“The Securities and Exchange Commission, the multibillion dollar agency that safeguards investors, presently stands on the precipice of the layer Dante reserved for the indecisive. For, nearly a decade after Bitcoin burst onto the scene in 2010, there has been no concrete attempt at delineating purchaser from investor in the cryptocurrency market—indeed, it appears the agency is content to provide guidance regarding fraud and custody rather than defining products and attendant responsibilities for those soliciting funds for digital conversion.

“In the 14th century, Dante Alighieri forever shaped our vision of a retributive afterlife with his Divine Comedy. Tellingly, the first “level of hell” introduced therein was populated by those who could not decide (‘those who lived without occasion for infamy or praise’); to the celebrated Renaissance poet, those habiting the sidelines of history could hope for limbo, at best, in the final judgment.” […]    –J. Scott Colesanti, New York Law Journal, July 31, 2019