Crypto Loves the Wild West Until It Needs a Sheriff

Welcome to Bloomberg Crypto, our twice-weekly look at Bitcoin, blockchain and more. If someone forwarded this to you, sign up here. In today’s edition, Emily Nicolle explores crypto’s legal no-man’s land:

Blockchain has no overlord, a freedom made possible by relying instead on a network of multiple parties to act as decision-makers. But when it all goes wrong, a central authority is exactly what many of its proponents want.