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The Regulatory Web of Crypto

Money Reimagined

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Is Any Crypto Entity a Bank or Not a Bank?

The largest banks are subject to all of this reglatory authority, but it's activity based. Many different types of entities engage in similar activities, but are regulated differently for those activities. Money market funds can look a little bit like very boring banks, but we don't regulate them as deposit taking institutions either. It's a matter of past dependency and history and economic purpose of those entities. And so i think you have seen in the past couple of years, some crypto institutions actually seeking to be regulated as banks. But just haven't gotten there yet.

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