How do you regulate an asset with no jurisdiction, no clear owner, and no one to hold accountable? Lyndon Nelson examines the "where, who and whom" problem at the heart of cryptoasset regulation — why bans and "wait and see" have both failed, why decentralised finance defeats the usual tools, and why fragmentation points to a golden age of regulatory arbitrage.
https://www.abettermousetrap.blog/s/Crypto-through-the-tulips.pdf