Programming note: Money Stuff will be off tomorrow, back on Monday.
I have to say I have no idea how cryptocurrency investments are regulated under U.S. securities law right now. Back in the late 2010s, there was a wave of crypto projects that were called “initial coin offerings,” and the U.S. Securities and Exchange Commission fairly quickly came to the conclusion that those were all illegal securities offerings, and the wave came to an end. This was controversial, and I am not sure it was entirely correct, and I occasionally wrote columns that were sympathetic to some of these ICOs. And of course there were a ton of ICOs and so a lot of them fell through the enforcement cracks. But surely most ICOs were illegal securities offerings, and there was a rough intellectual consistency to the whole thing. The SEC thought ICOs were bad, and it killed them.