Crypto-mania: Lawyers

Crypto-mania: Lawyers, Legislators And Labels Struggle To Keep Up

* Lee Reiners thinks that cryptocurrencies should be banned.
* Reiners’ opinion is that the crypto boom had more to do with loose Federal Reserve policy than with the inherent long-term investment potential of cryptocurrencies.
* John Paul Koning has posted that using “crypto” as a catch-all term is unhelpful and subverts discussion of the topic.
* Koning suggests that “crypto” should be reserved to describe a way of exchanging both fungible and non-fungible tokens directly and in a decentralized manner.
* Tokens that are some sort of digital asset, of which stablecoins are a specific subset, should be distinguished from cryptocurrency.
* The Law Society of England & Wales has proposed a third category of property law to accommodate digital assets, which they term “data objects”.
* The Society has noted that certain aspects of the law now need reform to ensure that digital assets benefit from consistent legal recognition and protection.
* The British government has just published its new Bill on financial markets, which includes reference to regulating both cryptocurrencies and web3 (including stablecoins).

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