Ben McKenzie

And that's created a lot of the problems.

I know this is very like dorky, but it's really important.

We're the only country in the world that separates our commodities regulation from our securities regulation.

Every other country in the world, they put these things together because why wouldn't you?

If crypto was classified as securities, they would have to follow securities laws and securities

These laws are predicated on disclosure.

You have to know who you're giving your money to and what they're doing with that money.

And the crypto industry really doesn't want that, right?

And so I think the temptation is to say to outlaw it, right?

But I just don't think that's going to work.

I'll just be honest.

I just think it's a global system at this point.

And outlawing it is just going to continue to push it

into the dark corners.

So I think it's securities law.

Stablecoins are different.

Stablecoins, I think, are extremely dangerous because stablecoins are cryptos that are pegged one to one with a real currency like the US dollar.

So it's sort of a black market dollar.

But of course, it's not backed by the full faith and credit of the United States.

It's a privately issued form of money.