The future of cryptocurrencies might be found in the history of chinchillas.
More than 80 years ago, just a few years after the passage of foundational U.S. securities laws, a company selling hundreds of the furry animals registered its offering with the Securities and Exchange Commission. Today, debates about what constitutes a security are continuing, most notably when it comes to cryptocurrencies, and now so-called stablecoins. These might not be contracts for creatures, but SEC Chair Gary Gensler has variously compared them to poker chips or bank deposits—analogies that might prove far more consequential.
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