In the last decade, Bitcoin and countless other open-source, decentralised protocols inspired by Bitcoin (for example, Ethereum and Monero) have come to represent a $300 billion-plus market of alternative assets, commonly referred to as “digital assets”, which are typically traded over the internet using online exchange platforms.

This chapter outlines the current U.S. regulatory framework applicable to cryptocurrency and other digital asset investment funds (“digital asset funds”) offered to U.S. investors and how those regulatory considerations affect fund structuring decisions.

 

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