Should Centralized Exchange Regulations Apply to Cryptocurrency Protocols?

Current debate surrounding the regulation of emerging decentralized exchanges takes for granted that policy regulating traditional centralized exchanges is the correct jumping off point. In reality, centralized exchanges are not the right analog at all. Cryptocurrency protocols are in fact much more akin to message boards or internet media platforms than they are to stock exchanges. This fundamental misunderstanding of blockchain technology and decentralized exchanges impacts our ability to properly regulate these emerging markets efficiently to achieve the goals of financial regulators