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25 Eur. J.L. Reform 27 (2023)
The Regulation of Cryptocurrencies in the United States of America

handle is hein.journals/ejlr25 and id is 29 raw text is: The Regulation of Cryptocurrencies in the United States of America* Frank Emmert** Many experiments with any new technology will fail, but failures can help point the way to future successes, so broad room for experimentation - with appropriate protective measures to reduce and mitigate harm - is paramount. Experimentation can teach both regulators and market participants important lessons. Hester Peirce, Commissioner of the Securities and Exchange Commission (SEC)1 A. Introduction Whenever a new technology emerges and provides new opportunities for business and potentially new and different solutions for real-world problems, developers of the technology, developers of its business applications, and investors supporting the developers are looking for guidance from regulators. Ideally, the guidance will be more than a snapshot of what is currently allowed and will also include reliable information on what will be allowed and on what conditions in the foreseeable future. This is all the more important if the development of marketable applications using the new technology is time-consuming and expensive and if the technology is not just providing incremental improvements to existing solutions and business models but seems to be promising revolutionary changes that may well upend entire industries and make at least some of the existing solutions and business models - and therefore some of the existing businesses - obsolete. Examples, where such regulatory guidance is needed, include the conflict between privacy and data protection on the one side and the highly personalized marketing of goods and services based on the mining of huge data pools accumulated by companies like Meta (Facebook) or Alphabet (Google) on the other. * I have been advising companies in the Blockchain space since 2017, and I am teaching, among other subjects, Blockchain and Digital Currency Law at Indiana University. I would like to thank my assistants , Can Okandan, Adam Kashin, and Rick Tapia, for the background research going into this report. I am indebted to Caitlin Long, a 22-year Wall Street veteran with more than ten years of experience in Blockchain and, most recently, founder and CEO of Custodia Bank in Wyoming, Professor Frank Sullivan, member of the ULC Joint Study Committee on the Uniform Commercial Code and Emerging Technologies, and Andrew Bull, founding partner of Bull Blockchain Law in Philadelphia, for commenting on earlier drafts. Any remaining errors or omissions are mine alone. For comments or questions, please e-mail femmert@iu.edu. ** Prof. Dr. Frank Emmert, LL.M., FCIArb, Indiana University Robert H. McKinney School of Law. 1 SEC Commissioner Hester Peirce, Paper, Plastic, Peer-to-Peer, Remarks at the British Blockchain Association's Conference 'Success Through Synergy: Next Generation Leadership for Extraordinary Times', 15 March 2021, https://www.sec.gov/news/speech/peirce-paper-plastic-peer-to-peer-031521. European Journal of Law Reform 2023 (25) 1-2 doi: 10.5553/EJLR/138723702023025001002 27

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