It's not an apt analogy, these are standalone institutions without systemic ties to other parts of the economy, and someone who blows up crypto margin trading i

It's not an apt analogy, these are standalone institutions without systemic ties to other parts of the economy, and someone who blows up crypto margin trading is only hurting themselves (or the insurance fund which is sunk cost anyway). Even if I grant the analogy, their original proposition is accurate. Regulations are the main reason why US exchanges are an incredibly small percentage of total crypto volume.