual account is with a traditional institution. The consumer doesn’t necessarily know that though. It’s sort of like regulating hotdog stands that are everywhere at once. There has to be something keeping those hot dog stands clean and the steam trays warm and full, and it apparently isn’t the operator’s good manners and sense of fair play.