There are many technicalities coming up in the challenge of crypto's legitimacy and freedom to operate. A big part of that is the admittance of the power crypto holds as well as the reluctance of regulators to confer it with the obvious financial status even when the evidence is glaring. For many regulators, it isn't a question of what it does but what it should be allowed to do, and this has been the basis for more than a few lawsuits over the years. No matter how much we try to look though,crypto's number one use case will likely be as a financial asset.

We've already defined and distinguished crypto from assets like Gold in the past so it probably isn't necessary to revisit. Trying to change that definition just for being legally correct probably will not change much. Crypto can both be traded, serve as an asset of value and used as a medium of exchange, serve as a unit of account and so far is proving its durability. It supersedes fiat money with the intrinsic value that it possesses on its own and has of course made certain regulators jittery and more resolute in building their digital economies.

Regulators might be concerned about cryptos ability to replace local currencies. No monetary system will willingly give up its power so the push back was expected. Yet trying to take away or downplay the financial aspect of crypto due to whatever reason is simply bad advice. As long as we continue to develop the space, the biggest potential still lies in finance. It is more than likely that the biggest innovations that come out of this space in a couple of decades will be finance related, and perhaps some might be so good and so well tested that it becomes difficult to fight.

The innovations might be already here even. Take a chain like Hive for instance and all that the Hive token can offer as an asset. Many people in some of the more unstable economies like Venezuela for instance might be more comfortable holding Hive assets than their own country's currency. Not to mention it is an easily transferable asset and can be used for the payment of goods and services anywhere in the World with very little cost involved. . Is this worrying or innovative? I mean what could really be terrible about people being opened up to a global financial market that was once shut to them.

Conclusion

Crypto remains the easiest way to enter the global financial market as it stands. More innovations are only going to make the space a lot more appealing to users round the World.