Officially, this means the FTC has now created its own internal “Blockchain Working Group.” Though the FTC has been publishing information about cryptocurrencies since 2014 (see this hilariously-titled and well-written informative alert, Back, Back, Back It Up, for example) and brought its first cryptocurrency-related case as early as June 2015, the agency’s decision to form a working group shows a deeper level of commitment by the agency to engaging with players in the crypto space. And, certainly, it shows that blockchain and crypto assets are likely here to stay.
But does the creation of the FTC’s Blockchain Working Group mean *terrified gasp* . . . more regulation? Well, frankly, the amount of regulation doesn’t really matter in this context, so that isn’t even the right question to ask (the “right question to ask” appears at the end of this article). Preoccupation with the number of new laws aimed at regulating this previously unregulated space is futile. The crypto community enjoyed the absence of specific government oversight for years, but that didn’t stop state and federal agencies from bringing enforcement actions based on existing laws. Of course, the existing laws those agencies asked the courts to apply never contemplated the existence or consequences of this new, world-changing technology.