If it works the same way the oil and gas industry regulation works through the Railroad Commission then we will end up with financial industry people with substantial skin in the game designing the regulations. They will then enforce those regulations selectively with preference being to minimize the impact of enforcement operations on the bottom line of those who violate the regulations. This will happen so that the noncompliant operators can remain viable as businesses instead of levying severe penalties for noncompliance that would cause others operating in the space to take notice and voluntarily comply.

It will come down to a situation where connections matter when enforcement is considered.