Innovation is essential to economic growth and higher living standards. Better tools and techniques that make us more productive are requirements of wealth creation. Still, innovation attracts its fair share of skeptics whose fears about where new technologies may lead are ripe for exploitation.
The technology’s early application by pioneering firms operating in the financial sector has created linkages in the public’s mind between blockchain and cryptocurrencies. And, it has given U.S. financial regulators initial dibs on determining who gets to police the crypto companies and how. The experience is a teachable moment.
Should these companies be regulated? Yes. But are their assets securities? Do the firms’ activities fall within the SEC’s domain? Are they assets to be regulated by the Commodity Futures Trading Commission? Are they something else to be regulated under a different authority by a different agency? Ultimately, Congress must get back in the game of legislating. It must write and pass new statutes to provide new authorities for new and more appropriate regulations.
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