Many companies are capable of doing hard but navigating vague and complex regulations requires deep pockets and institutional connections. In theory the regulat

Many companies are capable of doing hard but navigating vague and complex regulations requires deep pockets and institutional connections. In theory the regulations are the same for everyone but because they are often vague regulators have broad interpretation powers. Established players have favorable agreements in place with regulators on how to interpret these regulations that new entrants would not and would have to spend years negotiating these rules. That requires really deep pockets like uber level capital.