Classifying crypto as a "commodity" rather than a currency or a security was the fundamental mistake. Correct that mistake and really no further regulation is

Classifying crypto as a "commodity" rather than a currency or a security was the fundamental mistake. Correct that mistake and really no further regulation is required. If you want to take deposits and make loans, you must be licensed as a bank. If you want to execute trades and make markets for securities, you must be licensed as a broker-dealer. If you want to manage funds for customers, you must be licensed as an investment company. Existing banking and securities regulations cover all of this.