Cato Piece on Cryptocurrencies Sees them as Commodities

An evenhanded Cato piece on whether cryptocurrencies should be regulated as securities comes to the conclusion that they do not meet the criteria and are in fact commodities. With $7.1 bln of new ICOs in the first 4 months of 2018 and $292.9 bln already in circulation, the phenomenon may already be too big for the fiat money folk to stop.