id	author	title	date	pages	extension	mime	words	sentence	flesch	summary	cache	txt
cblr-11901	Rolston, Eric	Regulating Democratized Finance: Cryptocurrency, Retail Broker-Dealers and the SEC's Regulatory Perimeter	2023	46	.pdf	application/pdf	14459	636	39	No. 1] REGULATING DEMOCRATIZED FINANCE 517 Investors face transaction costs including from compliance with market regulations and intermediation costs (costs to find counterparties through market makers).140 These costs decrease with scale so larger institutions have traditionally been better able to bear such costs than retail investors. The SEC’s approach to enforcing violations of securities fraud in new markets illustrates how SEC regulations encourage market participation.	cache/cblr-11901.pdf	txt/cblr-11901.txt