> I am unclear how audits, regulation, taxation serve as protections or safety nets for the average person. There is much literature about the topic that expl

> I am unclear how audits, regulation, taxation serve as protections or safety nets for the average person. There is much literature about the topic that explain why regulation and audits are needed to protect not only the average person but the whole economy. You can find some information here https://opentextbc.ca/principlesofeconomics/chapter/28-2-bank-regulation/ https://opentextbc.ca/principlesofeconomics/chapter/28-2-ban... The "taxation" part is mention as cryptocurrencies are used for tax-avoidance and fraud. - https://www.cnbc.com/2021/05/31/cryptocurrency-poses-a-significant-risk-of-tax-evasion.html https://www.cnbc.com/2021/05/31/cryptocurrency-poses-a-signi... - https://www.ft.com/content/aa9834a1-8e3a-46c9-a2d8-13b10882c1c9 https://www.ft.com/content/aa9834a1-8e3a-46c9-a2d8-13b10882c... ... Banking, at high level, is not complicated and it is very interesting to see how regulation keeps a safe and sound economic system and how failures to regulate make markets collapse. For a historical perspective you can study The Great Depression, as many regulations were created to avoid similar systematic failures.