There’s an economic principle named after a 16th-century British financier—Sir Thomas Gresham—who urged Queen Elizabeth I to clean up the sorry state of the national currency. Gresham’s Law states that “bad money drives out good,” and while Sir Thomas meant “bad money” in terms of coinage that didn’t carry the intrinsic value of gold or silver, the principle applies just as well to the business world. Simply put, honest companies have a hard time competing with dishonest ones.

This is intuitive if you think about it. An auto dealership that only sells lemons and lies about it will earn well above fair value for their vehicles. Snake oil doesn’t cost as much to make as a useful medication. Robbing your customers is more lucrative than making sure they’re satisfied.

If you accept this premise, then you should recognize that we’re about to see a lot of honest businesses either turn to the dark side or close up shop.

The first Trump administration didn’t pay much attention to white-collar civil and criminal enforcement, but this term is off the charts. Investigations into any business executive with even a passing relationship to Trump have been scotched, with beneficiaries ranging from the richest man in the world to the husband of the education secretary. Over 100 active enforcement actions have been either paused or dropped across the executive branch. In March, Trump donor Trevor Milton was pardoned after being sentenced for lying to investors; in April, Trump issued a corporate pardon to BitMEX, a crypto exchange that had pled guilty to failing to prevent money laundering.