id	sid	tid	token	lemma	pos
cblr-11901	1	1	note	note	VERB
cblr-11901	1	2	regulating	regulate	VERB
cblr-11901	1	3	democratized	democratized	ADJ
cblr-11901	1	4	finance	finance	NOUN
cblr-11901	1	5	:	:	PUNCT
cblr-11901	1	6	cryptocurrency	cryptocurrency	NOUN
cblr-11901	1	7	,	,	PUNCT
cblr-11901	1	8	retail	retail	ADJ
cblr-11901	1	9	brokerdealers	brokerdealer	NOUN
cblr-11901	1	10	and	and	CCONJ
cblr-11901	1	11	the	the	DET
cblr-11901	1	12	sec	sec	PROPN
cblr-11901	1	13	’s	’s	PART
cblr-11901	1	14	regulatory	regulatory	ADJ
cblr-11901	1	15	perimeter	perimeter	PROPN
cblr-11901	1	16	eric	eric	PROPN
cblr-11901	1	17	rolston	rolston	PROPN
cblr-11901	1	18	*	*	PROPN
cblr-11901	1	19	the	the	DET
cblr-11901	1	20	sec	sec	PROPN
cblr-11901	1	21	has	have	AUX
cblr-11901	1	22	long	long	ADV
cblr-11901	1	23	been	be	AUX
cblr-11901	1	24	faced	face	VERB
cblr-11901	1	25	with	with	ADP
cblr-11901	1	26	the	the	DET
cblr-11901	1	27	difficult	difficult	ADJ
cblr-11901	1	28	task	task	NOUN
cblr-11901	1	29	of	of	ADP
cblr-11901	1	30	regulating	regulate	VERB
cblr-11901	1	31	financial	financial	ADJ
cblr-11901	1	32	market	market	NOUN
cblr-11901	1	33	innovations	innovation	NOUN
cblr-11901	1	34	,	,	PUNCT
cblr-11901	1	35	and	and	CCONJ
cblr-11901	1	36	the	the	DET
cblr-11901	1	37	rise	rise	NOUN
cblr-11901	1	38	of	of	ADP
cblr-11901	1	39	fintech	fintech	NOUN
cblr-11901	1	40	has	have	AUX
cblr-11901	1	41	increased	increase	VERB
cblr-11901	1	42	the	the	DET
cblr-11901	1	43	complexities	complexity	NOUN
cblr-11901	1	44	faced	face	VERB
cblr-11901	1	45	by	by	ADP
cblr-11901	1	46	the	the	DET
cblr-11901	1	47	agency	agency	NOUN
cblr-11901	1	48	.	.	PUNCT
cblr-11901	2	1	as	as	SCONJ
cblr-11901	2	2	fintech	fintech	NOUN
cblr-11901	2	3	entities	entity	NOUN
cblr-11901	2	4	grew	grow	VERB
cblr-11901	2	5	in	in	ADP
cblr-11901	2	6	popularity	popularity	NOUN
cblr-11901	2	7	among	among	ADP
cblr-11901	2	8	retail	retail	ADJ
cblr-11901	2	9	investors	investor	NOUN
cblr-11901	2	10	and	and	CCONJ
cblr-11901	2	11	moved	move	VERB
cblr-11901	2	12	financial	financial	ADJ
cblr-11901	2	13	markets	market	NOUN
cblr-11901	2	14	closer	close	ADV
cblr-11901	2	15	to	to	ADP
cblr-11901	2	16	what	what	PRON
cblr-11901	2	17	some	some	DET
cblr-11901	2	18	call	call	NOUN
cblr-11901	2	19	“	"	PUNCT
cblr-11901	2	20	democratized	democratize	VERB
cblr-11901	2	21	finance	finance	NOUN
cblr-11901	2	22	,	,	PUNCT
cblr-11901	2	23	”	"	PUNCT
cblr-11901	2	24	calls	call	VERB
cblr-11901	2	25	for	for	SCONJ
cblr-11901	2	26	new	new	ADJ
cblr-11901	2	27	regulations	regulation	NOUN
cblr-11901	2	28	grew	grow	VERB
cblr-11901	2	29	louder	louder	ADV
cblr-11901	2	30	.	.	PUNCT
cblr-11901	3	1	after	after	ADP
cblr-11901	3	2	years	year	NOUN
cblr-11901	3	3	of	of	ADP
cblr-11901	3	4	hesitancy	hesitancy	NOUN
cblr-11901	3	5	,	,	PUNCT
cblr-11901	3	6	investigation	investigation	NOUN
cblr-11901	3	7	and	and	CCONJ
cblr-11901	3	8	regulatory	regulatory	ADJ
cblr-11901	3	9	uncertainty	uncertainty	NOUN
cblr-11901	3	10	,	,	PUNCT
cblr-11901	3	11	the	the	DET
cblr-11901	3	12	sec	sec	PROPN
cblr-11901	3	13	has	have	AUX
cblr-11901	3	14	been	be	AUX
cblr-11901	3	15	increasingly	increasingly	ADV
cblr-11901	3	16	responsive	responsive	ADJ
cblr-11901	3	17	to	to	ADP
cblr-11901	3	18	these	these	DET
cblr-11901	3	19	calls	call	NOUN
cblr-11901	3	20	.	.	PUNCT
cblr-11901	4	1	this	this	DET
cblr-11901	4	2	note	note	NOUN
cblr-11901	4	3	reviews	review	NOUN
cblr-11901	4	4	and	and	CCONJ
cblr-11901	4	5	conceptualizes	conceptualize	VERB
cblr-11901	4	6	the	the	DET
cblr-11901	4	7	sec	sec	PROPN
cblr-11901	4	8	’s	’s	PART
cblr-11901	4	9	approach	approach	NOUN
cblr-11901	4	10	to	to	ADP
cblr-11901	4	11	regulating	regulate	VERB
cblr-11901	4	12	new	new	ADJ
cblr-11901	4	13	developments	development	NOUN
cblr-11901	4	14	in	in	ADP
cblr-11901	4	15	financial	financial	ADJ
cblr-11901	4	16	market	market	NOUN
cblr-11901	4	17	access	access	NOUN
cblr-11901	4	18	since	since	SCONJ
cblr-11901	4	19	the	the	DET
cblr-11901	4	20	agency	agency	NOUN
cblr-11901	4	21	’s	’s	PART
cblr-11901	4	22	founding	founding	NOUN
cblr-11901	4	23	in	in	ADP
cblr-11901	4	24	the	the	DET
cblr-11901	4	25	1930s	1930	NOUN
cblr-11901	4	26	.	.	PUNCT
cblr-11901	5	1	this	this	DET
cblr-11901	5	2	note	note	NOUN
cblr-11901	5	3	begins	begin	VERB
cblr-11901	5	4	with	with	ADP
cblr-11901	5	5	a	a	DET
cblr-11901	5	6	review	review	NOUN
cblr-11901	5	7	of	of	ADP
cblr-11901	5	8	prior	prior	ADJ
cblr-11901	5	9	sec	sec	PROPN
cblr-11901	5	10	approaches	approach	NOUN
cblr-11901	5	11	to	to	ADP
cblr-11901	5	12	regulation	regulation	NOUN
cblr-11901	5	13	through	through	ADP
cblr-11901	5	14	either	either	CCONJ
cblr-11901	5	15	enforcement	enforcement	NOUN
cblr-11901	5	16	or	or	CCONJ
cblr-11901	5	17	the	the	DET
cblr-11901	5	18	promulgation	promulgation	NOUN
cblr-11901	5	19	of	of	ADP
cblr-11901	5	20	new	new	ADJ
cblr-11901	5	21	regulations	regulation	NOUN
cblr-11901	5	22	,	,	PUNCT
cblr-11901	5	23	and	and	CCONJ
cblr-11901	5	24	then	then	ADV
cblr-11901	5	25	reviews	review	VERB
cblr-11901	5	26	how	how	SCONJ
cblr-11901	5	27	the	the	DET
cblr-11901	5	28	agency	agency	NOUN
cblr-11901	5	29	has	have	AUX
cblr-11901	5	30	used	use	VERB
cblr-11901	5	31	these	these	DET
cblr-11901	5	32	approaches	approach	NOUN
cblr-11901	5	33	when	when	SCONJ
cblr-11901	5	34	regulating	regulate	VERB
cblr-11901	5	35	two	two	NUM
cblr-11901	5	36	prominent	prominent	ADJ
cblr-11901	5	37	fintech	fintech	NOUN
cblr-11901	5	38	segments	segment	NOUN
cblr-11901	5	39	:	:	PUNCT
cblr-11901	5	40	online	online	ADJ
cblr-11901	5	41	retailbroker	retailbroker	NOUN
cblr-11901	5	42	dealers	dealer	NOUN
cblr-11901	5	43	and	and	CCONJ
cblr-11901	5	44	cryptocurrency	cryptocurrency	NOUN
cblr-11901	5	45	entities	entity	NOUN
cblr-11901	5	46	.	.	PUNCT
cblr-11901	6	1	lastly	lastly	ADV
cblr-11901	6	2	,	,	PUNCT
cblr-11901	6	3	the	the	DET
cblr-11901	6	4	note	note	NOUN
cblr-11901	6	5	proposes	propose	VERB
cblr-11901	6	6	two	two	NUM
cblr-11901	6	7	frameworks	framework	NOUN
cblr-11901	6	8	to	to	PART
cblr-11901	6	9	conceptualize	conceptualize	VERB
cblr-11901	6	10	historical	historical	ADJ
cblr-11901	6	11	and	and	CCONJ
cblr-11901	6	12	contemporary	contemporary	ADJ
cblr-11901	6	13	regulatory	regulatory	ADJ
cblr-11901	6	14	approaches	approach	NOUN
cblr-11901	6	15	by	by	ADP
cblr-11901	6	16	the	the	DET
cblr-11901	6	17	agency	agency	NOUN
cblr-11901	6	18	.	.	PUNCT
cblr-11901	7	1	ultimately	ultimately	ADV
cblr-11901	7	2	,	,	PUNCT
cblr-11901	7	3	by	by	ADP
cblr-11901	7	4	reviewing	review	VERB
cblr-11901	7	5	prior	prior	ADJ
cblr-11901	7	6	instances	instance	NOUN
cblr-11901	7	7	of	of	ADP
cblr-11901	7	8	regulation	regulation	NOUN
cblr-11901	7	9	,	,	PUNCT
cblr-11901	7	10	contemporary	contemporary	ADJ
cblr-11901	7	11	issues	issue	NOUN
cblr-11901	7	12	and	and	CCONJ
cblr-11901	7	13	frameworks	framework	NOUN
cblr-11901	7	14	,	,	PUNCT
cblr-11901	7	15	this	this	DET
cblr-11901	7	16	note	note	NOUN
cblr-11901	7	17	aims	aim	VERB
cblr-11901	7	18	to	to	PART
cblr-11901	7	19	give	give	VERB
cblr-11901	7	20	*	*	PUNCT
cblr-11901	7	21	j.d	j.d	PROPN
cblr-11901	7	22	.	.	PROPN
cblr-11901	7	23	2023	2023	NUM
cblr-11901	7	24	,	,	PUNCT
cblr-11901	7	25	columbia	columbia	PROPN
cblr-11901	7	26	law	law	NOUN
cblr-11901	7	27	school	school	NOUN
cblr-11901	7	28	.	.	PUNCT
cblr-11901	8	1	many	many	ADJ
cblr-11901	8	2	thanks	thank	NOUN
cblr-11901	8	3	to	to	ADP
cblr-11901	8	4	katharina	katharina	PROPN
cblr-11901	8	5	pistor	pistor	PROPN
cblr-11901	8	6	for	for	ADP
cblr-11901	8	7	her	her	PRON
cblr-11901	8	8	guidance	guidance	NOUN
cblr-11901	8	9	and	and	CCONJ
cblr-11901	8	10	to	to	ADP
cblr-11901	8	11	the	the	DET
cblr-11901	8	12	staff	staff	NOUN
cblr-11901	8	13	of	of	ADP
cblr-11901	8	14	the	the	DET
cblr-11901	8	15	columbia	columbia	PROPN
cblr-11901	8	16	business	business	PROPN
cblr-11901	8	17	law	law	PROPN
cblr-11901	8	18	review	review	NOUN
cblr-11901	8	19	for	for	ADP
cblr-11901	8	20	their	their	PRON
cblr-11901	8	21	assistance	assistance	NOUN
cblr-11901	8	22	in	in	ADP
cblr-11901	8	23	preparing	prepare	VERB
cblr-11901	8	24	this	this	DET
cblr-11901	8	25	note	note	NOUN
cblr-11901	8	26	for	for	ADP
cblr-11901	8	27	publication	publication	NOUN
cblr-11901	8	28	.	.	PUNCT
cblr-11901	9	1	my	my	PRON
cblr-11901	9	2	sincerest	sincere	ADJ
cblr-11901	9	3	gratitude	gratitude	NOUN
cblr-11901	9	4	to	to	ADP
cblr-11901	9	5	my	my	PRON
cblr-11901	9	6	friends	friend	NOUN
cblr-11901	9	7	and	and	CCONJ
cblr-11901	9	8	colleagues	colleague	NOUN
cblr-11901	9	9	who	who	PRON
cblr-11901	9	10	were	be	AUX
cblr-11901	9	11	willing	willing	ADJ
cblr-11901	9	12	to	to	PART
cblr-11901	9	13	discuss	discuss	VERB
cblr-11901	9	14	financial	financial	ADJ
cblr-11901	9	15	innovations	innovation	NOUN
cblr-11901	9	16	and	and	CCONJ
cblr-11901	9	17	their	their	PRON
cblr-11901	9	18	regulation	regulation	NOUN
cblr-11901	9	19	throughout	throughout	ADP
cblr-11901	9	20	the	the	DET
cblr-11901	9	21	writing	writing	NOUN
cblr-11901	9	22	and	and	CCONJ
cblr-11901	9	23	editing	edit	VERB
cblr-11901	9	24	process	process	NOUN
cblr-11901	9	25	.	.	PUNCT
cblr-11901	10	1	488	488	NUM
cblr-11901	10	2	columbia	columbia	PROPN
cblr-11901	10	3	business	business	NOUN
cblr-11901	10	4	law	law	PROPN
cblr-11901	10	5	review	review	NOUN
cblr-11901	10	6	[	[	X
cblr-11901	10	7	vol	vol	NOUN
cblr-11901	10	8	.	.	PUNCT
cblr-11901	10	9	2023	2023	NUM
cblr-11901	10	10	greater	great	ADJ
cblr-11901	10	11	clarity	clarity	NOUN
cblr-11901	10	12	to	to	ADP
cblr-11901	10	13	how	how	SCONJ
cblr-11901	10	14	the	the	DET
cblr-11901	10	15	sec	sec	PROPN
cblr-11901	10	16	has	have	AUX
cblr-11901	10	17	and	and	CCONJ
cblr-11901	10	18	will	will	AUX
cblr-11901	10	19	continue	continue	VERB
cblr-11901	10	20	to	to	PART
cblr-11901	10	21	regulate	regulate	VERB
cblr-11901	10	22	financial	financial	ADJ
cblr-11901	10	23	market	market	NOUN
cblr-11901	10	24	innovations	innovation	NOUN
cblr-11901	10	25	,	,	PUNCT
cblr-11901	10	26	in	in	ADP
cblr-11901	10	27	particular	particular	ADJ
cblr-11901	10	28	as	as	SCONJ
cblr-11901	10	29	it	it	PRON
cblr-11901	10	30	relates	relate	VERB
cblr-11901	10	31	to	to	PART
cblr-11901	10	32	“	"	PUNCT
cblr-11901	10	33	democratized	democratize	VERB
cblr-11901	10	34	”	"	PUNCT
cblr-11901	10	35	financial	financial	ADJ
cblr-11901	10	36	markets	market	NOUN
cblr-11901	10	37	.	.	PUNCT
cblr-11901	11	1	i.	i.	PROPN
cblr-11901	11	2	introduction	introduction	NOUN
cblr-11901	11	3	.................................................................	.................................................................	PUNCT
cblr-11901	11	4	489	489	NUM
cblr-11901	11	5	ii	ii	NOUN
cblr-11901	11	6	.	.	PUNCT
cblr-11901	12	1	sec	sec	PROPN
cblr-11901	12	2	regulation	regulation	NOUN
cblr-11901	12	3	of	of	ADP
cblr-11901	12	4	financial	financial	ADJ
cblr-11901	12	5	market	market	NOUN
cblr-11901	12	6	innovations	innovation	NOUN
cblr-11901	12	7	....	....	PUNCT
cblr-11901	13	1	492	492	NUM
cblr-11901	13	2	a.	a.	NOUN
cblr-11901	13	3	applying	apply	VERB
cblr-11901	13	4	existing	exist	VERB
cblr-11901	13	5	securities	security	NOUN
cblr-11901	13	6	regulations	regulation	NOUN
cblr-11901	13	7	to	to	ADP
cblr-11901	13	8	new	new	ADJ
cblr-11901	13	9	market	market	NOUN
cblr-11901	13	10	developments	development	NOUN
cblr-11901	13	11	..........................................	..........................................	PUNCT
cblr-11901	14	1	493	493	NUM
cblr-11901	14	2	b.	b.	NOUN
cblr-11901	14	3	developing	develop	VERB
cblr-11901	14	4	a	a	DET
cblr-11901	14	5	new	new	ADJ
cblr-11901	14	6	regulatory	regulatory	ADJ
cblr-11901	14	7	framework	framework	NOUN
cblr-11901	14	8	:	:	PUNCT
cblr-11901	14	9	the	the	DET
cblr-11901	14	10	national	national	ADJ
cblr-11901	14	11	market	market	NOUN
cblr-11901	14	12	system	system	NOUN
cblr-11901	14	13	......................................	......................................	PUNCT
cblr-11901	14	14	496	496	NUM
cblr-11901	14	15	1	1	NUM
cblr-11901	14	16	.	.	PUNCT
cblr-11901	15	1	overview	overview	NOUN
cblr-11901	15	2	of	of	ADP
cblr-11901	15	3	the	the	DET
cblr-11901	15	4	national	national	ADJ
cblr-11901	15	5	market	market	NOUN
cblr-11901	15	6	system	system	NOUN
cblr-11901	15	7	...	...	PUNCT
