But regulators, working off the old pre-crypto playbook for keeping financial entities in line, instinctively want someone or some entity to be held accountable. That means they can end up favoring the formation of centralized, trusted third parties, the very source of risk, corruption, cost and dependency that cryptocurrency developers have historically sought to replace. If that happens, it would set the industry up for the same “too big to fail” problems that led to the Wall Street collapse of 2008.