Clear rules for cryptocurrency markets and financial intermediaries that protect consumers without treating open-source software as a financial service.
Financial regulation has traditionally applied where a person takes another’s affairs in hand—exercising custody, control, or delegated judgment. Modern software, however, allows individuals to transact directly, without intermediaries. Some regulators and lower courts have responded by advancing a “functional” theory of code, treating software as…
A general introduction to “crypto,” both the underlying technology as well as the larger ecosystem, and a set of principles for legislating in this area to ensure that American rights are protected and American innovation is able to flourish.
This report, originally published in 2016 and updated in 2018, presents a framework for securities regulation of cryptocurrencies— e.g. Bitcoin and derivative projects or “alt-coins.” The framework is based on the Howey test for an investment contract as well as the underlying policy goals of…
Testimony before the House Financial Services Committee
Coin Center testified before the Joint Economic Committee in a hearing entitled “Demystifying Crypto: Digital Assets and the Role of Government.” Peter Van Valkenburgh’s written testimony can be found here.
Cryptocurrencies receive much attention these days, but even so, the real use cases of these new technologies are often glossed over. Much cryptocurrency discussion unfortunately leaves the reader with too much breathless hype or knee-jerk condemnation and not enough measured analysis. It is not surprising,…
