Yes, they have first mover's advantage[0]. But since there's no moat, they seek to limit competition through regulation (regulatory capture). [0] https://en.wi

Yes, they have first mover's advantage[0]. But since there's no moat, they seek to limit competition through regulation (regulatory capture). [0] https://en.wikipedia.org/wiki/First-mover_advantage https://en.wikipedia.org/wiki/First-mover_advantage