When you’re driving and see a stop sign or double lines in the middle of the street, you know what to do. In the same way, our financial markets are governed by commonsense legal rules of the road that enable our families and businesses to enjoy immense economic prosperity. These rules ensure opportunity and a level playing field, and make sure bad actors and unfair practices are identified and stopped.
It’s clear that digital assets, too, need rules of the road. But recent calls for an entirely from-scratch legal framework, another new federal regulator or special licensing arrangements all miss the mark. What we need is a self-regulatory organization for digital assets to promote the highest standards of ethical trading and governance.