Abstract
The United States (US) and European Union (EU) have opted to extend the regulatory perimeter to incorporate crypto-related activities. This risks the integrity and stability of the financial system. Defining features of the crypto world are fraud, theft and facilitating criminal activity; so far at least, it does little to support the real (legal) economy. The risk is that by conferring legitimacy on crypto, regulation will increase the demand for crypto assets, entrench a highly volatile asset in traditional financial institutions, undermine market discipline, and increase financial instability.
| Original language | English |
|---|---|
| Journal | Economists' Voice |
| Early online date | 6 May 2026 |
| DOIs | |
| Publication status | E-pub ahead of print - 6 May 2026 |
UN SDGs
This output contributes to the following UN Sustainable Development Goals (SDGs)
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SDG 16 Peace, Justice and Strong Institutions
Keywords
- crypto currency
- regulatory perimeter
- criminal activity
- financial instability
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