A season of spectacular scam-explosions means that regulators are finally taking crypto seriously. Bring it on. The scammers are hiding old-fashioned frauds behind the veil of a confusing new technology, and we have old-fashioned rules for that. But the crackdown is also a chance to encourage the better part of what blockchains have enabled: an explosion of network-native organizational creativity. The leading frameworks for US crypto policy, from the Biden administration’s executive order to...