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This the feature article from our Issue #1, 2023 FIRMA FORUM Newsletter. Members can view the entire issue, and past issues, in our archive

How Crypto’s Meltdown Changed the Regulatory Debate

It’s harder to argue that your parents should leave you alone when you’ve just smashed up the car. 

As digital assets lost more than $2 trillion in value and a string of prominent ventures blew up in 2022, most notably the FTX exchange, the debate over cryptocurrency regulation shifted sharply. The turmoil also heightened the stakes in a battle that had already been brewing in Congress over which of the nation’s top market regulators, the Securities and Exchange Commission or the Commodity Futures Trading Commission, should take the lead on crypto oversight. Separately, the SEC has made clear that it considers most digital assets to be securities, a designation that brings with it an extensive set of requirements, while the top US banking regulators issued a sweeping statement on the dangers of crypto. Read More...