In his TED, Data Ownership — The Big Lie, J. Oliver Glasgow had a similar diagram based on Shannon’s model of communication. As your diagram might be perceived to draw the conclusion that this is “good old” regulatory arbitrage by some, when you see the same interaction as #informationrights instead of cryptocurrency, and the regulations as Privacy (GDPR, etc) instead of KYC/AML, then instead of arbitrage, it starts to look more like a “taking” (or tax), and that the government turns a private right of action into a criminal right of action, which gives the Duty that was owed to the individual over to the state. Good article and good TED talk, both. https://www.youtube.com/watch?v=kEYztBKaWQc