Crypto - A security or something else?

Crypto is at a crossroads. As exchanges and currencies blow up, the US Securities and Exchange Commission is ready to step in. 

The SEC is on the verge of regulating crypto. But first, America has to decide, again, what a security really is.

Is crypto a security, like a stock? Or a tradable item of speculation, like a Beanie Baby? 

Robert Armstrong and Ethan Wu argue about the benefits and risks of regulating crypto.

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