Insights
Brief explainers
A collection of brief notes on the vocabulary and structures of digital money. Each entry can be read on its own. Check the official source named in each note, since definitions and rules are updated over time.
When a token sale can become an investment contract
The test regulators use to decide whether a token sale counts as an investment contract, the reasoning behind each part, and why the answer depends on facts rather than on a label.
Three stablecoin designs and how each holds value
How reserve-backed, crypto-backed and algorithmic stablecoins each try to keep a steady value, what stands behind them, and where each design is weakest.
CIRO: the self-regulatory body for dealers
What CIRO is, how it differs from the securities regulators that set the rules, why its name comes up around crypto platforms, and where the wording needs a date check.