Les cryptos : la bienveillance coupable des régulateurs

The ?crypto? sector has promoted itself as an alternative to the flaws of our banking, financial, and monetary system. However, over 14 years after the creation of Bitcoin, we have to recognize that cryptos have created more problems than they have solved. A lack of regulation and, worse, accommodating regulation have led to a situation in which fraud, money laundering, and bankruptcies are growing along with the crypto market. This is a result of political choices. Some policymakers have preferred a framework favoring the development of the crypto sector over the protection of consumers. This is what we call regulation washing ? the regulations exist but they do not protect. For instance, the French double standard (registration and accreditation), which was created by the PACTE law, has proven to be at best counterproductive and at worst dangerous. At the European level, although the MiCA regulation is a step in the right direction, it nevertheless validates the creation of specific crypto legislation. To genuinely regulate the crypto market, give the necessary powers to supervisors, and improve consumer protection, an end must be put to the French double standard and to the approach that leads to specific legislation. Classification JEL: G28, K22, O38.