id	author	title	date	pages	extension	mime	words	sentence	flesch	summary	cache	txt
cblr-7216	Kalaria, Parth	Rated P for Public: Learning From Dodd-Frank and Credit Rating Agencies to Propose A Public Cryptocurrency Rating Provider in The United States	2020	30	.pdf	application/pdf	9390	408	50	[Vol. 2020 The relevance of cryptocurrency ratings may increase in the coming years, given that a reputable credit rating agency, Morningstar, recently announced that it will soon enter into the cryptocurrency rating space.10 As additional credit rating agencies follow Morningstar’s path, it is important to consider how lessons learned from credit rating agencies can be applied to cryptocurrency rating agencies. This is consistent with the usual view of oligopolies as inefficient and unproductive since they lack an efficient market determination of prices.46 In the world of rating agencies, this inefficiency could lead to inaccu- rate ratings and methodological errors.47 Rating agencies began with the mission of providing trans- parency to investors, with Moody’s, the first public publisher of bond ratings, using an investor-pays business model in which firms sold bond ratings to investors.48 Later however, credit rating agencies switched to an issuer pays model in which the issuer pays the credit rating agency to rate its bond.49 This shift created the incentive for credit rating agen- cies to inflate ratings, as issuers could simply “shop” for higher ratings from other agencies.50	cache/cblr-7216.pdf	txt/cblr-7216.txt