The problem is that, so far, U.S. regulators have refused to provide clear, sensible regulations for crypto that would protect consumers. All of this helps explain why more heavy-handed regulation would just make the problem of crypto companies and crypto users going overseas worse. Instead, we need smarter regulation that protects consumers and makes the U.S. a more attractive place for crypto companies to operate. Despite the prevailing notion that crypto companies don't want to be regulated, many — if not most — companies have been working with policymakers for years. Until then, however, regulators need to establish clear rules that bring crypto back on-shore, encourage innovation, and protect consumers.

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