Laws regarding blockchain and cryptocurrencies are far behind the times due to the latter's newness. However, some laws are being written to try to catch up.
The development will not be easy due to the international scope of blockchain and cryptocurrencies. The privacy of cryptocurrencies has made them attractive to criminal activity, but the above article has little to say about that. However, most of the rapid growth of cryptocurrencies has not been due to criminals. The use of cryptocurrency as money and for investing has also gotten the attention of monetary authorities such as the U.S. Federal Reserve System.
A Fed[eral Reserve] president predicts the Bitcoin boom won’t last. Really? There is little risk of that prediction being wrong. There is far more risk of being wrong by predicting a big bust will be very soon.
"While calling the Fed justified for trying to boost the pandemic-afflicted economy by encouraging investors to put their funds in job-creating activities instead of parking it in banks or government bonds, the lack of investment opportunities has driven many to chase yield via 'speculative vehicles - bitcoin very much included', the newspaper said." (WaPo).
Heh. The Fed people want control. The Fed people or the WaPo editors -- maybe not intended -- call investing in government bonds, which supports more government spending, a non-job-creating activity!😉 It is surely the opposite of what they so often say.