Abstract

Abstract There is substantial cross-national variation in the level of regulatory clarity surrounding cryptocurrencies. What explains these differences? And, more broadly, what drives the divergent historical development of market regulation in different jurisdictions? To answer these questions, we present a new conceptual framework centered on the concept of market legibility. This term, inspired by the sociological literature, refers to the extent to which markets are made legible to the state through standardization. We contend that state supply of, and market demand for, legibility drives the primary political-economic dynamics of market regulation. Specifically, these factors combine to produce ideal type states of legibility that correspond to both distinct stages of market development and the relative level of regulatory clarity in any one jurisdiction. This framework is utilized to conduct a comparative historical analysis of cryptocurrency regulation in the EU, US, UK, and Japan. By performing these tasks, this article corrects the common assumption that states are constantly striving to impose their authority on unwilling markets. It demonstrates instead that state and private actor preferences to make markets legible vary, conditioning, in turn, the political economy of regulatory governance.

Full Text
Paper version not known

Talk to us

Join us for a 30 min session where you can share your feedback and ask us any queries you have

Schedule a call

Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.