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Of course. But the fact that it has a price reduces the size of the market and hence the amount of theft.

Catalytic converters can't be sold for scrap at all by individuals, yet theft is still a huge problem.

Seems like the problem would be bigger, if they could be sold by individuals

related: Crosswalks don't stop cars from hitting pedestrians crossing on them. Perfect is the enemy of good.

And that is well into anti-social, intentional criminality territory, so you can have harsh punishment for those crimes and investigate and make examples of people if it remains a problem.