US Law Professor: Confusing Cryptocurrency Regulations Will Hamper Innovation

Regulation

Carol Goforth is a professor at the University of Arkansas School of Law. She recently published a paper about the consequences of having cryptocurrency regulations fall under a number of conflicting laws, defined by various U.S. authorities, all at the same time.

Also Read: IRS to Face Record Number of Crypto-Related Loss Claims

Confusing, Prohibitive and Expensive Regulations

Crypto assets are currently regulated in the U.S. as property by the Internal Revenue Service (IRS), as money by the Department of Treasury’s Financial Crimes Enforcement Network (Fincen), as commodities by the Commodity Futures Trading Commission (CFTC), and as securities by the Securities and Exchange Commission (SEC). Additionally, every single state has its own set of…