Monetary authorities around the world are seeking to rein in fast-growing cryptocurrencies in order to safeguard both the public and the global financial system. But some fear that regulations aimed at bolstering confidence will stifle innovation and efforts to increase financial inclusion. In this Big Picture, Yale University’s Aleh Tsyvinski argues that, far from spelling disaster for cryptocurrencies, regulation is vital to their long-term prospects of becoming a credible asset class. In that spirit, Ashley Alder of the International Organization of Securities Commissions and Jon Cunliffe, a deputy governor of the ... (full story)