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Transcript

James B. Finkl Endowed Professor and Associate Professor of Finance Ben Van Vliet: In the past, we haven't had really any regulations, that have directly spoken to the cryptocurrency or digital asset industry. And so, what the government was trying to do was sort of shoehorn the industry into existing laws that were designed for fiat currencies and traditional financial infrastructure. So when it comes to designing new regulations, there's sort of two sides to the coin here. One is that there needs to be new regulation designed specifically for this new asset class. And the fact that there is going to be new regulation is already providing some clarity that the government is no longer going to assess the activities of this new industry relative to old traditional laws that are designed for other industries. So that in and of itself is a good thing. The second part is, well, are these new regulations for this new industry going to be good regulations or bad regulations, and we're not really to that point yet. But with the laws that are being passed—in this case the CLARITY Act—it is simply saying that the government is now going to design new regulations specifically for this new industry. And that is giving the industry much more confidence going forward that they won't be judged, their activities won't be judged relative to these other old laws, regulations designed for traditional financial industry.