cblr-11901	15	8	496	496	NUM
cblr-11901	15	9	2	2	NUM
cblr-11901	15	10	.	.	PUNCT
cblr-11901	16	1	the	the	DET
cblr-11901	16	2	national	national	ADJ
cblr-11901	16	3	market	market	NOUN
cblr-11901	16	4	system	system	NOUN
cblr-11901	16	5	and	and	CCONJ
cblr-11901	16	6	regulation	regulation	NOUN
cblr-11901	16	7	ats	at	NOUN
cblr-11901	16	8	...............................................	...............................................	PUNCT
cblr-11901	16	9	498	498	NUM
cblr-11901	16	10	3	3	NUM
cblr-11901	16	11	.	.	PUNCT
cblr-11901	16	12	benefits	benefit	NOUN
cblr-11901	16	13	and	and	CCONJ
cblr-11901	16	14	drawbacks	drawback	NOUN
cblr-11901	16	15	of	of	ADP
cblr-11901	16	16	developing	develop	VERB
cblr-11901	16	17	new	new	ADJ
cblr-11901	16	18	frameworks	framework	NOUN
cblr-11901	16	19	.....................................................	.....................................................	PUNCT
cblr-11901	16	20	499	499	NUM
cblr-11901	16	21	c.	c.	NOUN
cblr-11901	16	22	the	the	DET
cblr-11901	16	23	sec	sec	PROPN
cblr-11901	16	24	’s	’s	PART
cblr-11901	16	25	focus	focus	NOUN
cblr-11901	16	26	on	on	ADP
cblr-11901	16	27	market	market	NOUN
cblr-11901	16	28	access	access	NOUN
cblr-11901	16	29	.....................	.....................	PUNCT
cblr-11901	16	30	501	501	NUM
cblr-11901	16	31	iii	iii	NOUN
cblr-11901	16	32	.	.	PUNCT
cblr-11901	17	1	how	how	SCONJ
cblr-11901	17	2	fintech	fintech	NOUN
cblr-11901	17	3	broadens	broaden	VERB
cblr-11901	17	4	market	market	NOUN
cblr-11901	17	5	access	access	NOUN
cblr-11901	17	6	and	and	CCONJ
cblr-11901	17	7	complicates	complicate	VERB
cblr-11901	17	8	existing	exist	VERB
cblr-11901	17	9	regulations	regulation	NOUN
cblr-11901	17	10	...................................................	...................................................	PUNCT
cblr-11901	18	1	503	503	NUM
cblr-11901	18	2	a.	a.	NOUN
cblr-11901	18	3	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	18	4	..................................................	..................................................	PUNCT
cblr-11901	19	1	503	503	NUM
cblr-11901	19	2	1	1	NUM
cblr-11901	19	3	.	.	PUNCT
cblr-11901	19	4	overview	overview	NOUN
cblr-11901	19	5	of	of	ADP
cblr-11901	19	6	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	19	7	,	,	PUNCT
cblr-11901	19	8	their	their	PRON
cblr-11901	19	9	growth	growth	NOUN
cblr-11901	19	10	and	and	CCONJ
cblr-11901	19	11	decline	decline	VERB
cblr-11901	19	12	in	in	ADP
cblr-11901	19	13	value	value	NOUN
cblr-11901	19	14	.........................	.........................	PUNCT
cblr-11901	19	15	503	503	NUM
cblr-11901	19	16	2	2	NUM
cblr-11901	19	17	.	.	PUNCT
cblr-11901	19	18	regulation	regulation	NOUN
cblr-11901	19	19	as	as	ADP
cblr-11901	19	20	securities	security	NOUN
cblr-11901	19	21	,	,	PUNCT
cblr-11901	19	22	exchanges	exchange	NOUN
cblr-11901	19	23	and	and	CCONJ
cblr-11901	19	24	banks	bank	NOUN
cblr-11901	19	25	...............................................................	...............................................................	PUNCT
cblr-11901	19	26	506	506	NUM
cblr-11901	19	27	b.	b.	PROPN
cblr-11901	19	28	online	online	PROPN
cblr-11901	19	29	retail	retail	PROPN
cblr-11901	19	30	broker	broker	NOUN
cblr-11901	19	31	-	-	PUNCT
cblr-11901	19	32	dealers	dealer	NOUN
cblr-11901	19	33	..............................	..............................	PUNCT
cblr-11901	20	1	509	509	NUM
cblr-11901	20	2	1	1	NUM
cblr-11901	20	3	.	.	PUNCT
cblr-11901	21	1	online	online	ADJ
cblr-11901	21	2	retail	retail	ADJ
cblr-11901	21	3	broker	broker	NOUN
cblr-11901	21	4	-	-	PUNCT
cblr-11901	21	5	dealers	dealer	NOUN
cblr-11901	21	6	and	and	CCONJ
cblr-11901	21	7	expanding	expand	VERB
cblr-11901	21	8	market	market	NOUN
cblr-11901	21	9	access	access	NOUN
cblr-11901	21	10	..............................	..............................	PUNCT
cblr-11901	22	1	509	509	NUM
cblr-11901	22	2	2	2	NUM
cblr-11901	22	3	.	.	X
cblr-11901	22	4	regulation	regulation	NOUN
cblr-11901	22	5	as	as	ADP
cblr-11901	22	6	broker	broker	NOUN
cblr-11901	22	7	-	-	PUNCT
cblr-11901	22	8	dealers	dealer	NOUN
cblr-11901	22	9	........................	........................	PUNCT
cblr-11901	23	1	512	512	NUM
cblr-11901	23	2	c.	c.	NOUN
cblr-11901	23	3	challenges	challenge	VERB
cblr-11901	23	4	when	when	SCONJ
cblr-11901	23	5	regulating	regulate	VERB
cblr-11901	23	6	fintech	fintech	NOUN
cblr-11901	23	7	.................	.................	PUNCT
cblr-11901	23	8	514	514	NUM
cblr-11901	23	9	d.	d.	NOUN
cblr-11901	23	10	the	the	DET
cblr-11901	23	11	risks	risk	NOUN
cblr-11901	23	12	of	of	ADP
cblr-11901	23	13	increased	increase	VERB
cblr-11901	23	14	market	market	NOUN
cblr-11901	23	15	access	access	NOUN
cblr-11901	23	16	................	................	PUNCT
cblr-11901	23	17	516	516	NUM
cblr-11901	23	18	iv	iv	NOUN
cblr-11901	23	19	.	.	PUNCT
cblr-11901	23	20	approaches	approach	NOUN
cblr-11901	23	21	to	to	ADP
cblr-11901	23	22	regulating	regulate	VERB
cblr-11901	23	23	market	market	NOUN
cblr-11901	23	24	innovations	innovation	NOUN
cblr-11901	23	25	and	and	CCONJ
cblr-11901	23	26	limiting	limit	VERB
cblr-11901	23	27	market	market	NOUN
cblr-11901	23	28	access	access	NOUN
cblr-11901	23	29	..............................................	..............................................	PUNCT
cblr-11901	23	30	518	518	NUM
cblr-11901	23	31	a.	a.	NOUN
cblr-11901	23	32	whether	whether	SCONJ
cblr-11901	23	33	and	and	CCONJ
cblr-11901	23	34	when	when	SCONJ
cblr-11901	23	35	to	to	PART
cblr-11901	23	36	apply	apply	VERB
cblr-11901	23	37	existing	exist	VERB
cblr-11901	23	38	regulations	regulation	NOUN
cblr-11901	23	39	to	to	ADP
cblr-11901	23	40	new	new	ADJ
cblr-11901	23	41	market	market	NOUN
cblr-11901	23	42	developments	development	NOUN
cblr-11901	23	43	.............................	.............................	PUNCT
cblr-11901	24	1	518	518	NUM
cblr-11901	24	2	1	1	NUM
cblr-11901	24	3	.	.	PUNCT
cblr-11901	24	4	applying	apply	VERB
cblr-11901	24	5	existing	exist	VERB
cblr-11901	24	6	regulations	regulation	NOUN
cblr-11901	24	7	:	:	PUNCT
cblr-11901	24	8	reasonably	reasonably	ADV
cblr-11901	24	9	related	related	ADJ
cblr-11901	24	10	test	test	NOUN
cblr-11901	24	11	.....................................................	.....................................................	PUNCT
cblr-11901	25	1	519	519	NUM
cblr-11901	25	2	2	2	NUM
cblr-11901	25	3	.	.	PUNCT
cblr-11901	25	4	applying	apply	VERB
cblr-11901	25	5	existing	exist	VERB
cblr-11901	25	6	regulations	regulation	NOUN
cblr-11901	25	7	:	:	PUNCT
cblr-11901	25	8	market	market	NOUN
cblr-11901	25	9	uncertainty	uncertainty	NOUN
cblr-11901	25	10	test	test	NOUN
cblr-11901	25	11	.............................................	.............................................	PUNCT
cblr-11901	26	1	520	520	NUM
cblr-11901	26	2	3	3	X
cblr-11901	26	3	.	.	PUNCT
cblr-11901	26	4	interim	interim	ADJ
cblr-11901	26	5	application	application	NOUN
cblr-11901	26	6	of	of	ADP
cblr-11901	26	7	existing	exist	VERB
cblr-11901	26	8	regulations	regulation	NOUN
cblr-11901	26	9	.	.	PUNCT
cblr-11901	27	1	522	522	NUM
cblr-11901	27	2	b.	b.	NOUN
cblr-11901	27	3	when	when	SCONJ
cblr-11901	27	4	and	and	CCONJ
cblr-11901	27	5	how	how	SCONJ
cblr-11901	27	6	the	the	DET
cblr-11901	27	7	sec	sec	PROPN
cblr-11901	27	8	may	may	AUX
cblr-11901	27	9	limit	limit	VERB
cblr-11901	27	10	market	market	NOUN
cblr-11901	27	11	access	access	NOUN
cblr-11901	27	12	525	525	NUM
cblr-11901	27	13	no	no	NOUN
cblr-11901	27	14	.	.	NOUN
cblr-11901	27	15	1	1	NUM
cblr-11901	27	16	]	]	PUNCT
cblr-11901	27	17	regulating	regulate	VERB
cblr-11901	27	18	democratized	democratize	VERB
cblr-11901	27	19	finance	finance	NOUN
cblr-11901	27	20	489	489	NUM
cblr-11901	27	21	1	1	NUM
cblr-11901	27	22	.	.	PUNCT
cblr-11901	27	23	types	type	NOUN
cblr-11901	27	24	of	of	ADP
cblr-11901	27	25	risk	risk	NOUN
cblr-11901	27	26	that	that	PRON
cblr-11901	27	27	may	may	AUX
cblr-11901	27	28	justify	justify	VERB
cblr-11901	27	29	limiting	limit	VERB
cblr-11901	27	30	market	market	NOUN
cblr-11901	27	31	access	access	NOUN
cblr-11901	27	32	..................................................	..................................................	PUNCT
cblr-11901	28	1	525	525	NUM
cblr-11901	28	2	2	2	NUM
cblr-11901	28	3	.	.	PUNCT
cblr-11901	28	4	alternatives	alternative	NOUN
cblr-11901	28	5	to	to	ADP
cblr-11901	28	6	limiting	limit	VERB
cblr-11901	28	7	market	market	NOUN
cblr-11901	28	8	access	access	NOUN
cblr-11901	28	9	........	........	PUNCT
cblr-11901	28	10	527	527	NUM
cblr-11901	28	11	3	3	X
cblr-11901	28	12	.	.	PUNCT
cblr-11901	28	13	limiting	limit	VERB
cblr-11901	28	14	market	market	NOUN
cblr-11901	28	15	access	access	NOUN
cblr-11901	28	16	without	without	ADP
cblr-11901	28	17	being	be	AUX
cblr-11901	28	18	over	over	ADP
cblr-11901	28	19	-	-	PUNCT
cblr-11901	28	20	inclusive	inclusive	NOUN
cblr-11901	28	21	.................................................	.................................................	PUNCT
cblr-11901	29	1	529	529	NUM
cblr-11901	29	2	v.	v.	ADP
cblr-11901	29	3	conclusion	conclusion	NOUN
cblr-11901	29	4	...................................................................	...................................................................	PUNCT
cblr-11901	29	5	532	532	NUM
cblr-11901	29	6	i.	i.	NOUN
cblr-11901	29	7	introduction	introduction	NOUN
cblr-11901	29	8	throughout	throughout	ADP
cblr-11901	29	9	its	its	PRON
cblr-11901	29	10	history	history	NOUN
cblr-11901	29	11	,	,	PUNCT
cblr-11901	29	12	the	the	DET
cblr-11901	29	13	securities	securities	PROPN
cblr-11901	29	14	and	and	CCONJ
cblr-11901	29	15	exchange	exchange	PROPN
cblr-11901	29	16	commission	commission	PROPN
cblr-11901	29	17	(	(	PUNCT
cblr-11901	29	18	sec	sec	PROPN
cblr-11901	29	19	)	)	PUNCT
cblr-11901	29	20	has	have	AUX
cblr-11901	29	21	faced	face	VERB
cblr-11901	29	22	the	the	DET
cblr-11901	29	23	difficult	difficult	ADJ
cblr-11901	29	24	task	task	NOUN
cblr-11901	29	25	of	of	ADP
cblr-11901	29	26	regulating	regulate	VERB
cblr-11901	29	27	newly	newly	ADV
cblr-11901	29	28	developed	develop	VERB
cblr-11901	29	29	financial	financial	ADJ
cblr-11901	29	30	products	product	NOUN
cblr-11901	29	31	and	and	CCONJ
cblr-11901	29	32	services.1	services.1	NOUN
cblr-11901	29	33	in	in	ADP
cblr-11901	29	34	recent	recent	ADJ
cblr-11901	29	35	years	year	NOUN
cblr-11901	29	36	,	,	PUNCT
cblr-11901	29	37	perhaps	perhaps	ADV
cblr-11901	29	38	the	the	DET
cblr-11901	29	39	most	most	ADV
cblr-11901	29	40	significant	significant	ADJ
cblr-11901	29	41	source	source	NOUN
cblr-11901	29	42	of	of	ADP
cblr-11901	29	43	new	new	ADJ
cblr-11901	29	44	challenges	challenge	NOUN
cblr-11901	29	45	have	have	AUX
cblr-11901	29	46	been	be	AUX
cblr-11901	29	47	those	those	PRON
cblr-11901	29	48	associated	associate	VERB
cblr-11901	29	49	with	with	ADP
cblr-11901	29	50	fintech	fintech	NOUN
cblr-11901	29	51	entities	entity	NOUN
cblr-11901	29	52	and	and	CCONJ
cblr-11901	29	53	efforts	effort	NOUN
cblr-11901	29	54	to	to	PART
cblr-11901	29	55	“	"	PUNCT
cblr-11901	29	56	democratize	democratize	VERB
cblr-11901	29	57	”	"	PUNCT
cblr-11901	29	58	financial	financial	ADJ
cblr-11901	29	59	markets.2	markets.2	NOUN
cblr-11901	29	60	1	1	NUM
cblr-11901	29	61	at	at	ADP
cblr-11901	29	62	times	time	NOUN
cblr-11901	29	63	,	,	PUNCT
cblr-11901	29	64	the	the	DET
cblr-11901	29	65	agency	agency	NOUN
cblr-11901	29	66	has	have	AUX
cblr-11901	29	67	invoked	invoke	VERB
cblr-11901	29	68	the	the	DET
cblr-11901	29	69	broad	broad	ADJ
cblr-11901	29	70	authority	authority	NOUN
cblr-11901	29	71	initially	initially	ADV
cblr-11901	29	72	granted	grant	VERB
cblr-11901	29	73	in	in	ADP
cblr-11901	29	74	the	the	DET
cblr-11901	29	75	1930s	1930	NOUN
cblr-11901	29	76	to	to	PART
cblr-11901	29	77	regulate	regulate	VERB
cblr-11901	29	78	new	new	ADJ
cblr-11901	29	79	products	product	NOUN
cblr-11901	29	80	and	and	CCONJ
cblr-11901	29	81	services	service	NOUN
cblr-11901	29	82	.	.	PUNCT
cblr-11901	30	1	see	see	VERB
cblr-11901	30	2	infra	infra	NOUN
cblr-11901	30	3	section	section	NOUN
cblr-11901	30	4	ii.a	ii.a	PROPN
cblr-11901	30	5	.	.	PUNCT
cblr-11901	31	1	at	at	ADP
cblr-11901	31	2	other	other	ADJ
