Regulating Crypto

House Financial Services Committee Chairman Patrick McHenry, R-N.C., said that he has an "open door" for bipartisan rulemaking when it comes to the Republican crypto oversight bill.

If the U.S. and Canada don't develop a coherent framework for regulating the industry, North America risks broader losses to other growing industries, like fintech and artificial intelligence.

Regulators need to recognize the uniqueness and potential of cryptocurrency instead of seeking to fit crypto assets into an outdated regulatory framework.

The days of taking shortcuts around regulation and lax fiscal discipline need to come to an end if the industry is going to reach its full potential.

Financial services regulators should treat cryptocurrency trading for what it is — another form of wagering, some experts say. But banks seeking to provide custody and many other services tied to digital assets would face even tighter restrictions under that approach.