I think this is exactly the point the author is making. There exist regulatory entities to protect people from exactly the kind of logic you are using. If I don't know anything about cryptocurrency, and want to start trading, it would be nice to have entities that I can go to to find out the status of various players in the industry. If I'm new to the scene, what would make me inclined to believe 1337_haxor on some crypto-forum? Excluding everyone without deep knowledge is bad for the industry; including everyone without regulation leads to theft. Somewhere in the middle is probably better than either