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Bitcoin hits record high as Trump vows to end crypto crackdown
(arstechnica.com)
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this post was submitted on 13 Nov 2024
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There wasn't a need to "define a new regulatory framework that actually fits" because, funnily enough, the existing regulatory framework already fits. It turns out, inventing new words doesn't actually change the fundamental nature of the thing you're describing. Refusing to call something an "investment" doesn't change the fact that you're selling an investment, refusing to call something a "security" doesn't prevent it from being a security if it meets the definition.
wouldn't a security/investment require a fundamental book value?
No
And just to be absolutely clear, many cryptocurrencies do not qualify as investments, and the government agrees. However there are numerous other regulations that the crypto industry apparently cannot handle, such as "Know Your Client" laws, which all financial institutions have to abide by, and which exist to prevent money laundering (Binance's internal emails revealed that they knew perfectly well that their clients were using their service to facilitate crime, and they were perfectly happy with that).
These are not bad faith regulations. They exist for good reasons, and there is absolute no good reason why the crypto industry shouldn't also be subject to them. If these are currencies they should be regulated like currencies. If they are investments they should be regulated like investments.