cblr-11901	31	3	times	time	NOUN
cblr-11901	31	4	,	,	PUNCT
cblr-11901	31	5	the	the	DET
cblr-11901	31	6	sec	sec	PROPN
cblr-11901	31	7	has	have	AUX
cblr-11901	31	8	lobbied	lobby	VERB
cblr-11901	31	9	congress	congress	NOUN
cblr-11901	31	10	for	for	ADP
cblr-11901	31	11	additional	additional	ADJ
cblr-11901	31	12	regulatory	regulatory	ADJ
cblr-11901	31	13	authority	authority	NOUN
cblr-11901	31	14	,	,	PUNCT
cblr-11901	31	15	expanding	expand	VERB
cblr-11901	31	16	the	the	DET
cblr-11901	31	17	agency	agency	NOUN
cblr-11901	31	18	’s	’s	PART
cblr-11901	31	19	regulatory	regulatory	ADJ
cblr-11901	31	20	perimeter	perimeter	NOUN
cblr-11901	31	21	.	.	PUNCT
cblr-11901	32	1	see	see	VERB
cblr-11901	32	2	infra	infra	NOUN
cblr-11901	32	3	section	section	NOUN
cblr-11901	32	4	ii.b	ii.b	NOUN
cblr-11901	32	5	.	.	PROPN
cblr-11901	33	1	2	2	NUM
cblr-11901	33	2	“	"	PUNCT
cblr-11901	33	3	democratized	democratize	VERB
cblr-11901	33	4	finance	finance	NOUN
cblr-11901	33	5	”	"	PUNCT
cblr-11901	33	6	invokes	invoke	VERB
cblr-11901	33	7	the	the	DET
cblr-11901	33	8	idea	idea	NOUN
cblr-11901	33	9	that	that	SCONJ
cblr-11901	33	10	society	society	NOUN
cblr-11901	33	11	will	will	AUX
cblr-11901	33	12	benefit	benefit	VERB
cblr-11901	33	13	if	if	SCONJ
cblr-11901	33	14	financial	financial	ADJ
cblr-11901	33	15	markets	market	NOUN
cblr-11901	33	16	should	should	AUX
cblr-11901	33	17	are	are	VERB
cblr-11901	33	18	and	and	CCONJ
cblr-11901	33	19	accessible	accessible	ADJ
cblr-11901	33	20	to	to	ADP
cblr-11901	33	21	everyone	everyone	PRON
cblr-11901	33	22	.	.	PUNCT
cblr-11901	34	1	eswar	eswar	PROPN
cblr-11901	34	2	prasad	prasad	PROPN
cblr-11901	34	3	,	,	PUNCT
cblr-11901	34	4	the	the	DET
cblr-11901	34	5	future	future	NOUN
cblr-11901	34	6	of	of	ADP
cblr-11901	34	7	money	money	NOUN
cblr-11901	34	8	21	21	NUM
cblr-11901	34	9	(	(	PUNCT
cblr-11901	34	10	2021	2021	NUM
cblr-11901	34	11	)	)	PUNCT
cblr-11901	34	12	.	.	PUNCT
cblr-11901	35	1	“	"	PUNCT
cblr-11901	35	2	democratization	democratization	NOUN
cblr-11901	35	3	”	"	PUNCT
cblr-11901	35	4	or	or	CCONJ
cblr-11901	35	5	“	"	PUNCT
cblr-11901	35	6	democratized	democratized	ADJ
cblr-11901	35	7	finance	finance	NOUN
cblr-11901	35	8	”	"	PUNCT
cblr-11901	35	9	are	be	AUX
cblr-11901	35	10	terms	term	NOUN
cblr-11901	35	11	used	use	VERB
cblr-11901	35	12	by	by	ADP
cblr-11901	35	13	advocates	advocate	NOUN
cblr-11901	35	14	of	of	ADP
cblr-11901	35	15	the	the	DET
cblr-11901	35	16	fintech	fintech	NOUN
cblr-11901	35	17	products	product	NOUN
cblr-11901	35	18	and	and	CCONJ
cblr-11901	35	19	entities	entity	NOUN
cblr-11901	35	20	reviewed	review	VERB
cblr-11901	35	21	in	in	ADP
cblr-11901	35	22	this	this	DET
cblr-11901	35	23	note	note	NOUN
cblr-11901	35	24	,	,	PUNCT
cblr-11901	35	25	but	but	CCONJ
cblr-11901	35	26	“	"	PUNCT
cblr-11901	35	27	market	market	NOUN
cblr-11901	35	28	access	access	NOUN
cblr-11901	35	29	”	"	PUNCT
cblr-11901	35	30	may	may	AUX
cblr-11901	35	31	be	be	AUX
cblr-11901	35	32	more	more	ADV
cblr-11901	35	33	apt	apt	ADJ
cblr-11901	35	34	given	give	VERB
cblr-11901	35	35	the	the	DET
cblr-11901	35	36	focus	focus	NOUN
cblr-11901	35	37	on	on	ADP
cblr-11901	35	38	the	the	DET
cblr-11901	35	39	ability	ability	NOUN
cblr-11901	35	40	of	of	ADP
cblr-11901	35	41	small	small	ADJ
cblr-11901	35	42	investors	investor	NOUN
cblr-11901	35	43	to	to	PART
cblr-11901	35	44	invest	invest	VERB
cblr-11901	35	45	in	in	ADP
cblr-11901	35	46	financial	financial	ADJ
cblr-11901	35	47	markets	market	NOUN
cblr-11901	35	48	without	without	ADP
cblr-11901	35	49	significant	significant	ADJ
cblr-11901	35	50	barriers	barrier	NOUN
cblr-11901	35	51	to	to	ADP
cblr-11901	35	52	entry	entry	NOUN
cblr-11901	35	53	.	.	PUNCT
cblr-11901	36	1	barriers	barrier	NOUN
cblr-11901	36	2	to	to	ADP
cblr-11901	36	3	entry	entry	NOUN
cblr-11901	36	4	include	include	VERB
cblr-11901	36	5	high	high	ADJ
cblr-11901	36	6	transaction	transaction	NOUN
cblr-11901	36	7	costs	cost	NOUN
cblr-11901	36	8	as	as	ADV
cblr-11901	36	9	well	well	ADV
cblr-11901	36	10	as	as	ADP
cblr-11901	36	11	access	access	NOUN
cblr-11901	36	12	to	to	ADP
cblr-11901	36	13	markets	market	NOUN
cblr-11901	36	14	on	on	ADP
cblr-11901	36	15	unequal	unequal	ADJ
cblr-11901	36	16	terms	term	NOUN
cblr-11901	36	17	relative	relative	ADJ
cblr-11901	36	18	to	to	ADP
cblr-11901	36	19	larger	large	ADJ
cblr-11901	36	20	institutional	institutional	ADJ
cblr-11901	36	21	investors	investor	NOUN
cblr-11901	36	22	.	.	PUNCT
cblr-11901	37	1	connoting	connote	VERB
cblr-11901	37	2	this	this	DET
cblr-11901	37	3	concept	concept	NOUN
cblr-11901	37	4	with	with	ADP
cblr-11901	37	5	“	"	PUNCT
cblr-11901	37	6	democracy	democracy	NOUN
cblr-11901	37	7	”	"	PUNCT
cblr-11901	37	8	is	be	AUX
cblr-11901	37	9	imperfect	imperfect	ADJ
cblr-11901	37	10	because	because	SCONJ
cblr-11901	37	11	while	while	SCONJ
cblr-11901	37	12	eliminating	eliminate	VERB
cblr-11901	37	13	barriers	barrier	NOUN
cblr-11901	37	14	to	to	ADP
cblr-11901	37	15	entry	entry	NOUN
cblr-11901	37	16	may	may	AUX
cblr-11901	37	17	create	create	VERB
cblr-11901	37	18	equal	equal	ADJ
cblr-11901	37	19	“	"	PUNCT
cblr-11901	37	20	access	access	NOUN
cblr-11901	37	21	”	"	PUNCT
cblr-11901	37	22	to	to	ADP
cblr-11901	37	23	markets	market	NOUN
cblr-11901	37	24	,	,	PUNCT
cblr-11901	37	25	there	there	PRON
cblr-11901	37	26	is	be	VERB
cblr-11901	37	27	not	not	PART
cblr-11901	37	28	a	a	DET
cblr-11901	37	29	contention	contention	NOUN
cblr-11901	37	30	this	this	PRON
cblr-11901	37	31	will	will	AUX
cblr-11901	37	32	result	result	VERB
cblr-11901	37	33	in	in	ADP
cblr-11901	37	34	participants	participant	NOUN
cblr-11901	37	35	having	have	VERB
cblr-11901	37	36	equal	equal	ADJ
cblr-11901	37	37	power	power	NOUN
cblr-11901	37	38	to	to	PART
cblr-11901	37	39	decide	decide	VERB
cblr-11901	37	40	the	the	DET
cblr-11901	37	41	market	market	NOUN
cblr-11901	37	42	’s	’s	PART
cblr-11901	37	43	governance	governance	NOUN
cblr-11901	37	44	.	.	PUNCT
cblr-11901	38	1	julia	julia	PROPN
cblr-11901	38	2	c.	c.	PROPN
cblr-11901	38	3	ott	ott	PROPN
cblr-11901	38	4	,	,	PUNCT
cblr-11901	38	5	when	when	SCONJ
cblr-11901	38	6	wall	wall	PROPN
cblr-11901	38	7	street	street	PROPN
cblr-11901	38	8	met	meet	VERB
cblr-11901	38	9	main	main	ADJ
cblr-11901	38	10	street	street	NOUN
cblr-11901	38	11	4–5	4–5	PROPN
cblr-11901	38	12	(	(	PUNCT
cblr-11901	38	13	2011	2011	NUM
cblr-11901	38	14	)	)	PUNCT
cblr-11901	38	15	.	.	PUNCT
cblr-11901	39	1	for	for	ADP
cblr-11901	39	2	criticisms	criticism	NOUN
cblr-11901	39	3	of	of	ADP
cblr-11901	39	4	the	the	DET
cblr-11901	39	5	conception	conception	NOUN
cblr-11901	39	6	of	of	ADP
cblr-11901	39	7	“	"	PUNCT
cblr-11901	39	8	democratized	democratized	ADJ
cblr-11901	39	9	”	"	PUNCT
cblr-11901	39	10	finance	finance	NOUN
cblr-11901	39	11	,	,	PUNCT
cblr-11901	39	12	see	see	VERB
cblr-11901	39	13	saule	saule	PROPN
cblr-11901	39	14	t.	t.	PROPN
cblr-11901	39	15	omarova	omarova	PROPN
cblr-11901	39	16	,	,	PUNCT
cblr-11901	39	17	new	new	ADJ
cblr-11901	39	18	tech	tech	NOUN
cblr-11901	39	19	v.	v.	ADP
cblr-11901	39	20	new	new	ADJ
cblr-11901	39	21	deal	deal	NOUN
cblr-11901	39	22	:	:	PUNCT
cblr-11901	39	23	fintech	fintech	NOUN
cblr-11901	39	24	as	as	ADP
cblr-11901	39	25	a	a	DET
cblr-11901	39	26	systemic	systemic	ADJ
cblr-11901	39	27	phenomenon	phenomenon	NOUN
cblr-11901	39	28	,	,	PUNCT
cblr-11901	39	29	36	36	NUM
cblr-11901	39	30	yale	yale	PROPN
cblr-11901	39	31	j.	j.	PROPN
cblr-11901	39	32	on	on	ADP
cblr-11901	39	33	reg	reg	PROPN
cblr-11901	39	34	.	.	PUNCT
cblr-11901	40	1	735	735	NUM
cblr-11901	40	2	,	,	PUNCT
cblr-11901	40	3	789–90	789–90	NUM
cblr-11901	40	4	(	(	PUNCT
cblr-11901	40	5	2019	2019	NUM
cblr-11901	40	6	)	)	PUNCT
cblr-11901	40	7	(	(	PUNCT
cblr-11901	40	8	“	"	PUNCT
cblr-11901	40	9	democratizing	democratize	VERB
cblr-11901	40	10	finance	finance	NOUN
cblr-11901	40	11	can	can	AUX
cblr-11901	40	12	not	not	PART
cblr-11901	40	13	be	be	AUX
cblr-11901	40	14	reduced	reduce	VERB
cblr-11901	40	15	to	to	ADP
cblr-11901	40	16	a	a	DET
cblr-11901	40	17	purely	purely	ADV
cblr-11901	40	18	technical	technical	ADJ
cblr-11901	40	19	exercise	exercise	NOUN
cblr-11901	40	20	in	in	ADP
cblr-11901	40	21	decentralizing	decentralize	VERB
cblr-11901	40	22	financial	financial	ADJ
cblr-11901	40	23	services	service	NOUN
cblr-11901	40	24	or	or	CCONJ
cblr-11901	40	25	making	make	VERB
cblr-11901	40	26	them	they	PRON
cblr-11901	40	27	cheaper	cheap	ADJ
cblr-11901	40	28	through	through	ADP
cblr-11901	40	29	the	the	DET
cblr-11901	40	30	use	use	NOUN
cblr-11901	40	31	of	of	ADP
cblr-11901	40	32	algorithms	algorithm	NOUN
cblr-11901	40	33	.	.	PUNCT
cblr-11901	41	1	it	it	PRON
cblr-11901	41	2	is	be	AUX
cblr-11901	41	3	an	an	DET
cblr-11901	41	4	inherently	inherently	ADV
cblr-11901	41	5	political	political	ADJ
cblr-11901	41	6	exercise	exercise	NOUN
cblr-11901	41	7	,	,	PUNCT
cblr-11901	41	8	and	and	CCONJ
cblr-11901	41	9	only	only	ADV
cblr-11901	41	10	a	a	DET
cblr-11901	41	11	democratic	democratic	ADJ
cblr-11901	41	12	polity	polity	NOUN
cblr-11901	41	13	can	can	AUX
cblr-11901	41	14	achieve	achieve	VERB
cblr-11901	41	15	that	that	DET
cblr-11901	41	16	goal	goal	NOUN
cblr-11901	41	17	through	through	ADP
cblr-11901	41	18	a	a	DET
cblr-11901	41	19	coherent	coherent	ADJ
cblr-11901	41	20	and	and	CCONJ
cblr-11901	41	21	comprehensive	comprehensive	ADJ
cblr-11901	41	22	program	program	NOUN
cblr-11901	41	23	of	of	ADP
cblr-11901	41	24	institutional	institutional	ADJ
cblr-11901	41	25	programs	program	NOUN
cblr-11901	41	26	.	.	PUNCT
cblr-11901	41	27	”	"	PUNCT
cblr-11901	41	28	)	)	PUNCT
cblr-11901	41	29	.	.	PUNCT
cblr-11901	42	1	490	490	NUM
cblr-11901	42	2	columbia	columbia	PROPN
cblr-11901	42	3	business	business	PROPN
cblr-11901	42	4	law	law	PROPN
cblr-11901	42	5	review	review	NOUN
cblr-11901	42	6	[	[	X
cblr-11901	42	7	vol	vol	NOUN
cblr-11901	42	8	.	.	PUNCT
cblr-11901	42	9	2023	2023	NUM
cblr-11901	42	10	the	the	DET
cblr-11901	42	11	idea	idea	NOUN
cblr-11901	42	12	of	of	ADP
cblr-11901	42	13	democratized	democratize	VERB
cblr-11901	42	14	finance	finance	NOUN
cblr-11901	42	15	is	be	AUX
cblr-11901	42	16	not	not	PART
cblr-11901	42	17	new	new	ADJ
cblr-11901	42	18	.	.	PUNCT
cblr-11901	43	1	the	the	DET
cblr-11901	43	2	concept	concept	NOUN
cblr-11901	43	3	predates	predate	VERB
cblr-11901	43	4	the	the	DET
cblr-11901	43	5	creation	creation	NOUN
cblr-11901	43	6	of	of	ADP
cblr-11901	43	7	the	the	DET
cblr-11901	43	8	sec	sec	PROPN
cblr-11901	43	9	in	in	ADP
cblr-11901	43	10	the	the	DET
cblr-11901	43	11	1930s.3	1930s.3	PROPN
cblr-11901	43	12	however	however	ADV
cblr-11901	43	13	,	,	PUNCT
cblr-11901	43	14	democratized	democratized	ADJ
cblr-11901	43	15	finance	finance	NOUN
cblr-11901	43	16	has	have	AUX
cblr-11901	43	17	taken	take	VERB
cblr-11901	43	18	on	on	ADP
cblr-11901	43	19	new	new	ADJ
cblr-11901	43	20	relevance	relevance	NOUN
cblr-11901	43	21	as	as	SCONJ
cblr-11901	43	22	retail	retail	ADJ
cblr-11901	43	23	investors	investor	NOUN
cblr-11901	43	24	gain	gain	VERB
cblr-11901	43	25	increasing	increase	VERB
cblr-11901	43	26	access	access	NOUN
cblr-11901	43	27	to	to	ADP
cblr-11901	43	28	financial	financial	ADJ
cblr-11901	43	29	markets	market	NOUN
cblr-11901	43	30	.	.	PUNCT
cblr-11901	44	1	retail	retail	ADJ
cblr-11901	44	2	investors	investor	NOUN
cblr-11901	44	3	are	be	AUX
cblr-11901	44	4	now	now	ADV
cblr-11901	44	5	able	able	ADJ
cblr-11901	44	6	to	to	PART
cblr-11901	44	7	open	open	VERB
cblr-11901	44	8	trading	trading	NOUN
cblr-11901	44	9	accounts	account	NOUN
cblr-11901	44	10	without	without	ADP
cblr-11901	44	11	minimum	minimum	NOUN
cblr-11901	44	12	account	account	NOUN
cblr-11901	44	13	balances	balance	NOUN
cblr-11901	44	14	and	and	CCONJ
cblr-11901	44	15	trade	trade	NOUN
cblr-11901	44	16	fractions	fraction	NOUN
cblr-11901	44	17	of	of	ADP
cblr-11901	44	18	stocks	stock	NOUN
cblr-11901	44	19	or	or	CCONJ
cblr-11901	44	20	cryptocurrency	cryptocurrency	NOUN
cblr-11901	44	21	assets	asset	NOUN
cblr-11901	44	22	without	without	ADP
cblr-11901	44	23	paying	pay	VERB
cblr-11901	44	24	commissions.4	commissions.4	PROPN
cblr-11901	44	25	these	these	DET
cblr-11901	44	26	retail	retail	ADJ
cblr-11901	44	27	investors	investor	NOUN
