Distant as that brighter future might seem, regulators should at least allow for it, as the European Union has sought to do with new rules on crypto markets. To that end, the US should create legal space for the issuance and trading of instruments — such as Bitcoin and Ether — that don’t fall into categories such as securities or derivatives. Requirements for (among other things) disclosure, safety, soundness, governance and protection of customer assets could come from Congress — or from an industry-funded overseer along the lines of the Financial Industry Regulatory Authority.
Source: Crypto Is Still a Mess. A Crackdown Would Do It Good – Bloomberg
