Crypto Advocates Should Be Begging for Regulation: Bill Dudley

Digital finance is booming, with the value of cryptocurrencies outstanding reaching more than $2 trillion from almost nothing a decade ago – almost entirely without regulatory oversight to protect investors and the broader financial system. This is not likely to end well, unless officials intervene in a thoughtful way.

So what should they do? One option is to avert disaster by clamping down. But there’s still an opening for a more balanced approach that doesn’t inhibit useful innovation — as long as regulators act soon.

For all its drawbacks, the blockchain technology underlying digital finance has several attractive potential uses. ...