I T ’ S BECOMING A CROWDED MARKE T PL ACE AND A LOT OF THE PL AYERS IN THE MARKE T COULD NE VER MEE T THE CRI T ERI A OF ALF. IF FORMAL REGUL AT ION C AME INTO PL AY I THINK THE NUMBER OF FUNDERS IN THE INDUSTRY WOULD DIMINI SH E VEN MORE .
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