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I think crypto just conveniently bypasses securities laws, that's the point, can't do that with a centralized db. It is sort of decentralized and you can issue tokens in different ways, and as the creator you "happened" to be an early adopter or have a foundation that got 10% of all supply.

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The way most people use crypto to bypass securities laws is through exchanges, though, and regulators don't care if your exchange operates a centralized or a decentralized db. They will sanction you regardless.

(Also, all exchanges[1] use centralized dbs.)

[1] Except maybe FTX, it didn't seem much into bookkeeping of any sort.

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