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 "text": "The originators of the earliest U.S. hedge funds deliberately structured the funds to maximize trading freedom by minimizing exposure to federal regulation, so the industry's private, unregistered form was a design choice rather than an accident of history.",
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 "citation": "Kaal and Oesterle, The History of Hedge Fund Regulation in the United States (2016). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2714974",
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