Are cryptocurrencies securities?
America’s stock regulator is about to test its view of the asset class in court
THE QUESTION of whether most crypto assets are securities, commodities or some other form of asset might sound academic. But the answer will have enormous consequences for the industry as it exists today. The outcome of a series of new lawsuits in America will determine who regulates crypto and whether many of its big players remain at the top of the pile. Securities regulation tends to be more expansive and aggressive, requiring far greater disclosure on the part of the exchanges issuing and selling the assets.
From the June 17th 2023 edition
Discover stories from this section and more in the list of contents
Explore the editionMore from The Economist explains
What do Greenlanders think of being bought?
Donald Trump’s desire for Greenland, and a shabby visit by his son, reignite the independence debate
What would Donald Trump gain from seizing the Panama Canal?
The president-elect claims the crossing is controlled by China and rips off American consumers
Where does Santa come from?
How a miracle-working Greek bishop, Dutch folk figure and early New York icon became the ubiquitous symbol of Christmas
Who are the main rebel groups in Syria?
They were united against the country’s dictator. Now they have little in common
Is RFK junior right to say America allows more toxins than the EU?
He is, but things are slowly beginning to change
What would it cost to kill coal?
The price of shutting down coal power, and what would be gained