Framework for Securities Regulation of Cryptocurrencies

The case for treating some cryptocurrencies as securities—and some not.

Coincenter: This report, originally published in 2016 and updated in 2018, presents a framework for securities regulation of cryptocurrencies— e.g. Bitcoin and derivative projects or “alt-coins.”

Part I of the report gives securities regulators, and anyone else interested, an overview of the large and ever-expanding landscape of cryptocurrencies and derivative innovations (e.g. decentralized computing systems and tokens). Part II breaks down the salient variables that could make a token look more or less like a security and the relevant risks to investors, and Part III offers policy goals that a regulator in the space may wish to pursue.

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