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Usually industries try to self-regulate at first. Sometimes they do an acceptable job, and sometimes they get regulated by outside agencies.

Money's been regulated since the beginning of time.

And when/where it wasn't, we usually called the place a failed state.

While I'm pretty skeptical a SRO would work for crypto, as mentioned in the article, SROs like FINRA are one of the main sources of regulation in the ordinary financial sector.

In case anyone is curious: https://en.wikipedia.org/wiki/Financial_Industry_Regulatory_...

> The Financial Industry Regulatory Authority (FINRA) is a private American corporation that acts as a self-regulatory organization (SRO) that regulates member brokerage firms and exchange markets.

Actually SIPC is exactly that and is probably what the crypto industry wants to model themselves after.