Crypto isn’t a single thing—it’s a stack of different financial functions built on the same underlying technology. In this talk, Professor Seth Oranburg breaks down what so-called “crypto” assets actually do—raise capital, act like money, enable access, or support governance—and explains why each function demands a different legal response. Rather than treating all tokens alike, Oranburg argues that regulation should follow economic function, not technological form. With wit and clarity, this talk offers a field guide for lawyers, regulators, and scholars trying to navigate the shifting categories of digital finance.

Read my working paper here: https://dx.doi.org/10.2139/ssrn.5254743