I don’t understand your point - there’s no symmetry there. Regulated venues dominate nearly every sphere of trading in terms of volume. They have done this by

I don’t understand your point - there’s no symmetry there. Regulated venues dominate nearly every sphere of trading in terms of volume. They have done this by being more attractive to buyers and sellers than unregulated venues - i.e. regulated venues have out-competed unregulated venues. In the market for trading venues, regulated venues have won.