Johnstone Syren. Rethinking the Regulation of Cryptoassets: Cryptographic Consensus Technology and the New Prospect

Edward Elgar, 2021. — 325 p.This thought-provoking book challenges the way we think about the regulation of crypto assets based on cryptographic consensus technology. Bringing a timely new perspective, Syren Johnstone critiques the application of a financial regulation narrative to crypto assets, questions the assumptions on which it is based, and considers its impact on industry development. Providing new insights into the dynamics of oversight regulation, Johnstone argues that the financial narrative stifles the 'New Prospect' for the formation of novel commercial relationships and institutional arrangements. The book asks whether regulations developed in the 20th century remain appropriate to apply to a technology emerging in the 21st, suggesting it is time to think about how to regulate ecosystem development. Johnstone concludes with reform proposals, positing a new framework that facilitates industry aspirations while remaining sustainable and compatible with regulatory objectives. Rethinking the Regulation of Cryptoassets will be an invaluable read for policymakers, regulators, and technologists looking for a deeper understanding of the issues surrounding crypto asset regulation and possible alternative approaches. It will also be of interest to scholars and students researching the intersection of law, technology, regulation, and finance.