Was Any Of This Actually Legal?

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Big technology companies naturally want to stretch the limits of what they are allowed to do within the confines of the law, but effective regulators are supposed to keep them within these “guidelines”…
The only problem is that there is much much more money to be made on the other side of the technical word of the law so over time they have developed a foolproof system for getting around these “legal suggestions” to access markets that nobody else thought was possible.
Uber got around taxi regulations, food delivery apps – minimum wage laws, buy now pay later services and consumer lending standards, AirBNB got around hotel licensing and zoning laws, crowdfunding – investment standards, and then there are even more obvious examples like “bet on everything” platforms that have skirted gambling regulations (not to mention age limits) based on extremely flimsy financial “technicalities”…
This isn’t even touching on the absolute dumpster fire that has been allowed in the grey areas of crypto currency… but the thing is, every single one of these companies that “bravely chose to venture where the law said they couldn’t” are all worth billions of dollars today…
In the battle between technology and the law… technology is winning every… single… time…
In the short term there are actually some genuine benefits to workers and consumers by breaking down rigid structures. But if they were willing to bend the rules in our favor to get us on board in the first place, it sets a pretty bad precedent once they have captured a market… which is exactly what we are seeing today…
Now the solution is; effective, well funded, and well staffed regulators to make sure that these businesses are abiding by the word of the law from day one… but c’mon, let’s be honest with ourselves… we all know that’s not happening any time soon…
So instead of that, the best way to see this problem in action is to go through the process step by step so that if you yourself want to build a billion dollar tech platform by skirting the word of the law, at least you will have the tried and tested gameplan for doing it right…

#tech #money #finance

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