T HE QUESTION of whether most crypto assets are securities, commodities or some other form of asset might sound academic. But the answer will have enormous consequences for the industry as it exists today. The outcome of a series of new lawsuits in America will determine who regulates crypto and whether many of its big players remain at the top of the pile. Securities regulation tends to be more expansive and aggressive, requiring far greater disclosure on the part of the exchanges issuing and selling the assets.
大多数加密资产是证券，商品还是其他某种形式的资产可能听起来很学术的问题。但是答案将对当今的行业产生巨大后果。一系列新诉讼的结果将确定谁在监管加密货币，以及它的许多大型参与者是否仍然处于堆积状态。证券法规往往更加广泛，更具侵略性，要求发行和出售资产的交易所的披露更大。
