In the week following the meltdown of the UST token, subsequent to its inability to protect its $1.00 peg, much commentary has been offered in connection with the meaning of that fiasco. Prominent within that commentary are loud and strident calls for more regulation, not only of stablecoins in general but across the entire digital asset industry. But the factual basis for extensive and compulsory industry-wide regulation is not supported by the events leading up to and underpinning the UST failure, and the most effective and fast-acting remedies will be voluntary adoption of new risk tools and disclosure standards by the industry.

President Biden issued the Executive Order on Ensuring Responsible Development of Digital Assets (the "Order"). 

The verdict is remarkable for its break with the Securities and Exchange Commission’s position that Hashlets are investment contracts in the action it brought against Mr. Garza in 2015. This difference is demonstrative of the uncertainty which currently characterizes much of the regulatory landscape facing individuals and entities operating in the cryptocurrency space.