Because no one seems quite sure how to treat cryptocurrency, proposals to regulate it tend to pop up in unexpected places. The most recent is the federal infrastructure bill making its way through Congress. The bill includes a provision that would give federal regulators the ability to impose new tax reporting obligations on cryptocurrency brokers. This particular provision may or may not be the right policy, but if we want to be thoughtful about how we finally regulate cryptocurrency, we should take the issue head on and develop a real regulatory framework.
That starts with understanding what we want from crypto. The knee jerk reaction from the left tends to be: “capitalism is evil, banking is evil, and so therefore crypto must be really evil and we need to regulate it out of existence.” Not surprising. Nor is the knee jerk reaction from many on the right: “crypto represents the personal freedom to choose whether or not to participate in the traditional financial system and…
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Source : fastcompany.com
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