The formerly sleepy world of regulation has just become the hot new thing. Rules are being drawn up now that will fundamentally reshape the prospects of individual firms, sprawling ecosystems, and even entire nations. In this brave new world, the risks and opportunities of regulation have become a key driver of pretty much any business strategy. From e-commerce and energy production to selling experiences, financial services, and crypto payments, much hangs on what regulators will mandate, allow, or encourage in big tech. And if investors and businesses aspire to identify the future winners and losers, their first concern should be understanding, and potentially helping shape, the rules of the game.
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