America’s financial markets are remarkably successful. The US has less than 5% of the world’s population, yet more than half of global investment capital is generated in American markets. The US dollar has long been the reserve currency. With all of this, one would think that regulating crypto wouldn’t be difficult.
However, almost nobody is satisfied with the current state of regulation. Efforts by regulators, legislators and market participants meet with mutual resistance. Consensus remains elusive – and will remain so until the rationale for the regulatory challenge is understood.
https://www.wsj.com/articles/the-peculiar-challenges-of-regulating-crypto-bitcoin-retail-uber-strategy-decentralization-disclosure-fraud-stablecoin-private-market-11661441819 The Peculiar Challenges of Crypto Regulation