The battle over blockchain technology and digital assets bears a striking resemblance to the debate over the potential of the internet in the mid-1990s. Where critics see a passing fad with little actual utility or a lawless industry rife with fraud, many others believe a financial system supported by blockchain technology and digital assets, including virtual currencies such as Bitcoin, has significant potential has the potential to democratize and transform the very nature of the financial services industry and change how consumers, businesses and even governments interact with the financial system. Innovation in the financial services sector sparked by blockchain and digital assets, however, have caused U.S. federal and state regulators to devote more resources to better understanding this technology and the potential impact a digitized financial system could have on consumer protection, the “traditional” finance industry, and the overall safety and soundness of the financial system.  As a result, regulators are taking steps to develop the tools and regulatory infrastructure to better ensure that innovation is being done responsibly.

By Richard B. Levin, Kevin Tran, Craig Nazzaro & Brian Russ[1]


“We are young, heartache to heartache we stand, no promises, no demands, love is a battlefield.” (Benatar, P. 1983)

While many academics, lawmakers, regulators, bankers, technologists, and entrepreneurs profess to love blockchain technology, at time


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