So the interesting thing about the chosen example is that the brothels already operate compliantly enough in a regulated environment but those environments typically are marginalizing them in a variety of ways such as with zoning and exchange listings.

There is definitely room for price discovery in that industry from an environment with free floating shares. It only takes an enterpriser getting a little greedy or an existing shareholder bundling up their stake in a fund.

Capital formation in the crypto markets rivals VC’s fiat activity, but it is mostly crypto native purchasers for crypto native infrastructure. The systems do work for trusted centralized physical establishments, and the regulatory environments typically just require notice in the state's register. Those societies are comfortable with private sector exchanges being the gatekeepers in how people raise capital and plan exits, and have not factored in the reality where they are completely circumvented and marginalized industries grow, compliantly, and very quickly.