Cryptic Regulation of Crypto-Tokens
This paper investigates the alignment of existing securities regulations with the emerging landscape of crypto-tokens and blockchain technology. By examining the features of these digital assets, including decentralization, consensus mechanisms, and programmability, we analyze how they interact with existing financial rules. We compare approaches to regulation across countries, considering potential impacts on innovation. Furthermore, we explore the issues that may arise with blockchain networks, such as payment efficiency and market safety. The study aims to contribute to discussions about balancing innovation within the blockchain sphere and ensuring investor protection and market security, underlining areas that may necessitate regulatory improvements.
Forthcoming: Cryptic Regulation of Crypto-Tokens, Joshua S. Gans. in Entrepreneurship and Innovation Policy and the Economy, volume 3, Jones and Lerner. 2023