~ is also not a financial institution, so there is no oversight institution that has so far sheltered it.
there are "institutions" that have that "oversight" over bitcoin. it just happens that they are plural instead of being 1 centralized "institute" controlling everything. and they are called
full verifying nodes. at the heart of it, the concept is the same. these nodes are doing the verification and in short
enforcing the rules just as 1 governing body would do in a centralized system.