Regulation of the Crypto-Economy: Managing Risks, Challenges, and Regulatory Uncertainty

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ID: 63002
2019
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Abstract
Distributed ledger technology, also known as the blockchain, is gaining traction globally. Blockchain offers a secure validation mechanism and decentralized mass collaboration. Cryptocurrencies make use of this technology as a new asset class for investors worldwide. Cryptocurrencies are being used by companies to raise capital via initial coin offerings (ICOs). The substantial inflow of unregulated capital into a transactional and transnational industry has aroused interest from not just investors, but also national securities and monetary regulatory agencies. In this paper, we review the Security and Exchange Commission’s initial statements and subsequent pronouncements on ICO’s to illustrate the potential problems with applying an older legal framework to an ever-evolving ecosystem. Recognizing the inability of enforcement within existing regulatory frameworks, we discuss the importance of regulation of the crypto asset class and internal collaboration between government agencies and developers in the establishment of an ecosystem that integrates investor protection and investments.
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Authors Cumming, Douglas J.;Johan, Sofia;Pant, Anshum;
Journal journal of risk and financial management
Year 2019
DOI
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URL
https://www.mdpi.com/1911-8074/12/3/126
Keywords
Infectious and parasitic diseases Medicine public aspects of medicine finance arctic medicine. tropical medicine political science political science (general) risk in industry. risk management international relations colonies and colonization. emigration and immigration. international migration

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