No clear signals being offered for cryptocurrency rules

While it’s clear that investments in cryptocurrencies have exploded — to a market cap of $269 billion from $97 billion in early July 2017, according to CoinMarketCap.com — it’s less clear how they should be regulated and what’s in store for institutional investors.

According to the 2018 Cryptocurrency Survey released by law firm Foley & Lardner LLP, a majority of respondents want greater regulatory certainty for the world of cryptocurrencies and initial coin offerings, which give investors the opportunity to exchange conventional currency or cryptocurrency in return for a digital asset labeled as a coin or token. The June survey, which garnered responses from more than 60 financial professionals, showed 84% wanted ICOs to be regulated by the federal government, states or both. Moreover, 68% wanted regulation for ongoing purchases and sales of…