Crypto’s care free days are over

For crypto enthusiasts, a big part of the appeal of Bitcoin, Ethereum and the like is that they exist outside of the government’s clutches.

Cryptocurrencies, tokens and other crypto assets aren’t like ordinary money - they hold value and can be traded without regard for central banks and mountains of paperwork.

At least, that was the idea. Now, the reality has become more complicated. Government regulators around the world are becoming increasingly interested in subjecting these financial assets to similar rules as traditional banks.

In September, Gary Gensler, head of the American Securities and Exchange Commission (SEC), which regulates the financial industry, told Congress that crypto investors lack the “basic bargain” of the government protecting them against