The quote is at 57:00, I can't figure out who the regulator is though...
I don't think my long and detailed explanation is necessary.  I think just a sentence or two will suffice.  Maybe:

"In contrast to the comments made by Mr.  XXX (day 1, time 57:00) about how startups are created, the reality of the very early stage startup is that it often operates without funding or investors.  Venture capitalists often enter after a business model has proven itself in the local market to drive it nation or worldwide.  To require even 50k in regulatory fees or excessive time burden is going to eliminate startups like Intel and Facebook (which began in a garage and a dorm room, respectively) and perhaps more importantly, this barrier to entry will grant essentially a monopoly on Bitcoin startups to well-funded VCs at the expense of the individual hard-working entrepreneur.  Rather than face this burden, these very-early-phase startups will simply incorporate in another jurisdiction."