Rattled by the advent of crypto, Australia has responded by imposing financial regulation on productivity infrastructure, pushing innovation offshore.

Sid Kalla had spent seven years building Roll, a New York startup that helped online creators issue their own cryptocurrencies, into the first widely used social-token protocol on Ethereum. In May 2024, he received a letter from JPMorganChase. Following “a recent review”, Roll’s business account would be closed. No explanation was given. There was no appeal process.

The banking relationship had lasted seven years. When Kalla pressed for answers, his banker had none. For several weeks, until Roll secured another bank, the company had no checking account. Payroll froze. Employees and…