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Comedian John Oliver quipped that cryptocurrency is “everything you don’t understand about money combined with everything you don’t understand about technology.” He missed another area of notorious confusion: the law. The great regulatory bureaucracy has awakened to the significance of blockchain-enabled technology, led by the SEC. The government is certain that cryptocurrency must be regulated, but it is faced with a knotty question: What kind of asset is cryptocurrency? Security? Commodity? Currency? Something else? Meanwhile, technologists and entrepreneurs are creating new applications tha…
