Both points you make are questionable. Hurting the market is no different from hurting investors because bad practices that hurt one investor have a chilling e

Both points you make are questionable. Hurting the market is no different from hurting investors because bad practices that hurt one investor have a chilling effect on other investors' activity. Moreover, regulators don't have to clear a "does this hurt the whole market" test before taking action. For example, I know a guy who was running a business at an investment bank and got in trouble with FINRA for trading through NBBO on a very small order (retail sized). The crypto market has grown to a size and role that affects the greater economy. We see that in so many ways, not only due to the holdings but also because different economic participants are catering to miners and setting up payment options for holders of crypto. It's no longer a cute side project.