Part of the reason we need so much regulation around securities markets is because they create liquidity by fractionalizing legal rights and responsibilities and make them easier to trade. The problem regulators are trying to solve is you have insiders that can manipulate the price and perception of available liquidity and even market interest by hiring market makers or having access to lines of credit that others don’t. Since no one knows what rate of interest one person is paying versus the next, you have huge information asymmetry in the market with regards to the true price of contracts and securities and tokens being traded because you have no basis for the cost of capital other than a lagging indicator in the central bank interest rates or some complex enumeration of bond curves and yields. With Bitcoin, and its 24/7 liquid market, and complete transparency, and its direct tie-in to the cost of global energy supply, you get better pricing on every deal. If it seems expensive in fiat but cheap in Bitcoin… buy it! If its cheap in fiat but expensive in Bitcoin… skip it. If it’s expensive in fiat and even more expensive in Bitcoin - avoid it like the plague or just make your money and get out of it quick. Bitcoin doesn’t solve pump and dumps, but it lets you more quickly and accurately price them.