cblr-11901	44	28	encompass	encompass	VERB
cblr-11901	44	29	a	a	DET
cblr-11901	44	30	disparate	disparate	ADJ
cblr-11901	44	31	group	group	NOUN
cblr-11901	44	32	of	of	ADP
cblr-11901	44	33	individuals	individual	NOUN
cblr-11901	44	34	:	:	PUNCT
cblr-11901	44	35	they	they	PRON
cblr-11901	44	36	may	may	AUX
cblr-11901	44	37	be	be	AUX
cblr-11901	44	38	uninformed	uninformed	ADJ
cblr-11901	44	39	and	and	CCONJ
cblr-11901	44	40	trading	trade	VERB
cblr-11901	44	41	in	in	ADP
cblr-11901	44	42	response	response	NOUN
cblr-11901	44	43	to	to	ADP
cblr-11901	44	44	referral	referral	ADJ
cblr-11901	44	45	incentives	incentive	NOUN
cblr-11901	44	46	,	,	PUNCT
cblr-11901	44	47	advertisements	advertisement	NOUN
cblr-11901	44	48	,	,	PUNCT
cblr-11901	44	49	or	or	CCONJ
cblr-11901	44	50	social	social	ADJ
cblr-11901	44	51	media	medium	NOUN
cblr-11901	44	52	posts	post	NOUN
cblr-11901	44	53	;	;	PUNCT
cblr-11901	44	54	or	or	CCONJ
cblr-11901	44	55	they	they	PRON
cblr-11901	44	56	may	may	AUX
cblr-11901	44	57	be	be	AUX
cblr-11901	44	58	experts	expert	NOUN
cblr-11901	44	59	trading	trading	NOUN
cblr-11901	44	60	using	use	VERB
cblr-11901	44	61	established	establish	VERB
cblr-11901	44	62	investment	investment	NOUN
cblr-11901	44	63	strategies	strategy	NOUN
cblr-11901	44	64	.	.	PUNCT
cblr-11901	45	1	cryptocurrency	cryptocurrency	NOUN
cblr-11901	45	2	entities	entity	NOUN
cblr-11901	45	3	and	and	CCONJ
cblr-11901	45	4	online	online	ADJ
cblr-11901	45	5	retail	retail	ADJ
cblr-11901	45	6	broker	broker	NOUN
cblr-11901	45	7	-	-	PUNCT
cblr-11901	45	8	dealers5	dealers5	NOUN
cblr-11901	45	9	have	have	AUX
cblr-11901	45	10	been	be	AUX
cblr-11901	45	11	key	key	ADJ
cblr-11901	45	12	proponents	proponent	NOUN
cblr-11901	45	13	of	of	ADP
cblr-11901	45	14	democratized	democratize	VERB
cblr-11901	45	15	financial	financial	ADJ
cblr-11901	45	16	services.6	services.6	PROPN
cblr-11901	45	17	but	but	CCONJ
cblr-11901	45	18	as	as	SCONJ
cblr-11901	45	19	markets	market	NOUN
cblr-11901	45	20	became	become	VERB
cblr-11901	45	21	more	more	ADV
cblr-11901	45	22	accessible	accessible	ADJ
cblr-11901	45	23	to	to	ADP
cblr-11901	45	24	retail	retail	ADJ
cblr-11901	45	25	investors	investor	NOUN
cblr-11901	45	26	,	,	PUNCT
cblr-11901	45	27	calls	call	VERB
cblr-11901	45	28	for	for	ADP
cblr-11901	45	29	new	new	ADJ
cblr-11901	45	30	regulations	regulation	NOUN
cblr-11901	45	31	of	of	ADP
cblr-11901	45	32	these	these	DET
cblr-11901	45	33	entities	entity	NOUN
cblr-11901	45	34	grew	grow	VERB
cblr-11901	45	35	louder.7	louder.7	VERB
cblr-11901	45	36	the	the	DET
cblr-11901	45	37	sec	sec	PROPN
cblr-11901	45	38	has	have	AUX
cblr-11901	45	39	been	be	AUX
cblr-11901	45	40	increasingly	increasingly	ADV
cblr-11901	45	41	responsive	responsive	ADJ
cblr-11901	45	42	to	to	ADP
cblr-11901	45	43	these	these	DET
cblr-11901	45	44	calls	call	NOUN
cblr-11901	45	45	after	after	ADP
cblr-11901	45	46	years	year	NOUN
cblr-11901	45	47	of	of	ADP
cblr-11901	45	48	uncertainty	uncertainty	NOUN
cblr-11901	45	49	about	about	ADP
cblr-11901	45	50	how	how	SCONJ
cblr-11901	45	51	best	good	ADJ
cblr-11901	45	52	to	to	PART
cblr-11901	45	53	approach	approach	VERB
cblr-11901	45	54	these	these	DET
cblr-11901	45	55	new	new	ADJ
cblr-11901	45	56	developments.8	developments.8	PROPN
cblr-11901	45	57	3	3	NUM
cblr-11901	45	58	see	see	VERB
cblr-11901	45	59	,	,	PUNCT
cblr-11901	45	60	e.g.	e.g.	ADV
cblr-11901	45	61	,	,	PUNCT
cblr-11901	45	62	julia	julia	PROPN
cblr-11901	45	63	c.	c.	PROPN
cblr-11901	45	64	ott	ott	PROPN
cblr-11901	45	65	,	,	PUNCT
cblr-11901	45	66	when	when	SCONJ
cblr-11901	45	67	wall	wall	PROPN
cblr-11901	45	68	street	street	PROPN
cblr-11901	45	69	met	meet	VERB
cblr-11901	45	70	main	main	ADJ
cblr-11901	45	71	street	street	NOUN
cblr-11901	45	72	4	4	NUM
cblr-11901	45	73	(	(	PUNCT
cblr-11901	45	74	2011	2011	NUM
cblr-11901	45	75	)	)	PUNCT
cblr-11901	45	76	(	(	PUNCT
cblr-11901	45	77	noting	note	VERB
cblr-11901	45	78	that	that	SCONJ
cblr-11901	45	79	prior	prior	ADV
cblr-11901	45	80	to	to	ADP
cblr-11901	45	81	the	the	DET
cblr-11901	45	82	great	great	ADJ
cblr-11901	45	83	depression	depression	NOUN
cblr-11901	45	84	,	,	PUNCT
cblr-11901	45	85	some	some	PRON
cblr-11901	45	86	in	in	ADP
cblr-11901	45	87	the	the	DET
cblr-11901	45	88	financial	financial	ADJ
cblr-11901	45	89	industry	industry	NOUN
cblr-11901	45	90	argued	argue	VERB
cblr-11901	45	91	that	that	SCONJ
cblr-11901	45	92	“	"	PUNCT
cblr-11901	45	93	investor	investor	NOUN
cblr-11901	45	94	democracy	democracy	NOUN
cblr-11901	45	95	”	"	PUNCT
cblr-11901	45	96	would	would	AUX
cblr-11901	45	97	provide	provide	VERB
cblr-11901	45	98	a	a	DET
cblr-11901	45	99	“	"	PUNCT
cblr-11901	45	100	tonic	tonic	NOUN
cblr-11901	45	101	for	for	ADP
cblr-11901	45	102	the	the	DET
cblr-11901	45	103	ailments	ailment	NOUN
cblr-11901	45	104	that	that	PRON
cblr-11901	45	105	corporate	corporate	ADJ
cblr-11901	45	106	capitalism	capitalism	NOUN
cblr-11901	45	107	had	have	AUX
cblr-11901	45	108	inflicted	inflict	VERB
cblr-11901	45	109	”	"	PUNCT
cblr-11901	45	110	)	)	PUNCT
cblr-11901	45	111	.	.	PUNCT
cblr-11901	46	1	4	4	NUM
cblr-11901	46	2	see	see	VERB
cblr-11901	46	3	infra	infra	NOUN
cblr-11901	46	4	section	section	NOUN
cblr-11901	46	5	iii.b	iii.b	PROPN
cblr-11901	46	6	.	.	NOUN
cblr-11901	46	7	5	5	NUM
cblr-11901	46	8	for	for	ADP
cblr-11901	46	9	overviews	overview	NOUN
cblr-11901	46	10	of	of	ADP
cblr-11901	46	11	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	46	12	and	and	CCONJ
cblr-11901	46	13	online	online	ADJ
cblr-11901	46	14	retail	retail	ADJ
cblr-11901	46	15	brokers	broker	NOUN
cblr-11901	46	16	,	,	PUNCT
cblr-11901	46	17	see	see	VERB
cblr-11901	46	18	infra	infra	NOUN
cblr-11901	46	19	sections	section	NOUN
cblr-11901	46	20	iii.a.1	iii.a.1	NOUN
cblr-11901	46	21	,	,	PUNCT
cblr-11901	46	22	iii.b.1	iii.b.1	SYM
cblr-11901	46	23	.	.	NOUN
cblr-11901	46	24	6	6	NUM
cblr-11901	46	25	see	see	VERB
cblr-11901	46	26	,	,	PUNCT
cblr-11901	46	27	e.g.	e.g.	ADV
cblr-11901	46	28	,	,	PUNCT
cblr-11901	46	29	robinhood	robinhood	PROPN
cblr-11901	46	30	,	,	PUNCT
cblr-11901	46	31	prospectus	prospectus	NOUN
cblr-11901	46	32	(	(	PUNCT
cblr-11901	46	33	form	form	VERB
cblr-11901	46	34	s-1	s-1	NOUN
cblr-11901	46	35	registration	registration	NOUN
cblr-11901	46	36	statement	statement	NOUN
cblr-11901	46	37	)	)	PUNCT
cblr-11901	46	38	42	42	NUM
cblr-11901	46	39	(	(	PUNCT
cblr-11901	46	40	july	july	PROPN
cblr-11901	46	41	1	1	NUM
cblr-11901	46	42	,	,	PUNCT
cblr-11901	46	43	2021	2021	NUM
cblr-11901	46	44	)	)	PUNCT
cblr-11901	46	45	(	(	PUNCT
cblr-11901	46	46	noting	note	VERB
cblr-11901	46	47	that	that	SCONJ
cblr-11901	46	48	the	the	DET
cblr-11901	46	49	company	company	NOUN
cblr-11901	46	50	’s	’s	PART
cblr-11901	46	51	mission	mission	NOUN
cblr-11901	46	52	is	be	AUX
cblr-11901	46	53	to	to	PART
cblr-11901	46	54	“	"	PUNCT
cblr-11901	46	55	democratize	democratize	VERB
cblr-11901	46	56	finance	finance	NOUN
cblr-11901	46	57	”	"	PUNCT
cblr-11901	46	58	)	)	PUNCT
cblr-11901	46	59	;	;	PUNCT
cblr-11901	46	60	coinbase	coinbase	NOUN
cblr-11901	46	61	,	,	PUNCT
cblr-11901	46	62	prospectus	prospectus	NOUN
cblr-11901	46	63	(	(	PUNCT
cblr-11901	46	64	form	form	VERB
cblr-11901	46	65	s-1	s-1	NOUN
cblr-11901	46	66	registration	registration	NOUN
cblr-11901	46	67	statement	statement	NOUN
cblr-11901	46	68	)	)	PUNCT
cblr-11901	46	69	125	125	NUM
cblr-11901	46	70	(	(	PUNCT
cblr-11901	46	71	feb	feb	X
cblr-11901	46	72	.	.	PROPN
cblr-11901	46	73	25	25	NUM
cblr-11901	46	74	,	,	PUNCT
cblr-11901	46	75	2021	2021	NUM
cblr-11901	46	76	)	)	PUNCT
cblr-11901	46	77	;	;	PUNCT
cblr-11901	46	78	david	david	PROPN
cblr-11901	46	79	w.	w.	PROPN
cblr-11901	46	80	perkins	perkins	PROPN
cblr-11901	46	81	,	,	PUNCT
cblr-11901	46	82	cong	cong	PROPN
cblr-11901	46	83	.	.	PUNCT
cblr-11901	47	1	rsch	rsch	PROPN
cblr-11901	47	2	.	.	PUNCT
cblr-11901	48	1	serv	serv	PROPN
cblr-11901	48	2	.	.	PROPN
cblr-11901	48	3	,	,	PUNCT
cblr-11901	48	4	r46332	r46332	PROPN
cblr-11901	48	5	,	,	PUNCT
cblr-11901	48	6	fintech	fintech	NOUN
cblr-11901	48	7	:	:	PUNCT
cblr-11901	48	8	overview	overview	NOUN
cblr-11901	48	9	of	of	ADP
cblr-11901	48	10	innovative	innovative	ADJ
cblr-11901	48	11	financial	financial	ADJ
cblr-11901	48	12	technology	technology	NOUN
cblr-11901	48	13	and	and	CCONJ
cblr-11901	48	14	selected	select	VERB
cblr-11901	48	15	policy	policy	NOUN
cblr-11901	48	16	issues	issue	NOUN
cblr-11901	48	17	24	24	NUM
cblr-11901	48	18	(	(	PUNCT
cblr-11901	48	19	2020	2020	NUM
cblr-11901	48	20	)	)	PUNCT
cblr-11901	48	21	;	;	PUNCT
cblr-11901	48	22	ephrat	ephrat	PROPN
cblr-11901	48	23	livni	livni	PROPN
cblr-11901	48	24	,	,	PUNCT
cblr-11901	48	25	welcome	welcome	ADJ
cblr-11901	48	26	to	to	ADP
cblr-11901	48	27	‘	'	PUNCT
cblr-11901	48	28	web3	web3	PROPN
cblr-11901	48	29	.	.	PUNCT
cblr-11901	48	30	’	'	PUNCT
cblr-11901	49	1	what	what	PRON
cblr-11901	49	2	’s	’	VERB
cblr-11901	49	3	that	that	PRON
cblr-11901	49	4	?	?	PUNCT
cblr-11901	49	5	,	,	PUNCT
cblr-11901	49	6	n.y	n.y	PROPN
cblr-11901	49	7	.	.	PROPN
cblr-11901	49	8	times	times	PROPN
cblr-11901	49	9	(	(	PUNCT
cblr-11901	49	10	dec	dec	PROPN
cblr-11901	49	11	.	.	PROPN
cblr-11901	49	12	5	5	NUM
cblr-11901	49	13	,	,	PUNCT
cblr-11901	49	14	2021	2021	NUM
cblr-11901	49	15	)	)	PUNCT
cblr-11901	49	16	,	,	PUNCT
cblr-11901	49	17	https://www.nytimes.com/2021/12/05/business/dealbook/what-is-web3.html	https://www.nytimes.com/2021/12/05/business/dealbook/what-is-web3.html	X
cblr-11901	50	1	[	[	X
cblr-11901	50	2	https://perma.cc/tcv3-9kqv	https://perma.cc/tcv3-9kqv	NOUN
cblr-11901	50	3	]	]	X
cblr-11901	50	4	;	;	PUNCT
cblr-11901	50	5	eric	eric	PROPN
cblr-11901	50	6	lipton	lipton	PROPN
cblr-11901	50	7	&	&	CCONJ
cblr-11901	50	8	ephrat	ephrat	PROPN
cblr-11901	50	9	livni	livni	PROPN
cblr-11901	50	10	,	,	PUNCT
cblr-11901	50	11	crypto	crypto	PROPN
cblr-11901	50	12	’s	’s	PART
cblr-11901	50	13	rapid	rapid	ADJ
cblr-11901	50	14	move	move	NOUN
cblr-11901	50	15	into	into	ADP
cblr-11901	50	16	banking	banking	NOUN
cblr-11901	50	17	elicits	elicit	NOUN
cblr-11901	50	18	alarm	alarm	NOUN
cblr-11901	50	19	in	in	ADP
cblr-11901	50	20	washington	washington	PROPN
cblr-11901	50	21	,	,	PUNCT
cblr-11901	50	22	n.y	n.y	PROPN
cblr-11901	50	23	.	.	PROPN
cblr-11901	50	24	times	times	PROPN
cblr-11901	50	25	(	(	PUNCT
cblr-11901	50	26	sept	sept	PROPN
cblr-11901	50	27	.	.	PROPN
cblr-11901	50	28	5	5	NUM
cblr-11901	50	29	,	,	PUNCT
cblr-11901	50	30	2021	2021	NUM
cblr-11901	50	31	)	)	PUNCT
cblr-11901	51	1	(	(	PUNCT
cblr-11901	51	2	statement	statement	NOUN
cblr-11901	51	3	from	from	ADP
cblr-11901	51	4	company	company	NOUN
cblr-11901	51	5	executives	executive	NOUN
cblr-11901	51	6	)	)	PUNCT
cblr-11901	51	7	,	,	PUNCT
cblr-11901	51	8	https://www.nytimes.com/2021/09/05/us/politics/cryptocurrency-bankingregulation.html	https://www.nytimes.com/2021/09/05/us/politics/cryptocurrency-bankingregulation.html	NOUN
cblr-11901	52	1	[	[	X
cblr-11901	52	2	https://perma.cc/dqn6-swbu	https://perma.cc/dqn6-swbu	X
cblr-11901	52	3	]	]	PUNCT
cblr-11901	52	4	.	.	PUNCT
cblr-11901	52	5	]	]	PUNCT
cblr-11901	52	6	7	7	NUM
cblr-11901	52	7	see	see	VERB
cblr-11901	52	8	,	,	PUNCT
cblr-11901	52	9	e.g.	e.g.	ADV
cblr-11901	52	10	,	,	PUNCT
cblr-11901	52	11	supra	supra	PROPN
cblr-11901	52	12	sections	section	NOUN
cblr-11901	52	13	iii.a.2	iii.a.2	PROPN
cblr-11901	52	14	,	,	PUNCT
cblr-11901	52	15	iii.b.2	iii.b.2	PROPN
cblr-11901	52	16	.	.	PROPN
cblr-11901	52	17	8	8	NUM
cblr-11901	53	1	i	i	PRON
cblr-11901	53	2	d.	d.	PROPN
cblr-11901	53	3	no	no	INTJ
cblr-11901	53	4	.	.	NOUN
cblr-11901	53	5	1	1	NUM
cblr-11901	53	6	]	]	PUNCT
cblr-11901	53	7	regulating	regulate	VERB
cblr-11901	53	8	democratized	democratized	ADJ
cblr-11901	53	9	finance	finance	NOUN
cblr-11901	53	10	491	491	NUM
cblr-11901	53	11	these	these	DET
cblr-11901	53	12	moves	move	NOUN
cblr-11901	53	13	toward	toward	ADP
cblr-11901	53	14	greater	great	ADJ
cblr-11901	53	15	regulation	regulation	NOUN
cblr-11901	53	16	of	of	ADP
cblr-11901	53	17	fintech	fintech	NOUN
cblr-11901	53	18	and	and	CCONJ
cblr-11901	53	19	democratized	democratize	VERB
cblr-11901	53	20	finance	finance	NOUN
cblr-11901	53	21	entities	entity	NOUN
cblr-11901	53	22	have	have	AUX
