a column by Raphael Auer and Stijn Claessens for VOX: CEPR’s Policy Portal
Cryptocurrencies are often thought to operate out of the reach of national regulation.
This column argues that in fact their valuations, transaction volumes, and user bases react substantially to news about regulatory actions. Because they rely on regulated financial institutions to operate and markets are (still) segmented across jurisdictions, cryptocurrencies are within the reach of national regulation.
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