Is Cryptocurrency Its Own Asset Class?

Cato Podcast

Cato Institute

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4.5 • 979 Ratings

🗓️ 3 April 2018

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

The "initial coin offering" has taken on the look and feel of an "initial public offering" for equity investors. Are cryptocurrencies equities or commodities? Are they something different entirely? Diego Zuluaga comments.

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Transcript

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0:00.0	This is the Kator Daily Podcast for Tuesday, April 3rd, 2018.
0:08.0	I'm Caleb Brown.
0:09.0	How does the specter of federal regulation alter the way
0:12.0	cryptocuracies are offered to the public.
0:14.4	What qualities do these currencies share with equities and
0:17.7	commodities and how do they differ?
0:19.8	Diego Zuluaga is a policy analyst at the Cato Institute. We spoke last week about
0:24.3	crypto and regulation.
0:28.1	The thing I've been reading about the last couple of months that seems very hot with respect to cryptocurrency is the idea of the ICO and the initial
0:38.0	coin offering and the way that these ICOs have sort of morphed over time is that they look a lot more like an
0:48.3	IPO where you have a certain class of investor can get in first and then another group can get in and
0:56.1	then the public can get into.
0:59.0	Why has that been the model as you understand it.
1:02.6	Well, I think it's worth before addressing why they have evolved in such a way.
1:08.6	What really is an ICO and why it comes up, right?
1:11.2	When we're talking about cryptocarrences, we tend to be talking about
1:14.6	decentralized networks in which you don't have a central intermediary
1:19.5	that's handling anything, but rather transactions are verified by everyone that's involved in the network.
1:26.0	And the way they are verified is by using some sort of token that is transacted around,
1:31.0	and in the process it confirms that the information that's traveling is all
1:35.1	accurate and everyone is in agreement about it and so what the SEO proposes to
1:40.9	someone buying into it is that they will offer them a token of some sort
	...

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