Should cryptocurrencies be regulated and what are the possible candidates for legal characterization in the US? Here, we explore the four potential candidates for regulatory categories and the approach taken by US regulators to all four of them

According to the unknown person or persons who “invented” them, cryptocurrencies are “[a]n electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need of a trusted third party.”

This definition sheds very little light on whether they should be regulated and how they should be characterized for purposes of regulation.