Cryptocurrency Is Ripe for Regulation (Editorial) - Arkansas Business Online

We won’t pretend to fully understand the cryptocurrency market, but the recent collapse of the multibillion-dollar crypto exchange FTX makes the need for some kind of federal regulation clear.
We’re joined in this opinion by Arkansas Sen. John Boozman. Boozman is the top Republican on the Senate Agriculture Committee, which handles issues involving commodity markets. Those markets include cryptocurrency and other digital commodities.
Boozman and Senate Agriculture Committee Chairwoman Debbie Stabenow, D-Mich., have introduced the Digital Commodities Consumer Protection Act. The measure would task the U.S. Commodity Futures Trading Commission with regulating cryptocurrency.
Meanwhile, The Wall Street Journal reported Thursday, the pressure is increasing on the Securities & Exchange Commission “to step up enforcement of key hubs of the crypto industry after the collapse of FTX last month.”
“The SEC has said many cryptocurrencies qualify as securities that should have been sold under rules for stocks and bonds,” the WSJ said.
The question of what agency should regulate cryptocurrency appears to depend on whether it’s defined as a commodity, a currency or a security. Arguments can be made for all of these definitions.
However it’s defined, Americans are — wisely or not — investing in it. Although government regulation neither can nor should protect people from all their foolish decisions, investment in cryptocurrency has now reached a level that requires government oversight.
Enthusiasts envisioned cryptocurrency as a fairer, less corrupt means of exchange, but human greed and dishonesty remain remarkably immune to ideology.
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