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Why US regulation is failing the cryptocurrency test

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The US is a funny country. We have so many financial regulators that we sometimes wind up without proper financial regulation. Cryptocurrencies represent the latest example.

The trade in bitcoin and its brethren has grown too big to be ignored — and yet that is what has happened. No official public data exist on prices, volume or volatility. No single authority regulates crypto exchanges. No one can be certain investors are being properly protected.

Even folks in the libertarian crypto world are wondering when the federal government will step in. Mike Novogratz, a fund manager who has helped lead the charge into the asset class, told CNBC there would be “relief” in the market once rules of the road were set and suggested Congress give the job to Gary Gensler, head of the Securities and Exchange Commission.

“When Gary finally addresses it, it will be good,” Novogratz said of his fellow Goldman Sachs alumnus. “He would love to…

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