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This has happened a number of times in this country. One major example is MLM, which was fully legitimized in 70s and 80s, after spending some time in a legal gray area. Ever since, the industry has expanded, even though it largely functions as wealth transfer from late arrivals to early incumbents, with a sprinkling of sustainable external commerce.

Madoff was different in that he successfully hid the fact that his was a ponzi scheme for 40 years.

This interview with SBF suggests crypto does not even try and hide it.

Albania did, and it led to a civil war.