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This paper is a chapter of a forthcoming monograph, Regulating the Crypto-economy, to be published by Hart Publishing in the latter half of 2021. The book looks at novel economic activity on permissionless blockchains, many of which taking place on the Ethereum blockchain, as having potential for economic mobilisation and development. The book argues that a holistic enterprise-based agenda is needed so that regulatory capitalism can provide appropriate institutional support for the productive crypto-economy. However, in its self-governing state, much of crypto-economy activity has become heavily financialised. Such financialisation to an extent supports the self-governing nature of the crypto-economy but also brings about certain hazards. This chapter provides discussion on the policy issues that should be considered in relation to novel developments in crypto-finance and decentralised finance, and provides a blueprint for financial regulators. It is however nested within a broader framework advocating enterprise regulation to take the lead, so that siloed emphases on financial regulation would not crowd out the policy agenda and development in the crypto-economy. The chapter does not deal with initial coin offerings, which are explored in other chapters of the book. In this manner this is a sneak preview of working material primarily focused on the development of stablecoins and decentralised finance.

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