“The late 20th Century digitization of information through the Internet took place in a regulatory ‘light’ zone due to the US Constitution’s protection of speech from Federal government interference. Conversely, the early 21st Century digitization of value is taking place in regulatory ‘heavy’ zone because of the long-established authority of US state and federal governments to protect property rights, including those of consumers of financial services (banks, trust companies and other financial service providers have been subject to both state and Federal regulation for decades). As a result, the practices that guided the digitization of information (i.e., ‘Don’t ask permission, ask forgiveness’) when used for the digitization of property rights are particularly provocative to the established legal and regulatory order, as we have seen with initial coin offerings.”

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