Regulation
Regulate Cryptocurrencies? Even Libertarians Should Support This Bill
Industries sometimes want to be regulated. They don’t support all the restrictions that come with it, but regulation is legitimation. Simply passing laws limits certain activities to legal protection.
Which brings us to crypto. Currently, if a US financial institution issues crypto assets, there is a high risk that the Securities and Exchange Commission will declare them to be securities and regulate them accordingly. Ideally, the SEC would provide a formal definition of what constitutes and what does not constitute a security, and the crypto industry would attempt to circumvent these rules. Instead, through inaction, the SEC allowed a de facto ban on a large portion of cryptocurrencies. In the long term, this undermines democratic ideals of transparency and the rule of law.