cblr-11901	53	23	raised	raise	VERB
cblr-11901	53	24	three	three	NUM
cblr-11901	53	25	key	key	ADJ
cblr-11901	53	26	questions	question	NOUN
cblr-11901	53	27	for	for	ADP
cblr-11901	53	28	the	the	DET
cblr-11901	53	29	agency	agency	NOUN
cblr-11901	53	30	,	,	PUNCT
cblr-11901	53	31	policymakers	policymaker	NOUN
cblr-11901	53	32	and	and	CCONJ
cblr-11901	53	33	market	market	NOUN
cblr-11901	53	34	participants	participant	NOUN
cblr-11901	53	35	.	.	PUNCT
cblr-11901	54	1	first	first	ADV
cblr-11901	54	2	,	,	PUNCT
cblr-11901	54	3	the	the	DET
cblr-11901	54	4	threshold	threshold	NOUN
cblr-11901	54	5	question	question	NOUN
cblr-11901	54	6	is	be	AUX
cblr-11901	54	7	whether	whether	SCONJ
cblr-11901	54	8	the	the	DET
cblr-11901	54	9	sec	sec	PROPN
cblr-11901	54	10	has	have	VERB
cblr-11901	54	11	authority	authority	NOUN
cblr-11901	54	12	to	to	PART
cblr-11901	54	13	regulate	regulate	VERB
cblr-11901	54	14	new	new	ADJ
cblr-11901	54	15	market	market	NOUN
cblr-11901	54	16	developments	development	NOUN
cblr-11901	54	17	,	,	PUNCT
cblr-11901	54	18	i.e.	i.e.	X
cblr-11901	54	19	whether	whether	SCONJ
cblr-11901	54	20	new	new	ADJ
cblr-11901	54	21	products	product	NOUN
cblr-11901	54	22	and	and	CCONJ
cblr-11901	54	23	markets	market	NOUN
cblr-11901	54	24	fit	fit	ADJ
cblr-11901	54	25	within	within	ADP
cblr-11901	54	26	the	the	DET
cblr-11901	54	27	agency	agency	NOUN
cblr-11901	54	28	’s	’s	PART
cblr-11901	54	29	“	"	PUNCT
cblr-11901	54	30	regulatory	regulatory	ADJ
cblr-11901	54	31	perimeter	perimeter	NOUN
cblr-11901	54	32	.	.	PUNCT
cblr-11901	54	33	”9	”9	PUNCT
cblr-11901	54	34	second	second	ADV
cblr-11901	54	35	,	,	PUNCT
cblr-11901	54	36	assuming	assume	VERB
cblr-11901	54	37	such	such	ADJ
cblr-11901	54	38	authority	authority	NOUN
cblr-11901	54	39	exists	exist	VERB
cblr-11901	54	40	,	,	PUNCT
cblr-11901	54	41	whether	whether	SCONJ
cblr-11901	54	42	existing	exist	VERB
cblr-11901	54	43	regulations	regulation	NOUN
cblr-11901	54	44	are	be	AUX
cblr-11901	54	45	adequate	adequate	ADJ
cblr-11901	54	46	or	or	CCONJ
cblr-11901	54	47	whether	whether	SCONJ
cblr-11901	54	48	new	new	ADJ
cblr-11901	54	49	regulatory	regulatory	ADJ
cblr-11901	54	50	frameworks	framework	NOUN
cblr-11901	54	51	tailored	tailor	VERB
cblr-11901	54	52	to	to	ADP
cblr-11901	54	53	these	these	DET
cblr-11901	54	54	innovations	innovation	NOUN
cblr-11901	54	55	would	would	AUX
cblr-11901	54	56	better	well	ADV
cblr-11901	54	57	promote	promote	VERB
cblr-11901	54	58	the	the	DET
cblr-11901	54	59	integrity	integrity	NOUN
cblr-11901	54	60	of	of	ADP
cblr-11901	54	61	financial	financial	ADJ
cblr-11901	54	62	markets	market	NOUN
cblr-11901	54	63	.	.	PUNCT
cblr-11901	55	1	third	third	ADJ
cblr-11901	55	2	,	,	PUNCT
cblr-11901	55	3	as	as	SCONJ
cblr-11901	55	4	the	the	DET
cblr-11901	55	5	sec	sec	PROPN
cblr-11901	55	6	and	and	CCONJ
cblr-11901	55	7	policymakers	policymaker	NOUN
cblr-11901	55	8	consider	consider	VERB
cblr-11901	55	9	how	how	SCONJ
cblr-11901	55	10	best	good	ADJ
cblr-11901	55	11	to	to	PART
cblr-11901	55	12	regulate	regulate	VERB
cblr-11901	55	13	these	these	DET
cblr-11901	55	14	entities	entity	NOUN
cblr-11901	55	15	,	,	PUNCT
cblr-11901	55	16	whether	whether	SCONJ
cblr-11901	55	17	the	the	DET
cblr-11901	55	18	sec	sec	PROPN
cblr-11901	55	19	should	should	AUX
cblr-11901	55	20	promote	promote	VERB
cblr-11901	55	21	increased	increase	VERB
cblr-11901	55	22	access	access	NOUN
cblr-11901	55	23	to	to	ADP
cblr-11901	55	24	public	public	ADJ
cblr-11901	55	25	markets	market	NOUN
cblr-11901	55	26	or	or	CCONJ
cblr-11901	55	27	instead	instead	ADV
cblr-11901	55	28	add	add	VERB
cblr-11901	55	29	restrictions	restriction	NOUN
cblr-11901	55	30	or	or	CCONJ
cblr-11901	55	31	erect	erect	ADJ
cblr-11901	55	32	roadblocks	roadblock	NOUN
cblr-11901	55	33	to	to	PART
cblr-11901	55	34	counteract	counteract	VERB
cblr-11901	55	35	the	the	DET
cblr-11901	55	36	reduction	reduction	NOUN
cblr-11901	55	37	of	of	ADP
cblr-11901	55	38	barriers	barrier	NOUN
cblr-11901	55	39	to	to	ADP
cblr-11901	55	40	entering	enter	VERB
cblr-11901	55	41	financial	financial	ADJ
cblr-11901	55	42	markets	market	NOUN
cblr-11901	55	43	associated	associate	VERB
cblr-11901	55	44	with	with	ADP
cblr-11901	55	45	fintech	fintech	NOUN
cblr-11901	55	46	products	product	NOUN
cblr-11901	55	47	and	and	CCONJ
cblr-11901	55	48	services	service	NOUN
cblr-11901	55	49	.	.	PUNCT
cblr-11901	56	1	this	this	DET
cblr-11901	56	2	note	note	NOUN
cblr-11901	56	3	considers	consider	VERB
cblr-11901	56	4	these	these	DET
cblr-11901	56	5	questions	question	NOUN
cblr-11901	56	6	and	and	CCONJ
cblr-11901	56	7	reviews	review	NOUN
cblr-11901	56	8	frameworks	framework	NOUN
cblr-11901	56	9	to	to	PART
cblr-11901	56	10	conceptualize	conceptualize	VERB
cblr-11901	56	11	the	the	DET
cblr-11901	56	12	regulation	regulation	NOUN
cblr-11901	56	13	of	of	ADP
cblr-11901	56	14	financial	financial	ADJ
cblr-11901	56	15	market	market	NOUN
cblr-11901	56	16	innovation	innovation	NOUN
cblr-11901	56	17	.	.	PUNCT
cblr-11901	57	1	part	part	NOUN
cblr-11901	57	2	ii	ii	PROPN
cblr-11901	57	3	first	first	ADV
cblr-11901	57	4	reviews	review	VERB
cblr-11901	57	5	a	a	DET
cblr-11901	57	6	simple	simple	ADJ
cblr-11901	57	7	model	model	NOUN
cblr-11901	57	8	that	that	PRON
cblr-11901	57	9	includes	include	VERB
cblr-11901	57	10	two	two	NUM
cblr-11901	57	11	broad	broad	ADJ
cblr-11901	57	12	approaches	approach	NOUN
cblr-11901	57	13	to	to	ADP
cblr-11901	57	14	the	the	DET
cblr-11901	57	15	regulation	regulation	NOUN
cblr-11901	57	16	of	of	ADP
cblr-11901	57	17	financial	financial	ADJ
cblr-11901	57	18	market	market	NOUN
cblr-11901	57	19	innovations	innovation	NOUN
cblr-11901	57	20	:	:	PUNCT
cblr-11901	57	21	(	(	PUNCT
cblr-11901	57	22	1	1	X
cblr-11901	57	23	)	)	PUNCT
cblr-11901	57	24	applying	apply	VERB
cblr-11901	57	25	existing	exist	VERB
cblr-11901	57	26	regulatory	regulatory	ADJ
cblr-11901	57	27	frameworks	framework	NOUN
cblr-11901	57	28	to	to	ADP
cblr-11901	57	29	new	new	ADJ
cblr-11901	57	30	assets	asset	NOUN
cblr-11901	57	31	or	or	CCONJ
cblr-11901	57	32	services	service	NOUN
cblr-11901	57	33	through	through	ADP
cblr-11901	57	34	expanded	expand	VERB
cblr-11901	57	35	enforcement	enforcement	NOUN
cblr-11901	57	36	(	(	PUNCT
cblr-11901	57	37	illustrated	illustrate	VERB
cblr-11901	57	38	by	by	ADP
cblr-11901	57	39	the	the	DET
cblr-11901	57	40	flexible	flexible	ADJ
cblr-11901	57	41	application	application	NOUN
cblr-11901	57	42	by	by	ADP
cblr-11901	57	43	the	the	DET
cblr-11901	57	44	sec	sec	PROPN
cblr-11901	57	45	of	of	ADP
cblr-11901	57	46	the	the	DET
cblr-11901	57	47	term	term	NOUN
cblr-11901	57	48	“	"	PUNCT
cblr-11901	57	49	security	security	NOUN
cblr-11901	57	50	”	"	PUNCT
cblr-11901	57	51	to	to	ADP
cblr-11901	57	52	new	new	ADJ
cblr-11901	57	53	market	market	NOUN
cblr-11901	57	54	developments	development	NOUN
cblr-11901	57	55	)	)	PUNCT
cblr-11901	57	56	and	and	CCONJ
cblr-11901	57	57	(	(	PUNCT
cblr-11901	57	58	2	2	X
cblr-11901	57	59	)	)	PUNCT
cblr-11901	57	60	establishing	establish	VERB
cblr-11901	57	61	new	new	ADJ
cblr-11901	57	62	regulatory	regulatory	ADJ
cblr-11901	57	63	frameworks	framework	NOUN
cblr-11901	57	64	through	through	ADP
cblr-11901	57	65	detailed	detailed	ADJ
cblr-11901	57	66	rulemaking	rulemaking	NOUN
cblr-11901	57	67	(	(	PUNCT
cblr-11901	57	68	illustrated	illustrate	VERB
cblr-11901	57	69	by	by	ADP
cblr-11901	57	70	the	the	DET
cblr-11901	57	71	development	development	NOUN
cblr-11901	57	72	of	of	ADP
cblr-11901	57	73	the	the	DET
cblr-11901	57	74	national	national	ADJ
cblr-11901	57	75	market	market	NOUN
cblr-11901	57	76	system	system	NOUN
cblr-11901	57	77	regulations	regulation	NOUN
cblr-11901	57	78	beginning	begin	VERB
cblr-11901	57	79	in	in	ADP
cblr-11901	57	80	the	the	DET
cblr-11901	57	81	early	early	ADJ
cblr-11901	57	82	1970s	1970s	NUM
cblr-11901	57	83	by	by	ADP
cblr-11901	57	84	the	the	DET
cblr-11901	57	85	sec).10	sec).10	DET
cblr-11901	57	86	part	part	NOUN
cblr-11901	57	87	iii	iii	X
cblr-11901	57	88	then	then	ADV
cblr-11901	57	89	reviews	review	VERB
cblr-11901	57	90	how	how	SCONJ
cblr-11901	57	91	the	the	DET
cblr-11901	57	92	sec	sec	PROPN
cblr-11901	57	93	has	have	AUX
cblr-11901	57	94	used	use	VERB
cblr-11901	57	95	these	these	DET
cblr-11901	57	96	9	9	NUM
cblr-11901	57	97	the	the	DET
cblr-11901	57	98	“	"	PUNCT
cblr-11901	57	99	regulatory	regulatory	ADJ
cblr-11901	57	100	perimeter	perimeter	NOUN
cblr-11901	57	101	”	"	PUNCT
cblr-11901	57	102	refers	refer	VERB
cblr-11901	57	103	to	to	ADP
cblr-11901	57	104	the	the	DET
cblr-11901	57	105	legal	legal	ADJ
cblr-11901	57	106	rules	rule	NOUN
cblr-11901	57	107	that	that	PRON
cblr-11901	57	108	govern	govern	VERB
cblr-11901	57	109	a	a	DET
cblr-11901	57	110	certain	certain	ADJ
cblr-11901	57	111	area	area	NOUN
cblr-11901	57	112	and	and	CCONJ
cblr-11901	57	113	refer	refer	VERB
cblr-11901	57	114	to	to	ADP
cblr-11901	57	115	the	the	DET
cblr-11901	57	116	jurisdiction	jurisdiction	NOUN
cblr-11901	57	117	of	of	ADP
cblr-11901	57	118	agencies	agency	NOUN
cblr-11901	57	119	to	to	PART
cblr-11901	57	120	act	act	VERB
cblr-11901	57	121	within	within	ADP
cblr-11901	57	122	certain	certain	ADJ
cblr-11901	57	123	market	market	NOUN
cblr-11901	57	124	segments	segment	NOUN
cblr-11901	57	125	.	.	PUNCT
cblr-11901	58	1	see	see	VERB
cblr-11901	58	2	,	,	PUNCT
cblr-11901	58	3	e.g.	e.g.	ADV
cblr-11901	58	4	,	,	PUNCT
cblr-11901	58	5	nicholas	nicholas	PROPN
cblr-11901	58	6	k.	k.	PROPN
cblr-11901	58	7	tabor	tabor	PROPN
cblr-11901	58	8	,	,	PUNCT
cblr-11901	58	9	katherine	katherine	PROPN
cblr-11901	58	10	e.	e.	PROPN
cblr-11901	58	11	di	di	PROPN
cblr-11901	58	12	lucido	lucido	PROPN
cblr-11901	58	13	&	&	CCONJ
cblr-11901	58	14	jeffery	jeffery	PROPN
cblr-11901	58	15	y.	y.	PROPN
cblr-11901	58	16	zhang	zhang	PROPN
cblr-11901	58	17	(	(	PUNCT
cblr-11901	58	18	2021	2021	NUM
cblr-11901	58	19	)	)	PUNCT
cblr-11901	58	20	,	,	PUNCT
cblr-11901	58	21	a	a	DET
cblr-11901	58	22	brief	brief	ADJ
cblr-11901	58	23	history	history	NOUN
cblr-11901	58	24	of	of	ADP
cblr-11901	58	25	the	the	DET
cblr-11901	58	26	u.s	u.s	PROPN
cblr-11901	58	27	.	.	PROPN
cblr-11901	58	28	regulatory	regulatory	ADJ
cblr-11901	58	29	perimeter	perimeter	NOUN
cblr-11901	58	30	,	,	PUNCT
cblr-11901	58	31	finance	finance	NOUN
cblr-11901	58	32	and	and	CCONJ
cblr-11901	58	33	economics	economic	NOUN
cblr-11901	58	34	discussion	discussion	NOUN
cblr-11901	58	35	series	series	PROPN
cblr-11901	58	36	2021	2021	NUM
cblr-11901	58	37	-	-	SYM
cblr-11901	58	38	051	051	NUM
cblr-11901	58	39	.	.	PUNCT
cblr-11901	59	1	washington	washington	PROPN
cblr-11901	59	2	:	:	PUNCT
cblr-11901	59	3	board	board	NOUN
cblr-11901	59	4	of	of	ADP
cblr-11901	59	5	governors	governor	NOUN
cblr-11901	59	6	of	of	ADP
cblr-11901	59	7	the	the	DET
cblr-11901	59	8	federal	federal	PROPN
cblr-11901	59	9	reserve	reserve	PROPN
cblr-11901	59	10	system	system	NOUN
cblr-11901	59	11	,	,	PUNCT
cblr-11901	59	12	https://doi.org/10.17016/feds.2021.051	https://doi.org/10.17016/feds.2021.051	PROPN
cblr-11901	59	13	[	[	X
cblr-11901	59	14	https://perma.cc/38w6-lgp3	https://perma.cc/38w6-lgp3	NOUN
cblr-11901	59	15	]	]	PUNCT
cblr-11901	59	16	.	.	PUNCT
cblr-11901	60	1	10	10	NUM
cblr-11901	60	2	while	while	SCONJ
cblr-11901	60	3	the	the	DET
cblr-11901	60	4	analysis	analysis	NOUN
cblr-11901	60	5	in	in	ADP
cblr-11901	60	6	part	part	NOUN
cblr-11901	60	7	ii	ii	PROPN
cblr-11901	60	8	focuses	focus	VERB
cblr-11901	60	9	on	on	ADP
cblr-11901	60	10	the	the	DET
cblr-11901	60	11	sec	sec	PROPN
cblr-11901	60	12	,	,	PUNCT
cblr-11901	60	13	similar	similar	ADJ
cblr-11901	60	14	considerations	consideration	NOUN
cblr-11901	60	15	apply	apply	VERB
cblr-11901	60	16	to	to	ADP
cblr-11901	60	17	other	other	ADJ
cblr-11901	60	18	agencies	agency	NOUN
cblr-11901	60	19	.	.	PUNCT
cblr-11901	61	1	for	for	ADP
cblr-11901	61	2	instance	instance	NOUN
cblr-11901	61	3	,	,	PUNCT
cblr-11901	61	4	agencies	agency	NOUN
cblr-11901	61	5	and	and	CCONJ
cblr-11901	61	6	courts	court	NOUN
cblr-11901	61	7	must	must	AUX
cblr-11901	61	8	consider	consider	VERB
cblr-11901	61	9	the	the	DET
cblr-11901	61	10	importance	importance	NOUN
cblr-11901	61	11	of	of	ADP
cblr-11901	61	12	market	market	NOUN
