Is There a Need for a Clearing House?

I think there is some inherent conflict between how a dfy and crypto, you know, is approaching some aspects of finance and innovation. Youno, incrypto, a indefi. Theyre somewhat different. Smart protocols is are different than intermediated transactions. What is it? What is the need for a clearing house? I would hope that policy makers realize if we were to develop from scratch laws around financial regulation they wouldn't look exactly like acts from the 19 thirties and forties. There's a reason companies stay private until they're worth tens of trillions of dollars. It's not because people think the regulatory regime that's created is the best thing o nall that's