I was approached by several entrepreneurs to start a crypto exchange back in July 2017. After a review of the law in that area I declined to proceed because it became very apparent the SEC, IRS, and US Congress could not agree what it was and I had never seen the law in such a state of flux with so many unknowns. Now there is an academic paper by law professor Carol Goforth which confirms my earlier fears. There is no real consensus within the various governmental branches as to what crypto is and how it should be regulated. This is holding back its widespread adoption because big money does not want to inadvertently get on the wrong side of a criminal prosecution. I predict the sooner we get some legal consensus, the sooner we will see mass adoption. HODL everybody.
https://bitcoinnews.com/law-professors-paper-targets-us-regulatory-confusion-over-crypto/