Tech moguls want to build a crypto paradise on a Native American reservation and hope to gobble up some land near you.

A network state would, like a kind of Pac-Man, gobble up little pieces of actual land, eventually amassing so much economic power that other nations would be forced to recognize it. Once that happens, laws in more conventional nations could become almost irrelevant. Why on earth would, say, a pharmaceutical company with a new drug choose to spend billions of dollars and decades on mandated testing when it could go to a deregulated network state and take it to market in record time? As Srinivasan argued in a Zoom talk at last year’s conference, “Just like it was easier to start bitcoin and then to reform the Fed,” he said, “it is literally easier to start a new country than to reform the FDA.”