J.S. Nelson, Associate Professor of Law (Business Ethics), Villanova Law School; Dept. of Management & Operations (by courtesy), Villanova School of Business
What are cryptocurrencies: securities, commodities, or something else? Maybe they are a new form of established currency—a non-sovereign fiat currency. Like other self-governing bodies, the communities that issue cryptocurrencies should be judged on how well they support their currencies. This analysis is not meaningfully different from how we have evaluated traditional sovereign issuers of currency….