As banks get involved with the blockchain, the federal government needs to set clear rules.
By Thomas P. Vartanian
The Wall Street Journal
The Trump administration recently approved the requests of five companies to establish national trust banks that can offer fiduciary services related to cryptocurrencies and digital assets. This was among actions taken by federal regulators last year permitting traditional and nontraditional financial institutions to engage in cryptocurrency activities.
Cryptocurrencies and blockchain products have brought efficiencies and advances to payments systems, but it would be a mistake to tout such benefits while glossing over crypto’s dark side. Criminals rely on cryptocurrencies to facilitate money laundering and other online crimes. While it is preferable for crypto to be under rather than outside the regulatory umbrella, until the industry is comprehensively regulated, new and dangerous risks will continue entering the financial system...