• Timothy Massad


October 13, 2022, Paper: "For the past decade, the development of appropriate regulatory standards for the crypto industry has been hampered by interminable debates over whether particular digital assets are securities or commodities or something else. The recent crash in crypto prices and the collapse of several crypto firms have prompted renewed calls for better regulation. The fact is the industry today does not comply with investor protection standards comparable to other financial markets, and hundreds of thousands of people have suffered losses. But there is no consensus on the path forward to achieve better regulation. Crypto industry participants have long complained of a lack of regulatory clarity, and have argued that existing securities and derivatives laws do not really fit. Others—including Chairman Gary Gensler of the Securities and Exchange Commission (SEC) —say the problem is a lack of compliance with existing legal requirements, and certainly industry participants have exploited jurisdictional gaps. Some are looking to Congress to intervene, but views diverge greatly on what kind of legislation is needed."