cblr-11901	61	13	access	access	NOUN
cblr-11901	61	14	and	and	CCONJ
cblr-11901	61	15	breadth	breadth	NOUN
cblr-11901	61	16	of	of	ADP
cblr-11901	61	17	terms	term	NOUN
cblr-11901	61	18	such	such	ADJ
cblr-11901	61	19	as	as	ADP
cblr-11901	61	20	“	"	PUNCT
cblr-11901	61	21	business	business	NOUN
cblr-11901	61	22	of	of	ADP
cblr-11901	61	23	banking	banking	NOUN
cblr-11901	61	24	”	"	PUNCT
cblr-11901	61	25	when	when	SCONJ
cblr-11901	61	26	considering	consider	VERB
cblr-11901	61	27	the	the	DET
cblr-11901	61	28	authority	authority	NOUN
cblr-11901	61	29	of	of	ADP
cblr-11901	61	30	the	the	DET
cblr-11901	61	31	office	office	NOUN
cblr-11901	61	32	of	of	ADP
cblr-11901	61	33	comptroller	comptroller	NOUN
cblr-11901	61	34	of	of	ADP
cblr-11901	61	35	the	the	DET
cblr-11901	61	36	currency	currency	NOUN
cblr-11901	61	37	(	(	PUNCT
cblr-11901	61	38	occ	occ	PROPN
cblr-11901	61	39	)	)	PUNCT
cblr-11901	61	40	.	.	PUNCT
cblr-11901	62	1	see	see	VERB
cblr-11901	62	2	,	,	PUNCT
cblr-11901	62	3	e.g.	e.g.	ADV
cblr-11901	62	4	,	,	PUNCT
cblr-11901	62	5	lacewell	lacewell	ADV
cblr-11901	62	6	v.	v.	ADV
cblr-11901	62	7	off	off	ADP
cblr-11901	62	8	.	.	PUNCT
cblr-11901	63	1	of	of	ADP
cblr-11901	63	2	comptroller	comptroller	NOUN
cblr-11901	63	3	of	of	ADP
cblr-11901	63	4	currency	currency	NOUN
cblr-11901	63	5	,	,	PUNCT
cblr-11901	63	6	999	999	NUM
cblr-11901	63	7	f.3d	f.3d	NUM
cblr-11901	63	8	130	130	NUM
cblr-11901	63	9	,	,	PUNCT
cblr-11901	63	10	135–36	135–36	NUM
cblr-11901	63	11	(	(	PUNCT
cblr-11901	63	12	2d	2d	NUM
cblr-11901	63	13	cir	cir	NOUN
cblr-11901	63	14	.	.	PROPN
cblr-11901	63	15	2021	2021	NUM
cblr-11901	63	16	)	)	PUNCT
cblr-11901	63	17	(	(	PUNCT
cblr-11901	63	18	reversing	reverse	VERB
cblr-11901	63	19	a	a	DET
cblr-11901	63	20	decision	decision	NOUN
cblr-11901	63	21	on	on	ADP
cblr-11901	63	22	492	492	NUM
cblr-11901	63	23	columbia	columbia	PROPN
cblr-11901	63	24	business	business	NOUN
cblr-11901	63	25	law	law	PROPN
cblr-11901	63	26	review	review	NOUN
cblr-11901	63	27	[	[	X
cblr-11901	63	28	vol	vol	NOUN
cblr-11901	63	29	.	.	PUNCT
cblr-11901	63	30	2023	2023	NUM
cblr-11901	63	31	approaches	approach	NOUN
cblr-11901	63	32	in	in	ADP
cblr-11901	63	33	recent	recent	ADJ
cblr-11901	63	34	years	year	NOUN
cblr-11901	63	35	when	when	SCONJ
cblr-11901	63	36	regulating	regulate	VERB
cblr-11901	63	37	financial	financial	ADJ
cblr-11901	63	38	market	market	NOUN
cblr-11901	63	39	innovations	innovation	NOUN
cblr-11901	63	40	that	that	PRON
cblr-11901	63	41	aim	aim	VERB
cblr-11901	63	42	to	to	PART
cblr-11901	63	43	democratize	democratize	VERB
cblr-11901	63	44	finance	finance	NOUN
cblr-11901	63	45	–	–	PUNCT
cblr-11901	63	46	specifically	specifically	ADV
cblr-11901	63	47	in	in	ADP
cblr-11901	63	48	the	the	DET
cblr-11901	63	49	recent	recent	ADJ
cblr-11901	63	50	regulation	regulation	NOUN
cblr-11901	63	51	of	of	ADP
cblr-11901	63	52	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	63	53	and	and	CCONJ
cblr-11901	63	54	online	online	ADJ
cblr-11901	63	55	retail	retail	ADJ
cblr-11901	63	56	broker	broker	NOUN
cblr-11901	63	57	-	-	PUNCT
cblr-11901	63	58	dealers	dealer	NOUN
cblr-11901	63	59	.	.	PUNCT
cblr-11901	64	1	lastly	lastly	ADV
cblr-11901	64	2	,	,	PUNCT
cblr-11901	64	3	part	part	NOUN
cblr-11901	64	4	iv	iv	NUM
cblr-11901	64	5	proposes	propose	VERB
cblr-11901	64	6	two	two	NUM
cblr-11901	64	7	frameworks	framework	NOUN
cblr-11901	64	8	to	to	PART
cblr-11901	64	9	conceptualize	conceptualize	VERB
cblr-11901	64	10	the	the	DET
cblr-11901	64	11	regulation	regulation	NOUN
cblr-11901	64	12	of	of	ADP
cblr-11901	64	13	financial	financial	ADJ
cblr-11901	64	14	market	market	NOUN
cblr-11901	64	15	innovations	innovation	NOUN
cblr-11901	64	16	by	by	ADP
cblr-11901	64	17	the	the	DET
cblr-11901	64	18	sec	sec	PROPN
cblr-11901	64	19	.	.	PUNCT
cblr-11901	65	1	first	first	ADV
cblr-11901	65	2	,	,	PUNCT
cblr-11901	65	3	this	this	DET
cblr-11901	65	4	part	part	NOUN
cblr-11901	65	5	presents	present	VERB
cblr-11901	65	6	a	a	DET
cblr-11901	65	7	framework	framework	NOUN
cblr-11901	65	8	to	to	PART
cblr-11901	65	9	understand	understand	VERB
cblr-11901	65	10	the	the	DET
cblr-11901	65	11	sec	sec	PROPN
cblr-11901	65	12	’s	’s	PART
cblr-11901	65	13	application	application	NOUN
cblr-11901	65	14	of	of	ADP
cblr-11901	65	15	existing	exist	VERB
cblr-11901	65	16	regulations	regulation	NOUN
cblr-11901	65	17	to	to	ADP
cblr-11901	65	18	new	new	ADJ
cblr-11901	65	19	developments	development	NOUN
cblr-11901	65	20	through	through	ADP
cblr-11901	65	21	enforcement	enforcement	NOUN
cblr-11901	65	22	of	of	ADP
cblr-11901	65	23	existing	exist	VERB
cblr-11901	65	24	securities	security	NOUN
cblr-11901	65	25	laws	law	NOUN
cblr-11901	65	26	as	as	SCONJ
cblr-11901	65	27	opposed	oppose	VERB
cblr-11901	65	28	to	to	ADP
cblr-11901	65	29	the	the	DET
cblr-11901	65	30	creation	creation	NOUN
cblr-11901	65	31	of	of	ADP
cblr-11901	65	32	new	new	ADJ
cblr-11901	65	33	,	,	PUNCT
cblr-11901	65	34	more	more	ADV
cblr-11901	65	35	tailored	tailor	VERB
cblr-11901	65	36	,	,	PUNCT
cblr-11901	65	37	regulations	regulation	NOUN
cblr-11901	65	38	.	.	PUNCT
cblr-11901	66	1	part	part	NOUN
cblr-11901	66	2	iv	iv	NUM
cblr-11901	66	3	then	then	ADV
cblr-11901	66	4	presents	present	VERB
cblr-11901	66	5	a	a	DET
cblr-11901	66	6	framework	framework	NOUN
cblr-11901	66	7	to	to	PART
cblr-11901	66	8	consider	consider	VERB
cblr-11901	66	9	when	when	SCONJ
cblr-11901	66	10	limitations	limitation	NOUN
cblr-11901	66	11	to	to	ADP
cblr-11901	66	12	market	market	NOUN
cblr-11901	66	13	access	access	NOUN
cblr-11901	66	14	may	may	AUX
cblr-11901	66	15	be	be	AUX
cblr-11901	66	16	appropriate	appropriate	ADJ
cblr-11901	66	17	to	to	PART
cblr-11901	66	18	counteract	counteract	VERB
cblr-11901	66	19	increasing	increase	VERB
cblr-11901	66	20	access	access	NOUN
cblr-11901	66	21	in	in	ADP
cblr-11901	66	22	these	these	DET
cblr-11901	66	23	markets	market	NOUN
cblr-11901	66	24	due	due	ADJ
cblr-11901	66	25	to	to	ADP
cblr-11901	66	26	reductions	reduction	NOUN
cblr-11901	66	27	to	to	ADP
cblr-11901	66	28	barriers	barrier	NOUN
cblr-11901	66	29	to	to	ADP
cblr-11901	66	30	entry	entry	NOUN
cblr-11901	66	31	.	.	PUNCT
cblr-11901	67	1	ultimately	ultimately	ADV
cblr-11901	67	2	,	,	PUNCT
cblr-11901	67	3	by	by	ADP
cblr-11901	67	4	reviewing	review	VERB
cblr-11901	67	5	prior	prior	ADJ
cblr-11901	67	6	instances	instance	NOUN
cblr-11901	67	7	of	of	ADP
cblr-11901	67	8	regulation	regulation	NOUN
cblr-11901	67	9	,	,	PUNCT
cblr-11901	67	10	contemporary	contemporary	ADJ
cblr-11901	67	11	issues	issue	NOUN
cblr-11901	67	12	and	and	CCONJ
cblr-11901	67	13	frameworks	framework	NOUN
cblr-11901	67	14	,	,	PUNCT
cblr-11901	67	15	this	this	DET
cblr-11901	67	16	note	note	NOUN
cblr-11901	67	17	aims	aim	VERB
cblr-11901	67	18	to	to	PART
cblr-11901	67	19	give	give	VERB
cblr-11901	67	20	greater	great	ADJ
cblr-11901	67	21	clarity	clarity	NOUN
cblr-11901	67	22	to	to	ADP
cblr-11901	67	23	how	how	SCONJ
cblr-11901	67	24	the	the	DET
cblr-11901	67	25	sec	sec	PROPN
cblr-11901	67	26	has	have	AUX
cblr-11901	67	27	and	and	CCONJ
cblr-11901	67	28	will	will	AUX
cblr-11901	67	29	continue	continue	VERB
cblr-11901	67	30	to	to	PART
cblr-11901	67	31	regulate	regulate	VERB
cblr-11901	67	32	financial	financial	ADJ
cblr-11901	67	33	market	market	NOUN
cblr-11901	67	34	innovations	innovation	NOUN
cblr-11901	67	35	,	,	PUNCT
cblr-11901	67	36	in	in	ADP
cblr-11901	67	37	particular	particular	ADJ
cblr-11901	67	38	as	as	SCONJ
cblr-11901	67	39	it	it	PRON
cblr-11901	67	40	relates	relate	VERB
cblr-11901	67	41	to	to	PART
cblr-11901	67	42	“	"	PUNCT
cblr-11901	67	43	democratized	democratize	VERB
cblr-11901	67	44	”	"	PUNCT
cblr-11901	67	45	financial	financial	ADJ
cblr-11901	67	46	markets	market	NOUN
cblr-11901	67	47	.	.	PUNCT
cblr-11901	68	1	ii	ii	PROPN
cblr-11901	68	2	.	.	PUNCT
cblr-11901	69	1	sec	sec	PROPN
cblr-11901	69	2	regulation	regulation	NOUN
cblr-11901	69	3	of	of	ADP
cblr-11901	69	4	financial	financial	ADJ
cblr-11901	69	5	market	market	NOUN
cblr-11901	69	6	innovations	innovation	NOUN
cblr-11901	69	7	a	a	DET
cblr-11901	69	8	simple	simple	ADJ
cblr-11901	69	9	model	model	NOUN
cblr-11901	69	10	of	of	ADP
cblr-11901	69	11	financial	financial	ADJ
cblr-11901	69	12	regulation	regulation	NOUN
cblr-11901	69	13	posits	posit	NOUN
cblr-11901	69	14	that	that	SCONJ
cblr-11901	69	15	there	there	PRON
cblr-11901	69	16	are	be	VERB
cblr-11901	69	17	two	two	NUM
cblr-11901	69	18	broad	broad	ADJ
cblr-11901	69	19	approaches	approach	NOUN
cblr-11901	69	20	to	to	ADP
cblr-11901	69	21	regulating	regulate	VERB
cblr-11901	69	22	financial	financial	ADJ
cblr-11901	69	23	market	market	NOUN
cblr-11901	69	24	innovations	innovation	NOUN
cblr-11901	69	25	:	:	PUNCT
cblr-11901	69	26	(	(	PUNCT
cblr-11901	69	27	1	1	X
cblr-11901	69	28	)	)	PUNCT
cblr-11901	69	29	applying	apply	VERB
cblr-11901	69	30	existing	exist	VERB
cblr-11901	69	31	regulations	regulation	NOUN
cblr-11901	69	32	to	to	ADP
cblr-11901	69	33	new	new	ADJ
cblr-11901	69	34	developments	development	NOUN
cblr-11901	69	35	;	;	PUNCT
cblr-11901	69	36	and	and	CCONJ
cblr-11901	69	37	(	(	PUNCT
cblr-11901	69	38	2	2	X
cblr-11901	69	39	)	)	PUNCT
cblr-11901	69	40	developing	develop	VERB
cblr-11901	69	41	new	new	ADJ
cblr-11901	69	42	regulations	regulation	NOUN
cblr-11901	69	43	tailored	tailor	VERB
cblr-11901	69	44	to	to	ADP
cblr-11901	69	45	new	new	ADJ
cblr-11901	69	46	developments.11	developments.11	PROPN
cblr-11901	69	47	this	this	DET
cblr-11901	69	48	part	part	NOUN
cblr-11901	69	49	illustrates	illustrate	VERB
cblr-11901	69	50	the	the	DET
cblr-11901	69	51	benefits	benefit	NOUN
cblr-11901	69	52	and	and	CCONJ
cblr-11901	69	53	procedural	procedural	ADJ
cblr-11901	69	54	grounds	ground	NOUN
cblr-11901	69	55	from	from	ADP
cblr-11901	69	56	a	a	DET
cblr-11901	69	57	lower	low	ADJ
cblr-11901	69	58	court	court	NOUN
cblr-11901	69	59	decision	decision	NOUN
cblr-11901	69	60	finding	find	VERB
cblr-11901	69	61	that	that	SCONJ
cblr-11901	69	62	the	the	DET
cblr-11901	69	63	occ	occ	NOUN
cblr-11901	69	64	did	do	AUX
cblr-11901	69	65	not	not	PART
cblr-11901	69	66	have	have	VERB
cblr-11901	69	67	authority	authority	NOUN
cblr-11901	69	68	to	to	PART
cblr-11901	69	69	grant	grant	VERB
cblr-11901	69	70	a	a	DET
cblr-11901	69	71	new	new	ADJ
cblr-11901	69	72	type	type	NOUN
cblr-11901	69	73	of	of	ADP
cblr-11901	69	74	bank	bank	NOUN
cblr-11901	69	75	charter	charter	NOUN
cblr-11901	69	76	to	to	ADP
cblr-11901	69	77	a	a	DET
cblr-11901	69	78	fintech	fintech	NOUN
cblr-11901	69	79	company	company	NOUN
cblr-11901	69	80	)	)	PUNCT
cblr-11901	69	81	.	.	PUNCT
cblr-11901	70	1	similar	similar	ADJ
cblr-11901	70	2	analysis	analysis	NOUN
cblr-11901	70	3	also	also	ADV
cblr-11901	70	4	applies	apply	VERB
cblr-11901	70	5	for	for	ADP
cblr-11901	70	6	the	the	DET
cblr-11901	70	7	cftc	cftc	PROPN
cblr-11901	70	8	when	when	SCONJ
cblr-11901	70	9	considering	consider	VERB
cblr-11901	70	10	the	the	DET
cblr-11901	70	11	definition	definition	NOUN
cblr-11901	70	12	of	of	ADP
cblr-11901	70	13	“	"	PUNCT
cblr-11901	70	14	commodity	commodity	NOUN
cblr-11901	70	15	.	.	PUNCT
cblr-11901	70	16	”	"	PUNCT
cblr-11901	71	1	7	7	NUM
cblr-11901	71	2	u.s.c	u.s.c	ADJ
cblr-11901	71	3	.	.	PUNCT
cblr-11901	72	1	§	§	PROPN
cblr-11901	72	2	1a(9	1a(9	NUM
cblr-11901	72	3	)	)	PUNCT
cblr-11901	72	4	(	(	PUNCT
cblr-11901	72	5	definition	definition	NOUN
cblr-11901	72	6	of	of	ADP
cblr-11901	72	7	“	"	PUNCT
cblr-11901	72	8	commodity	commodity	NOUN
cblr-11901	72	9	”	"	PUNCT
cblr-11901	72	10	)	)	PUNCT
cblr-11901	72	11	;	;	PUNCT
cblr-11901	72	12	see	see	VERB
cblr-11901	72	13	also	also	ADV
cblr-11901	72	14	joel	joel	PROPN
cblr-11901	72	15	seligman	seligman	PROPN
cblr-11901	72	16	,	,	PUNCT
cblr-11901	72	17	the	the	DET
cblr-11901	72	18	transformation	transformation	NOUN
cblr-11901	72	19	of	of	ADP
cblr-11901	72	20	wall	wall	PROPN
cblr-11901	72	21	street	street	PROPN
cblr-11901	72	22	:	:	PUNCT
cblr-11901	72	23	a	a	DET
cblr-11901	72	24	history	history	NOUN
cblr-11901	72	25	of	of	ADP
cblr-11901	72	26	the	the	DET
cblr-11901	72	27	securities	securities	PROPN
cblr-11901	72	28	and	and	CCONJ
cblr-11901	72	29	exchange	exchange	PROPN
