This paper is a chapter of a forthcoming monograph, Regulating the Cryptoeconomy,to be published by Hart Publishing in the latter half of 2021. The book looksat novel economic activity on permissionless blockchains, many of which takingplace on the Ethereum blockchain, as having potential for economic mobilisationand development. The book argues that a holistic enterprise-based agenda isneeded so that regulatory capitalism can provide appropriate institutional supportfor the productive crypto-economy. However, in its self-governing state, much ofcrypto-economy activity has become heavily financialised. Such financialisationto an extent supports the self-governing nature of the crypto-economy but alsobrings about certain hazards. This chapter provides discussion on the policy issuesthat should be considered in relation to novel developments in crypto-financeand decentralised finance, and provides a blueprint for financial regulators. It ishowever nested within a broader framework advocating enterprise regulation totake the lead, so that siloed emphases on financial regulation would not crowd outthe policy agenda and development in the crypto-economy. The chapter does not

deal with initial coin offerings, which are explored in other chapters of the book. Inthis manner this is a sneak preview of working material primarily focused on thedevelopment of stablecoins and decentralised finance.