Why Regulating Cryptocurrency Is Crucial—and Hard to Do
The cryptocurrency industry has been marked by volatility, bankruptcies, and scandals, and after the recent implosion of crypto exchange FTX, many are calling for long-overdue regulation.
Regulators face challenges writing laws for the industry, though, as no one can agree on some fundamental aspects of it: Is crypto a currency, a commodity, or a security? And how do you regulate a decentralized global industry where no one is in charge?
Countries have had differing responses to its challenges: China and India outlawed crypto entirely, while El Salvador adopted Bitcoin as legal tender. Most lie between those extremes, but without international cooperation, regulation will continue to struggle.