cblr-11901	72	30	commission	commission	PROPN
cblr-11901	72	31	and	and	CCONJ
cblr-11901	72	32	modern	modern	ADJ
cblr-11901	72	33	corporate	corporate	ADJ
cblr-11901	72	34	finance	finance	NOUN
cblr-11901	72	35	595	595	NUM
cblr-11901	72	36	(	(	PUNCT
cblr-11901	72	37	2003	2003	NUM
cblr-11901	72	38	)	)	PUNCT
cblr-11901	72	39	;	;	PUNCT
cblr-11901	72	40	todd	todd	PROPN
cblr-11901	72	41	ehret	ehret	PROPN
cblr-11901	72	42	,	,	PUNCT
cblr-11901	72	43	us	us	PROPN
cblr-11901	72	44	crypto	crypto	NOUN
cblr-11901	72	45	framework	framework	NOUN
cblr-11901	72	46	begins	begin	VERB
cblr-11901	72	47	to	to	PART
cblr-11901	72	48	evolve	evolve	VERB
cblr-11901	72	49	:	:	PUNCT
cblr-11901	72	50	a	a	DET
cblr-11901	72	51	special	special	ADJ
cblr-11901	72	52	report	report	NOUN
cblr-11901	72	53	update	update	NOUN
cblr-11901	72	54	,	,	PUNCT
cblr-11901	72	55	reuters	reuters	PROPN
cblr-11901	72	56	(	(	PUNCT
cblr-11901	72	57	oct	oct	PROPN
cblr-11901	72	58	.	.	PROPN
cblr-11901	72	59	22	22	NUM
cblr-11901	72	60	,	,	PUNCT
cblr-11901	72	61	2021	2021	NUM
cblr-11901	72	62	)	)	PUNCT
cblr-11901	72	63	,	,	PUNCT
cblr-11901	73	1	https://www.reuters.com/legal/transactional/us-crypto-framework-beginsevolve-special-report-update-2021-10-22/	https://www.reuters.com/legal/transactional/us-crypto-framework-beginsevolve-special-report-update-2021-10-22/	ADJ
cblr-11901	73	2	[	[	X
cblr-11901	73	3	https://perma.cc/5nyv-zv5b	https://perma.cc/5nyv-zv5b	NOUN
cblr-11901	73	4	]	]	X
cblr-11901	73	5	.	.	PUNCT
cblr-11901	73	6	11	11	NUM
cblr-11901	73	7	for	for	ADP
cblr-11901	73	8	a	a	DET
cblr-11901	73	9	recent	recent	ADJ
cblr-11901	73	10	review	review	NOUN
cblr-11901	73	11	of	of	ADP
cblr-11901	73	12	this	this	DET
cblr-11901	73	13	“	"	PUNCT
cblr-11901	73	14	dumb	dumb	ADJ
cblr-11901	73	15	model	model	NOUN
cblr-11901	73	16	,	,	PUNCT
cblr-11901	73	17	”	"	PUNCT
cblr-11901	73	18	see	see	VERB
cblr-11901	73	19	matt	matt	PROPN
cblr-11901	73	20	levine	levine	PROPN
cblr-11901	73	21	,	,	PUNCT
cblr-11901	73	22	you	you	PRON
cblr-11901	73	23	get	get	VERB
cblr-11901	73	24	the	the	DET
cblr-11901	73	25	crypto	crypto	NOUN
cblr-11901	73	26	rules	rule	NOUN
cblr-11901	73	27	you	you	PRON
cblr-11901	73	28	pay	pay	VERB
cblr-11901	73	29	for	for	ADP
cblr-11901	73	30	,	,	PUNCT
cblr-11901	73	31	bloomberg	bloomberg	PROPN
cblr-11901	73	32	op	op	NOUN
cblr-11901	73	33	.	.	PUNCT
cblr-11901	74	1	(	(	PUNCT
cblr-11901	74	2	feb	feb	PROPN
cblr-11901	74	3	.	.	PROPN
cblr-11901	74	4	15	15	NUM
cblr-11901	74	5	,	,	PUNCT
cblr-11901	74	6	2022	2022	NUM
cblr-11901	74	7	,	,	PUNCT
cblr-11901	74	8	1:26	1:26	NUM
cblr-11901	74	9	pm	pm	NOUN
cblr-11901	74	10	)	)	PUNCT
cblr-11901	74	11	,	,	PUNCT
cblr-11901	74	12	https://www.bloomberg.com/opinion/articles/2022-02-15/you-get-the-cryptorules-you-pay-for#xj4y7vzkg	https://www.bloomberg.com/opinion/articles/2022-02-15/you-get-the-cryptorules-you-pay-for#xj4y7vzkg	X
cblr-11901	74	13	[	[	X
cblr-11901	74	14	https://perma.cc/kez7-m42l	https://perma.cc/kez7-m42l	PROPN
cblr-11901	74	15	]	]	X
cblr-11901	74	16	.	.	PUNCT
cblr-11901	75	1	no	no	INTJ
cblr-11901	75	2	.	.	NOUN
cblr-11901	75	3	1	1	NUM
cblr-11901	75	4	]	]	PUNCT
cblr-11901	75	5	regulating	regulate	VERB
cblr-11901	75	6	democratized	democratized	ADJ
cblr-11901	75	7	finance	finance	NOUN
cblr-11901	75	8	493	493	NUM
cblr-11901	75	9	drawbacks	drawback	NOUN
cblr-11901	75	10	of	of	ADP
cblr-11901	75	11	each	each	DET
cblr-11901	75	12	approach	approach	NOUN
cblr-11901	75	13	by	by	ADP
cblr-11901	75	14	reviewing	review	VERB
cblr-11901	75	15	the	the	DET
cblr-11901	75	16	application	application	NOUN
cblr-11901	75	17	of	of	ADP
cblr-11901	75	18	the	the	DET
cblr-11901	75	19	term	term	NOUN
cblr-11901	75	20	“	"	PUNCT
cblr-11901	75	21	security	security	NOUN
cblr-11901	75	22	”	"	PUNCT
cblr-11901	75	23	to	to	ADP
cblr-11901	75	24	financial	financial	ADJ
cblr-11901	75	25	instruments	instrument	NOUN
cblr-11901	75	26	and	and	CCONJ
cblr-11901	75	27	the	the	DET
cblr-11901	75	28	creation	creation	NOUN
cblr-11901	75	29	of	of	ADP
cblr-11901	75	30	the	the	DET
cblr-11901	75	31	national	national	ADJ
cblr-11901	75	32	market	market	NOUN
cblr-11901	75	33	system	system	NOUN
cblr-11901	75	34	.	.	PUNCT
cblr-11901	76	1	doing	do	VERB
cblr-11901	76	2	so	so	ADV
cblr-11901	76	3	provides	provide	VERB
cblr-11901	76	4	historical	historical	ADJ
cblr-11901	76	5	background	background	NOUN
cblr-11901	76	6	before	before	ADP
cblr-11901	76	7	considering	consider	VERB
cblr-11901	76	8	approaches	approach	NOUN
cblr-11901	76	9	to	to	ADP
cblr-11901	76	10	regulating	regulate	VERB
cblr-11901	76	11	fintech	fintech	NOUN
cblr-11901	76	12	.	.	PUNCT
cblr-11901	77	1	a.	a.	NOUN
cblr-11901	77	2	applying	apply	VERB
cblr-11901	77	3	existing	exist	VERB
cblr-11901	77	4	securities	security	NOUN
cblr-11901	77	5	regulations	regulation	NOUN
cblr-11901	77	6	to	to	ADP
cblr-11901	77	7	new	new	ADJ
cblr-11901	77	8	market	market	NOUN
cblr-11901	77	9	developments	development	NOUN
cblr-11901	77	10	the	the	DET
cblr-11901	77	11	securities	securities	PROPN
cblr-11901	77	12	exchange	exchange	PROPN
cblr-11901	77	13	act	act	NOUN
cblr-11901	77	14	of	of	ADP
cblr-11901	77	15	1934	1934	NUM
cblr-11901	77	16	(	(	PUNCT
cblr-11901	77	17	“	"	PUNCT
cblr-11901	77	18	exchange	exchange	NOUN
cblr-11901	77	19	act”)12	act”)12	PROPN
cblr-11901	77	20	created	create	VERB
cblr-11901	77	21	the	the	DET
cblr-11901	77	22	sec	sec	PROPN
cblr-11901	77	23	,	,	PUNCT
cblr-11901	77	24	giving	give	VERB
cblr-11901	77	25	the	the	DET
cblr-11901	77	26	agency	agency	NOUN
cblr-11901	77	27	broad	broad	ADJ
cblr-11901	77	28	authority	authority	NOUN
cblr-11901	77	29	to	to	PART
cblr-11901	77	30	regulate	regulate	VERB
cblr-11901	77	31	securities	security	NOUN
cblr-11901	77	32	markets	market	NOUN
cblr-11901	77	33	and	and	CCONJ
cblr-11901	77	34	market	market	NOUN
cblr-11901	77	35	participants.13	participants.13	NOUN
cblr-11901	77	36	because	because	SCONJ
cblr-11901	77	37	the	the	DET
cblr-11901	77	38	agency	agency	NOUN
cblr-11901	77	39	regulates	regulate	VERB
cblr-11901	77	40	“	"	PUNCT
cblr-11901	77	41	securities	security	NOUN
cblr-11901	77	42	”	"	PUNCT
cblr-11901	77	43	markets	market	NOUN
cblr-11901	77	44	,	,	PUNCT
cblr-11901	77	45	the	the	DET
cblr-11901	77	46	definition	definition	NOUN
cblr-11901	77	47	of	of	ADP
cblr-11901	77	48	“	"	PUNCT
cblr-11901	77	49	security	security	NOUN
cblr-11901	77	50	”	"	PUNCT
cblr-11901	77	51	is	be	AUX
cblr-11901	77	52	essential	essential	ADJ
cblr-11901	77	53	to	to	ADP
cblr-11901	77	54	determining	determine	VERB
cblr-11901	77	55	the	the	DET
cblr-11901	77	56	sec	sec	PROPN
cblr-11901	77	57	’s	’s	PART
cblr-11901	77	58	authority.14	authority.14	ADP
cblr-11901	77	59	“	"	PUNCT
cblr-11901	77	60	security	security	NOUN
cblr-11901	77	61	”	"	PUNCT
cblr-11901	77	62	has	have	VERB
cblr-11901	77	63	a	a	DET
cblr-11901	77	64	broad	broad	ADJ
cblr-11901	77	65	meaning	meaning	NOUN
cblr-11901	77	66	in	in	ADP
cblr-11901	77	67	the	the	DET
cblr-11901	77	68	exchange	exchange	NOUN
cblr-11901	77	69	act,15	act,15	ADV
cblr-11901	77	70	affirmed	affirm	VERB
cblr-11901	77	71	by	by	ADP
cblr-11901	77	72	the	the	DET
cblr-11901	77	73	supreme	supreme	PROPN
cblr-11901	78	1	court.16	court.16	PROPN
cblr-11901	78	2	the	the	DET
cblr-11901	78	3	sec	sec	PROPN
cblr-11901	78	4	has	have	AUX
cblr-11901	78	5	,	,	PUNCT
cblr-11901	78	6	throughout	throughout	ADP
cblr-11901	78	7	its	its	PRON
cblr-11901	78	8	history	history	NOUN
cblr-11901	78	9	,	,	PUNCT
cblr-11901	78	10	invoked	invoke	VERB
cblr-11901	78	11	this	this	DET
cblr-11901	78	12	broad	broad	ADJ
cblr-11901	78	13	authority	authority	NOUN
cblr-11901	78	14	to	to	PART
cblr-11901	78	15	bring	bring	VERB
cblr-11901	78	16	new	new	ADJ
cblr-11901	78	17	financial	financial	ADJ
cblr-11901	78	18	products	product	NOUN
cblr-11901	78	19	or	or	CCONJ
cblr-11901	78	20	services	service	NOUN
cblr-11901	78	21	under	under	ADP
cblr-11901	78	22	existing	exist	VERB
cblr-11901	78	23	regulatory	regulatory	ADJ
cblr-11901	78	24	frameworks.17	frameworks.17	NOUN
cblr-11901	78	25	12	12	NUM
cblr-11901	78	26	securities	security	NOUN
cblr-11901	78	27	exchange	exchange	PROPN
cblr-11901	78	28	act	act	NOUN
cblr-11901	78	29	of	of	ADP
cblr-11901	78	30	1934	1934	NUM
cblr-11901	78	31	,	,	PUNCT
cblr-11901	78	32	pub	pub	NOUN
cblr-11901	78	33	.	.	PUNCT
cblr-11901	79	1	l.	l.	PROPN
cblr-11901	79	2	no	no	INTJ
cblr-11901	79	3	.	.	PUNCT
cblr-11901	80	1	73–291	73–291	NUM
cblr-11901	80	2	(	(	PUNCT
cblr-11901	80	3	codified	codify	VERB
cblr-11901	80	4	as	as	SCONJ
cblr-11901	80	5	amended	amend	VERB
cblr-11901	80	6	at	at	ADP
cblr-11901	80	7	15	15	NUM
cblr-11901	80	8	u.s.c	u.s.c	ADJ
cblr-11901	80	9	.	.	PUNCT
cblr-11901	81	1	§	§	PROPN
cblr-11901	81	2	78a	78a	PROPN
cblr-11901	81	3	et	et	PROPN
cblr-11901	81	4	seq	seq	PROPN
cblr-11901	81	5	.	.	PUNCT
cblr-11901	81	6	)	)	PUNCT
cblr-11901	81	7	.	.	PUNCT
cblr-11901	82	1	13	13	NUM
cblr-11901	82	2	prior	prior	ADV
cblr-11901	82	3	to	to	ADP
cblr-11901	82	4	these	these	DET
cblr-11901	82	5	acts	act	NOUN
cblr-11901	82	6	,	,	PUNCT
cblr-11901	82	7	regulation	regulation	NOUN
cblr-11901	82	8	of	of	ADP
cblr-11901	82	9	securities	security	NOUN
cblr-11901	82	10	markets	market	NOUN
cblr-11901	82	11	was	be	AUX
cblr-11901	82	12	a	a	DET
cblr-11901	82	13	domain	domain	NOUN
cblr-11901	82	14	generally	generally	ADV
cblr-11901	82	15	left	leave	VERB
cblr-11901	82	16	to	to	ADP
cblr-11901	82	17	the	the	DET
cblr-11901	82	18	states	state	NOUN
cblr-11901	82	19	.	.	PUNCT
cblr-11901	83	1	the	the	DET
cblr-11901	83	2	ftc	ftc	PROPN
cblr-11901	83	3	was	be	AUX
cblr-11901	83	4	initially	initially	ADV
cblr-11901	83	5	given	give	VERB
cblr-11901	83	6	authority	authority	NOUN
cblr-11901	83	7	to	to	PART
cblr-11901	83	8	regulate	regulate	VERB
cblr-11901	83	9	securities	security	NOUN
cblr-11901	83	10	markets	market	NOUN
cblr-11901	83	11	under	under	ADP
cblr-11901	83	12	the	the	DET
cblr-11901	83	13	securities	security	NOUN
cblr-11901	83	14	act	act	NOUN
cblr-11901	83	15	of	of	ADP
cblr-11901	83	16	1933	1933	NUM
cblr-11901	83	17	;	;	PUNCT
cblr-11901	83	18	however	however	ADV
cblr-11901	83	19	,	,	PUNCT
cblr-11901	83	20	this	this	PRON
cblr-11901	83	21	changed	change	VERB
cblr-11901	83	22	when	when	SCONJ
cblr-11901	83	23	the	the	DET
cblr-11901	83	24	securities	securities	PROPN
cblr-11901	83	25	exchange	exchange	PROPN
cblr-11901	83	26	act	act	NOUN
cblr-11901	83	27	of	of	ADP
cblr-11901	83	28	1934	1934	NUM
cblr-11901	83	29	created	create	VERB
cblr-11901	83	30	the	the	DET
cblr-11901	83	31	sec	sec	PROPN
cblr-11901	83	32	.	.	PROPN
cblr-11901	83	33	seligman	seligman	PROPN
cblr-11901	83	34	,	,	PUNCT
cblr-11901	83	35	supra	supra	PROPN
cblr-11901	83	36	note	note	PROPN
cblr-11901	83	37	10	10	NUM
cblr-11901	83	38	,	,	PUNCT
cblr-11901	83	39	at	at	ADP
cblr-11901	83	40	70	70	NUM
cblr-11901	83	41	.	.	PUNCT
cblr-11901	84	1	14	14	NUM
cblr-11901	84	2	securities	security	NOUN
cblr-11901	84	3	act	act	NOUN
cblr-11901	84	4	of	of	ADP
cblr-11901	84	5	1933	1933	NUM
cblr-11901	84	6	,	,	PUNCT
cblr-11901	84	7	pub	pub	NOUN
cblr-11901	84	8	.	.	PUNCT
cblr-11901	85	1	l.	l.	PROPN
cblr-11901	85	2	no	no	INTJ
cblr-11901	85	3	.	.	PUNCT
cblr-11901	86	1	73–22	73–22	NUM
cblr-11901	86	2	(	(	PUNCT
cblr-11901	86	3	codified	codify	VERB
cblr-11901	86	4	as	as	SCONJ
cblr-11901	86	5	amended	amend	VERB
cblr-11901	86	6	at	at	ADP
cblr-11901	86	7	15	15	NUM
cblr-11901	86	8	u.s.c	u.s.c	ADJ
cblr-11901	86	9	.	.	PUNCT
cblr-11901	87	1	§	§	PROPN
cblr-11901	87	2	77a	77a	NUM
cblr-11901	87	3	et	et	PROPN
cblr-11901	87	4	seq	seq	PROPN
cblr-11901	87	5	.	.	PROPN
cblr-11901	87	6	)	)	PUNCT
cblr-11901	88	1	;	;	PUNCT
cblr-11901	88	2	see	see	VERB
cblr-11901	88	3	also	also	ADV
cblr-11901	88	4	john	john	PROPN
cblr-11901	88	5	coffee	coffee	PROPN
cblr-11901	88	6	,	,	PUNCT
cblr-11901	88	7	hillary	hillary	PROPN
cblr-11901	88	8	sale	sale	PROPN
cblr-11901	88	9	&	&	CCONJ
cblr-11901	88	10	m.	m.	PROPN
cblr-11901	88	11	todd	todd	PROPN
cblr-11901	88	12	henderson	henderson	PROPN
cblr-11901	88	13	,	,	PUNCT
cblr-11901	88	14	securities	security	NOUN
cblr-11901	88	15	regulation	regulation	NOUN
cblr-11901	88	16	:	:	PUNCT
cblr-11901	88	17	cases	case	NOUN
cblr-11901	88	18	and	and	CCONJ
