In the wake of FTX’s collapse and the loss of billions of dollars in customer deposits, it is urgent to build consensus now on how to regulate cryptocurrencies. With Congressional hearings scheduled for next week, open questions remain about how commodity-like digital assets should be regulated while simultaneously encouraging and enabling responsible financial innovation. Regulatory approaches should ensure the fundamental principles of self-custody where people hold their own digital assets outside of exchanges and take into consideration the role of smart contracts and decentralized autonomous organizations that cannot be regulated in the same way as traditional companies. Let’s
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