Cryptic Regulation of Crypto-Tokens

20 Pages Posted: 18 Jun 2023

See all articles by Joshua S. Gans

Joshua S. Gans

University of Toronto - Rotman School of Management; NBER

Date Written: June 8, 2023


This paper investigates the alignment of existing securities regulations with the emerging landscape of crypto-tokens and blockchain technology. By examining the features of these digital assets, including decentralization, consensus mechanisms, and programmability, we analyze how they interact with existing financial rules. We compare approaches to regulation across countries, considering potential impacts on innovation. Furthermore, we explore the issues that may arise with blockchain networks, such as payment efficiency and market safety. The study aims to contribute to discussions about balancing innovation within the blockchain sphere and ensuring investor protection and market security, underlining areas that may necessitate regulatory improvements.

Keywords: crypto-token, regulation, securities, stablecoins, regulatory uncertainty

JEL Classification: K22, O38

Suggested Citation

Gans, Joshua S., Cryptic Regulation of Crypto-Tokens (June 8, 2023). Available at SSRN: or

Joshua S. Gans (Contact Author)

University of Toronto - Rotman School of Management ( email )



NBER ( email )

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

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