All you need to do to refute this is look at the history of fraud, incompetence and other abuse in the Bitcoin/*coin marketplace. Adam Smith's invisible hand drives price competition in the marketplace, but it doesn't govern conduct.
Punting the need for regulation to the courts is just robbing justice from the public at large. Instead of having a rule that can be easily enforced and understood through the regulatory process, you're going to organically create rules via litigation and precedent. But in the process you're raising the bar in terms of cost and preventing entities without the resources to litigate from realizing justice.
All you need to do to refute this is look at the history of fraud, incompetence and other abuse in the Bitcoin/*coin marketplace. Adam Smith's invisible hand drives price competition in the marketplace, but it doesn't govern conduct.
Punting the need for regulation to the courts is just robbing justice from the public at large. Instead of having a rule that can be easily enforced and understood through the regulatory process, you're going to organically create rules via litigation and precedent. But in the process you're raising the bar in terms of cost and preventing entities without the resources to litigate from realizing justice.