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2) Some of the main goals that crypto regulation needs to serve are:
a) Customer and investor protection
b) Market integrity
c) Preventing financial crimes
d) Systemic safety
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3) Areas for regulation:
a) Stablecoins: creating a registration/transparency/audit regime on assets
b) Token issuances: a paradigm for digital assets with security-like properties
c) Markets: unified frameworks and cross margin for spot/derivatives
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4) We think that a registration and transparency regime for stablecoins would address most of the worries while keeping their utility.
Stablecoins are one of the most promising parts of crypto: for payments, settlement, etc.
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5) Such a regime could:
a) mitigate reserve volatility risk by regulating which assets can back a stablecoin and potential risk haircuts on them, and mandating transparency and audits
b) ensure customers can cash out
c) blacklist address associated with financial crimes
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