Cryptocurrencies are now a $270 billion market, and initial coin offerings (ICOs) raised more than $8 billion in the first five months of 2018. What is the appropriate regulatory framework for this emerging financial technology? In this Capitol Hill briefing, Cato’s Diego Zuluaga and Mercatus’ Brian Knight will address whether and how cryptocurrencies might be determined to be securities, the role of cryptocurrencies in value creation, and the use of ICOs as fundraising vehicles. Zuluaga will outline a regulatory framework for securing innovation while ensuring protection against fraud and crime.