Executive Summary
Ignorance is risk. For that reason, U.S. markets embrace reasonable regulation to ensure transparency and fairness. Stocks are regulated by the Securities and Exchange Commission (SEC), commodities by the Commodity Futures Trading Commission, and government currency by the Department of the Treasury and the Federal Reserve. But an emergent fourth asset class, cryptocurrencies, has no single regulator, and that is leading to uncertainty and confusion. The SEC and its new ”crypto czar” could take a few thoughtful steps to promote clarity and innovation…
