Id like to provocate a discussion:
What exatcly are crypto currencies?
Regulators are having trouble classifying cryptos because they are so new and different that they simply CANT be grouped in any traditional asset class.
The reason for that is because you cant just designate all cryptocurrencies in ONE classification.
That would be like saying a car is the same as a plane or that Bitcoin is the same as Ethereum.
They might both be crypto currencies but they do different things.
This is also why we cant properly tax cryptos. NO ONE KNOWS what they are! Seriously. I tried to fill out my taxes and there was no section for Crypto currencies in my country. I had to call my provincial taxation centre and no one had even heared of cryptos! I gave the supervisor a 5 minute crash course on blockchain and at the end of the conversation he sent me his personal email so that I could send him my coinbase referral link. LOL.
My question to the steemit community today is
What do you think will happen, will regulators make a new asset class for cryptos? Will they divide them up and classify them seperately? Or might they do something unexpected?
The only thing I know for sure is that government and regulators are always behind the curve when it comes to disruptive technologies and it usually results in trial and error.
It took them 10 years to regulate the Internet and Blockchain wont be any different.
