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Why cryptocurrency is money without a purpose

It isn’t a financial service and shouldn’t be regulated as one. Laws on gambling are more relevant for keeping the crypto sector in check

By

Todd H Baker

'Crypto trading should be regulated for what it is — a form of gambling that emulates finance — and not what its advocates tell you it is'
'Crypto trading should be regulated for what it is — a form of gambling that emulates finance — and not what its advocates tell you it is' Photo: Getty Images

Todd H Baker is a senior fellow at Columbia University’s Richman Center for Business, Law and Public Policy

Before FTX crashed, crypto lobbyists and many politicians were complaining loudly that crypto trading was being unfairly denied full participation in banking and finance by overly cautious regulators. We should thank our lucky stars that somebody showed good sense.

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