Investor Reactions to Crypto Token Regulation
研究发现，投资者平均对增加证券和透明度监管可能性的新闻反应负面，但代币质量高、透明度好、披露充分或交易流动性强的代币，其负面反应会减弱。
Despite calls for regulation in the crypto utility token market, it is unclear how crypto tokeninvestors value current regulatory proposals. We find that on average, investors react negatively to news thatincreases the likelihood of securities and transparency-related regulation. We also find that this negativereaction is attenuated for tokens rated higher on quality and transparency by intermediaries, those thathave higher levels of disclosure, and listed on more liquid exchanges. The observed variation in tokentransparency and this muted reaction suggest investors perceive disclosure costs to be lower for tokens inmore transparent environments, suggesting that transparency matters to investors.