What Crypto Regulation Has Produced

What the US cryptocurrency regulatory approach has produced for the industry

The Approach

The US cryptocurrency regulatory approach -- the specific combination of SEC enforcement actions, the banking regulator guidance on crypto custody, and the Congressional inaction on the comprehensive crypto regulation that the industry has sought -- has produced the specific regulatory environment that the absence of clear rules and the presence of aggressive enforcement generates.

The Effects

The effects of the regulatory environment: the specific enforcement actions against the major crypto exchanges have produced the compliance investment, the banking relationship disruption, and the business model modification that the enforcement-first approach generates. The specific crypto businesses that have relocated outside the US jurisdiction in response to the regulatory environment represent the specific regulatory arbitrage that the enforcement-without-framework approach produces.

Surf Revolt Coverage

Surf Revolt covers crypto regulation because the accountability journalism of the regulatory approach to the most significant financial innovation of the past decade requires examining what the approach is producing, and because the libertarian argument for regulatory clarity over regulatory uncertainty is the argument that the enforcement-without-framework approach most directly challenges.

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