- US crypto investors remain at risk due to inadequate regulatory framework for crypto.
- SEC's regulations make it impossible for crypto exchanges to register as securities exchanges.
- Only registered securities can be traded on registered securities exchanges, which is not feasible for most digital assets.
- SEC's failure to create a registration regime for crypto exchanges has led to proposals for legislation.
- SEC's responsibility is to establish investor protections, which it has failed to do so far.
Investors at risk in absence of adequate US crypto regulatory regime
SEC rulebook makes it difficult to register as a securities exchange
Hal Scott
