Why You Shouldn't Start a Crypto Company

Imagine that you are a Soviet weight lifter. It’s the height of the Cold War. You’ve trained for years to crush the bourgeoisie on the battlefield of the Olympic podium, to bring back gold and glory to the motherland. One day your trainer pulls you aside and tells you that not only does he have access to performance-enhancing drugs developed for the Russian military, but also that all other Russian athletes are taking them, and that the USSR will help you hide the doping from international regulators.

This is the situation of most crypto startups today. On the fundraising and execution side, it is very, very easy to get ahead by playing fast and loose with compliance. It isn’t sustainable, but neither is prolonged drug abuse. When the lines aren’t clear, it’s very easy to slip across them.

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