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It's the most talked-about news in Italy. On July 15, the Court of Cassation upheld a sentence of 14 years and 9 months for Mario Roggero, the jeweler from Grinzane Cavour who in April 2021 killed two of the three robbers who had just cleaned out his shop. His wife and daughter beaten and tied up, the safe emptied. Under Italian law, the act was over: the robbers had turned their backs.
By the logic of property, the violation was still in progress. As long as the stolen goods remain in the thief's hands, the invasion continues. Flight is the violation carried on by other means. It wasn't the first time. Roggero had already been robbed in 2015: he, his wife and his daughter tied up, the two women locked in the bathroom, €300,000 in stolen goods. The security monopolist failed the same family twice. It collects taxes to protect you, doesn't show up, and when you protect yourself it punishes you. Then it orders you to compensate the families of the men who attacked you. In a free market for security, the court would ask only one question: who initiated the use of force? Three men with a gun and a knife. Every consequence falls on whoever made that choice.

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The Binance–ECB case follows a script we've seen played out many times. It even has a name: crony capitalism. Here's how it works: a new sector is born free, because the state doesn't yet know what it is and hasn't had time to regulate it. Companies compete, innovate, grow. When the sector gets big enough and rich enough to matter, the regulator shows up to oversee and tax it. And with the regulator come the barriers to entry: licenses, capital requirements, compliance obligations, thresholds. Those already big can usually absorb them; those who'd like to enter are shut out. MiCA is no exception. To issue a stablecoin in the EU you effectively need a quasi-banking license. Reserves must be held 30% - up to 60% for large issuers - in bank deposits. The banks, which use that liquidity for their own business, cash in. Alternative issuers are shut out. Not even the much-praised GDPR is an exception. A study of 110,000 websites over 18 months found that after it came into force, market concentration increased. Almost every web-technology vendor lost share. Except one: Google. Same with the AI Act. The frontier models are built by OpenAI, Anthropic, Google, xAI: all American. The only relevant European lab, Mistral, is worth €20 billion against the $20–30 billion in annualized revenue of the giants across the Atlantic. Europe wrote the rules before it had any players on the field. We now live immersed in a bureaucratic superstructure we accept passively. Every year one more directive, one more registry, one more obligation, one more threshold. Together, a dense net that smothers innovation in the cradle and fossilizes markets around whoever got there first. And we accept it because we grew up inside it - inside a latent socialism that takes for granted that it's the state's job to decide who gets to do business, on what terms, with how much capital, under which license. The regulator raises barriers to shield what exists from what could exist. #Bitcoin bypasses them in the most subversive way possible: freeing people, one at a time, from the very idea that they need permission.