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right, but doesnt the alledged spill over effect of increasing the price on the unregulated exchange, impact the price regardless of exchange?

You don't ask for btc price X on coinbase versus btc price Y on biance? Wouldn't you just care about the price of btc? and if it rises on certain exchanges, then it would arbitrage until it rose on other exchanges as well?

> if it rises on certain exchanges, then it would arbitrage until it rose on other exchanges as well?

More like the opposite. The fake price rise would be arbitraged away to match the real price.

At some point there has to be a real buyer/seller, otherwise arbitrage doesn't work. And a real buyer/seller is trading at the real price.

Well, then how many % of crypto volume happens on properly 'regulated' exchanges? And what are the requirements those exchanges must meet (are they held to the same standard as major stock exchanges, for example?)

Given that Coinbase paid a fine for wash trading, performed by none other than former Coinbase employee and Litecoin creator Charlie Lee, I’m not sure what you’re suggesting here.

Regulation working as intended?