Additionally, there are myriad provisions in U.S. securities laws that are at best opaque and at worst nonsensical, when applied to crypto. This includes disclosures for where and how crypto assets would be allowed to trade, how custody rules would be applied, whether a “transfer agent” would be needed (and how that could possible apply), margin rules, settlement rules, broker-dealer rules, investment company and investment advisor rules and many others.
Unpacking the Complexity of Crypto Assets: Are They Securities or Not?
