Are cryptocurrencies securities or do we need new legislative frameworks? A fun analogy.

It's the 1920s, you're starting to see these fancy new self-propelled horseless carriages or "cars" pop up everywhere. They look really cool but they're also quite dangerous. This is what the kerfuffle is about in the congress at the moment. Everyone knows that we need to protect people from the maniacs on the road. But astute observers also realise that we also need to protect the innovation and economic advantage these new-fangled machines provide.

Lawmakers are split on what to do. Representative Emmer thinks we need new laws. "Rules of the road" for all to comply with. Rules which all road users must follow specifically designed to create order out of the chaos on the road while still allowing for fast, efficient travel. But senator Warren disagrees. She thinks these new machines should be treated like horses under the ancient 1839 "Horse and Carriage act". She doesn't care that horses are slow, living creatures which need to eat, sleep and poop while cars are fast, furious and can run all day. She insists that these roads were built for horses and that makes anything on those roads a horse, dammit!

Don't be like senator Warren.