cblr-11901	88	19	materials	material	NOUN
cblr-11901	88	20	259–60	259–60	PROPN
cblr-11901	88	21	(	(	PUNCT
cblr-11901	88	22	13th	13th	NOUN
cblr-11901	88	23	ed	ed	NOUN
cblr-11901	88	24	.	.	PROPN
cblr-11901	88	25	2015	2015	NUM
cblr-11901	88	26	)	)	PUNCT
cblr-11901	88	27	.	.	PUNCT
cblr-11901	89	1	15	15	NUM
cblr-11901	89	2	although	although	SCONJ
cblr-11901	89	3	not	not	PART
cblr-11901	89	4	identical	identical	ADJ
cblr-11901	89	5	,	,	PUNCT
cblr-11901	89	6	the	the	DET
cblr-11901	89	7	court	court	NOUN
cblr-11901	89	8	has	have	AUX
cblr-11901	89	9	consistently	consistently	ADV
cblr-11901	89	10	held	hold	VERB
cblr-11901	89	11	that	that	SCONJ
cblr-11901	89	12	definitions	definition	NOUN
cblr-11901	89	13	in	in	ADP
cblr-11901	89	14	the	the	DET
cblr-11901	89	15	exchange	exchange	NOUN
cblr-11901	89	16	act	act	NOUN
cblr-11901	89	17	of	of	ADP
cblr-11901	89	18	1933	1933	NUM
cblr-11901	89	19	and	and	CCONJ
cblr-11901	89	20	the	the	DET
cblr-11901	89	21	securities	securities	PROPN
cblr-11901	89	22	exchange	exchange	PROPN
cblr-11901	89	23	act	act	PROPN
cblr-11901	89	24	of	of	ADP
cblr-11901	89	25	1934	1934	NUM
cblr-11901	89	26	are	be	AUX
cblr-11901	89	27	“	"	PUNCT
cblr-11901	89	28	essentially	essentially	ADV
cblr-11901	89	29	the	the	DET
cblr-11901	89	30	same	same	ADJ
cblr-11901	89	31	,	,	PUNCT
cblr-11901	89	32	”	"	PUNCT
cblr-11901	89	33	,	,	PUNCT
cblr-11901	89	34	so	so	ADV
cblr-11901	89	35	are	be	AUX
cblr-11901	89	36	treated	treat	VERB
cblr-11901	89	37	interchangeably	interchangeably	ADV
cblr-11901	89	38	here	here	ADV
cblr-11901	89	39	.	.	PUNCT
cblr-11901	90	1	marine	marine	PROPN
cblr-11901	90	2	bank	bank	PROPN
cblr-11901	90	3	v.	v.	ADP
cblr-11901	90	4	weaver	weaver	PROPN
cblr-11901	90	5	,	,	PUNCT
cblr-11901	90	6	455	455	NUM
cblr-11901	90	7	u.s	u.s	PROPN
cblr-11901	90	8	.	.	PROPN
cblr-11901	90	9	551	551	NUM
cblr-11901	90	10	,	,	PUNCT
cblr-11901	90	11	555–56	555–56	NUM
cblr-11901	90	12	(	(	PUNCT
cblr-11901	90	13	1982	1982	NUM
cblr-11901	90	14	)	)	PUNCT
cblr-11901	90	15	.	.	PUNCT
cblr-11901	91	1	16	16	NUM
cblr-11901	91	2	s.e.c	s.e.c	NOUN
cblr-11901	91	3	.	.	PUNCT
cblr-11901	92	1	v.	v.	ADP
cblr-11901	92	2	c.	c.	PROPN
cblr-11901	92	3	m.	m.	PROPN
cblr-11901	92	4	joiner	joiner	PROPN
cblr-11901	92	5	leasing	leasing	PROPN
cblr-11901	92	6	corp	corp	PROPN
cblr-11901	92	7	.	.	PROPN
cblr-11901	92	8	,	,	PUNCT
cblr-11901	92	9	320	320	NUM
cblr-11901	92	10	u.s	u.s	PROPN
cblr-11901	92	11	.	.	PROPN
cblr-11901	92	12	344	344	NUM
cblr-11901	92	13	,	,	PUNCT
cblr-11901	92	14	351	351	NUM
cblr-11901	92	15	(	(	PUNCT
cblr-11901	92	16	1943	1943	NUM
cblr-11901	92	17	)	)	PUNCT
cblr-11901	92	18	.	.	PUNCT
cblr-11901	93	1	17	17	NUM
cblr-11901	93	2	the	the	DET
cblr-11901	93	3	typical	typical	ADJ
cblr-11901	93	4	approach	approach	NOUN
cblr-11901	93	5	for	for	ADP
cblr-11901	93	6	defining	define	VERB
cblr-11901	93	7	the	the	DET
cblr-11901	93	8	outer	outer	ADJ
cblr-11901	93	9	limits	limit	NOUN
cblr-11901	93	10	of	of	ADP
cblr-11901	93	11	securities	security	NOUN
cblr-11901	93	12	can	can	AUX
cblr-11901	93	13	be	be	AUX
cblr-11901	93	14	shown	show	VERB
cblr-11901	93	15	in	in	ADP
cblr-11901	93	16	the	the	DET
cblr-11901	93	17	process	process	NOUN
cblr-11901	93	18	reviewed	review	VERB
cblr-11901	93	19	by	by	ADP
cblr-11901	93	20	the	the	DET
cblr-11901	93	21	court	court	NOUN
cblr-11901	93	22	in	in	ADP
cblr-11901	93	23	s.e.c	s.e.c	NOUN
cblr-11901	93	24	.	.	PUNCT
cblr-11901	94	1	v.	v.	PROPN
cblr-11901	94	2	edwards	edwards	PROPN
cblr-11901	94	3	,	,	PUNCT
cblr-11901	94	4	which	which	PRON
cblr-11901	94	5	considered	consider	VERB
cblr-11901	94	6	whether	whether	SCONJ
cblr-11901	94	7	an	an	DET
cblr-11901	94	8	investment	investment	NOUN
cblr-11901	94	9	contract	contract	NOUN
cblr-11901	94	10	promising	promise	VERB
cblr-11901	94	11	fixed	fixed	ADJ
cblr-11901	94	12	returns	return	NOUN
cblr-11901	94	13	was	be	AUX
cblr-11901	94	14	an	an	DET
cblr-11901	94	15	‘	'	PUNCT
cblr-11901	94	16	investment	investment	NOUN
cblr-11901	94	17	contract	contract	NOUN
cblr-11901	94	18	’	'	PUNCT
cblr-11901	94	19	according	accord	VERB
cblr-11901	94	20	to	to	ADP
cblr-11901	94	21	the	the	DET
cblr-11901	94	22	1933	1933	NUM
cblr-11901	94	23	act	act	NOUN
cblr-11901	94	24	and	and	CCONJ
cblr-11901	94	25	thus	thus	ADV
cblr-11901	94	26	a	a	DET
cblr-11901	94	27	‘	'	PUNCT
cblr-11901	94	28	security	security	NOUN
cblr-11901	94	29	’	'	PUNCT
cblr-11901	94	30	subject	subject	NOUN
cblr-11901	94	31	to	to	ADP
cblr-11901	94	32	federal	federal	ADJ
cblr-11901	94	33	securities	security	NOUN
cblr-11901	94	34	laws	law	NOUN
cblr-11901	94	35	.	.	PUNCT
cblr-11901	95	1	the	the	DET
cblr-11901	95	2	case	case	NOUN
cblr-11901	95	3	arose	arise	VERB
cblr-11901	95	4	from	from	ADP
cblr-11901	95	5	a	a	DET
cblr-11901	95	6	civil	civil	ADJ
cblr-11901	95	7	fraud	fraud	NOUN
cblr-11901	95	8	enforcement	enforcement	NOUN
cblr-11901	95	9	action	action	NOUN
cblr-11901	95	10	against	against	ADP
cblr-11901	95	11	the	the	DET
cblr-11901	95	12	promoter	promoter	NOUN
cblr-11901	95	13	of	of	ADP
cblr-11901	95	14	this	this	DET
cblr-11901	95	15	fixed	fix	VERB
cblr-11901	95	16	return	return	NOUN
cblr-11901	95	17	arrangement	arrangement	NOUN
cblr-11901	95	18	,	,	PUNCT
cblr-11901	95	19	alleging	allege	VERB
cblr-11901	95	20	violations	violation	NOUN
cblr-11901	95	21	registration	registration	NOUN
cblr-11901	95	22	and	and	CCONJ
cblr-11901	95	23	antifraud	antifraud	NOUN
cblr-11901	95	24	provisions	provision	NOUN
cblr-11901	95	25	of	of	ADP
cblr-11901	95	26	these	these	DET
cblr-11901	95	27	acts	act	NOUN
cblr-11901	95	28	.	.	PUNCT
cblr-11901	96	1	the	the	DET
cblr-11901	96	2	sec	sec	PROPN
cblr-11901	96	3	and	and	CCONJ
cblr-11901	96	4	494	494	NUM
cblr-11901	96	5	columbia	columbia	PROPN
cblr-11901	96	6	business	business	NOUN
cblr-11901	96	7	law	law	PROPN
cblr-11901	96	8	review	review	NOUN
cblr-11901	96	9	[	[	X
cblr-11901	96	10	vol	vol	NOUN
cblr-11901	96	11	.	.	PUNCT
cblr-11901	96	12	2023	2023	NUM
cblr-11901	96	13	the	the	DET
cblr-11901	96	14	agency	agency	NOUN
cblr-11901	96	15	’s	’s	PART
cblr-11901	96	16	authority	authority	NOUN
cblr-11901	96	17	is	be	AUX
cblr-11901	96	18	not	not	PART
cblr-11901	96	19	unlimited	unlimited	ADJ
cblr-11901	96	20	,	,	PUNCT
cblr-11901	96	21	however	however	ADV
cblr-11901	96	22	,	,	PUNCT
cblr-11901	96	23	and	and	CCONJ
cblr-11901	96	24	not	not	PART
cblr-11901	96	25	everything	everything	PRON
cblr-11901	96	26	is	be	AUX
cblr-11901	96	27	a	a	DET
cblr-11901	96	28	security	security	NOUN
cblr-11901	96	29	.	.	PUNCT
cblr-11901	97	1	there	there	PRON
cblr-11901	97	2	are	be	VERB
cblr-11901	97	3	explicit	explicit	ADJ
cblr-11901	97	4	exemptions	exemption	NOUN
cblr-11901	97	5	for	for	ADP
cblr-11901	97	6	some	some	DET
cblr-11901	97	7	financial	financial	ADJ
cblr-11901	97	8	assets	asset	NOUN
cblr-11901	97	9	such	such	ADJ
cblr-11901	97	10	as	as	ADP
cblr-11901	97	11	currencies18	currencies18	NOUN
cblr-11901	97	12	and	and	CCONJ
cblr-11901	97	13	notes	note	NOUN
cblr-11901	97	14	with	with	ADP
cblr-11901	97	15	maturities	maturity	NOUN
cblr-11901	97	16	less	less	ADJ
cblr-11901	97	17	than	than	ADP
cblr-11901	97	18	nine	nine	NUM
cblr-11901	97	19	months.19	months.19	NOUN
cblr-11901	97	20	and	and	CCONJ
cblr-11901	97	21	for	for	ADP
cblr-11901	97	22	more	more	ADV
cblr-11901	97	23	flexible	flexible	ADJ
cblr-11901	97	24	terms	term	NOUN
cblr-11901	97	25	included	include	VERB
cblr-11901	97	26	in	in	ADP
cblr-11901	97	27	the	the	DET
cblr-11901	97	28	definition	definition	NOUN
cblr-11901	97	29	of	of	ADP
cblr-11901	97	30	“	"	PUNCT
cblr-11901	97	31	security	security	NOUN
cblr-11901	97	32	,	,	PUNCT
cblr-11901	97	33	”	"	PUNCT
cblr-11901	97	34	courts	court	NOUN
cblr-11901	97	35	use	use	VERB
cblr-11901	97	36	multifactor	multifactor	NOUN
cblr-11901	97	37	tests	test	NOUN
cblr-11901	97	38	to	to	PART
cblr-11901	97	39	define	define	VERB
cblr-11901	97	40	the	the	DET
cblr-11901	97	41	boundaries	boundary	NOUN
cblr-11901	97	42	of	of	ADP
cblr-11901	97	43	the	the	DET
cblr-11901	97	44	agency	agency	NOUN
cblr-11901	97	45	’s	’s	PART
cblr-11901	97	46	authority.20	authority.20	PROPN
cblr-11901	97	47	the	the	DET
cblr-11901	97	48	most	most	ADV
cblr-11901	97	49	prominent	prominent	ADJ
cblr-11901	97	50	is	be	AUX
cblr-11901	97	51	the	the	DET
cblr-11901	97	52	“	"	PUNCT
cblr-11901	97	53	howey	howey	PROPN
cblr-11901	97	54	test	test	NOUN
cblr-11901	97	55	,	,	PUNCT
cblr-11901	97	56	”	"	PUNCT
cblr-11901	97	57	used	use	VERB
cblr-11901	97	58	to	to	PART
cblr-11901	97	59	determine	determine	VERB
cblr-11901	97	60	whether	whether	SCONJ
cblr-11901	97	61	an	an	DET
cblr-11901	97	62	asset	asset	NOUN
cblr-11901	97	63	is	be	AUX
cblr-11901	97	64	an	an	DET
cblr-11901	97	65	“	"	PUNCT
cblr-11901	97	66	investment	investment	NOUN
cblr-11901	97	67	contract	contract	NOUN
cblr-11901	97	68	.	.	PUNCT
cblr-11901	98	1	”21	”21	ADP
cblr-11901	98	2	this	this	DET
cblr-11901	98	3	test	test	NOUN
cblr-11901	98	4	is	be	AUX
cblr-11901	98	5	fact	fact	NOUN
cblr-11901	98	6	-	-	PUNCT
cblr-11901	98	7	intensive	intensive	ADJ
cblr-11901	98	8	,	,	PUNCT
cblr-11901	98	9	considering	consider	VERB
cblr-11901	98	10	the	the	DET
cblr-11901	98	11	characteristics	characteristic	NOUN
cblr-11901	98	12	of	of	ADP
cblr-11901	98	13	the	the	DET
cblr-11901	98	14	financial	financial	ADJ
cblr-11901	98	15	instrument	instrument	NOUN
cblr-11901	98	16	itself	itself	PRON
cblr-11901	98	17	as	as	ADV
cblr-11901	98	18	well	well	ADV
cblr-11901	98	19	as	as	ADP
cblr-11901	98	20	the	the	DET
cblr-11901	98	21	circumstances	circumstance	NOUN
cblr-11901	98	22	of	of	ADP
cblr-11901	98	23	its	its	PRON
cblr-11901	98	24	sale.22	sale.22	NOUN
cblr-11901	98	25	the	the	DET
cblr-11901	98	26	practical	practical	ADJ
cblr-11901	98	27	effect	effect	NOUN
cblr-11901	98	28	of	of	ADP
cblr-11901	98	29	a	a	DET
cblr-11901	98	30	broad	broad	ADJ
cblr-11901	98	31	definition	definition	NOUN
cblr-11901	98	32	of	of	ADP
cblr-11901	98	33	“	"	PUNCT
cblr-11901	98	34	security	security	NOUN
cblr-11901	98	35	”	"	PUNCT
cblr-11901	98	36	is	be	AUX
cblr-11901	98	37	that	that	SCONJ
cblr-11901	98	38	the	the	DET
cblr-11901	98	39	agency	agency	NOUN
cblr-11901	98	40	can	can	AUX
cblr-11901	98	41	regulate	regulate	VERB
cblr-11901	98	42	many	many	ADJ
cblr-11901	98	43	new	new	ADJ
cblr-11901	98	44	financial	financial	ADJ
cblr-11901	98	45	market	market	NOUN
cblr-11901	98	46	developments	development	NOUN
cblr-11901	98	47	without	without	ADP
cblr-11901	98	48	requiring	require	VERB
cblr-11901	98	49	new	new	ADJ
cblr-11901	98	50	laws	law	NOUN
cblr-11901	98	51	from	from	ADP
cblr-11901	98	52	congress.23	congress.23	PROPN
cblr-11901	98	53	in	in	ADP
cblr-11901	98	54	addition	addition	NOUN
cblr-11901	98	55	,	,	PUNCT
cblr-11901	98	56	an	an	DET
cblr-11901	98	57	interpretation	interpretation	NOUN
cblr-11901	98	58	of	of	ADP
cblr-11901	98	59	“	"	PUNCT
cblr-11901	98	60	security	security	NOUN
cblr-11901	98	61	”	"	PUNCT
cblr-11901	98	62	to	to	ADP
cblr-11901	98	63	new	new	ADJ
cblr-11901	98	64	assets	asset	NOUN
cblr-11901	98	65	applies	apply	VERB
cblr-11901	98	66	retroactively	retroactively	ADV
cblr-11901	98	67	–	–	PUNCT
cblr-11901	98	68	covering	cover	VERB
cblr-11901	98	69	conduct	conduct	NOUN
cblr-11901	98	70	that	that	PRON
cblr-11901	98	71	occurred	occur	VERB
cblr-11901	98	72	prior	prior	ADV
cblr-11901	98	73	to	to	ADP
cblr-11901	98	74	the	the	DET
cblr-11901	98	75	law	law	NOUN
cblr-11901	98	76	the	the	DET
cblr-11901	98	77	defendant	defendant	NOUN
cblr-11901	98	78	argued	argue	VERB
cblr-11901	98	79	over	over	ADP
cblr-11901	98	80	whether	whether	SCONJ
cblr-11901	98	81	the	the	DET
cblr-11901	98	82	product	product	NOUN
cblr-11901	98	83	was	be	AUX
cblr-11901	98	84	in	in	ADP
cblr-11901	98	85	fact	fact	NOUN
cblr-11901	98	86	a	a	DET
cblr-11901	98	87	‘	'	PUNCT
cblr-11901	98	88	security	security	NOUN
cblr-11901	98	89	.	.	PUNCT
cblr-11901	98	90	’	'	PUNCT
cblr-11901	99	1	ultimately	ultimately	ADV
cblr-11901	99	2	the	the	DET
cblr-11901	99	3	court	court	NOUN
cblr-11901	99	4	found	find	VERB
cblr-11901	99	5	that	that	SCONJ
cblr-11901	99	6	the	the	DET
cblr-11901	99	7	product	product	NOUN
cblr-11901	99	8	at	at	ADP
cblr-11901	99	9	issue	issue	NOUN
cblr-11901	99	10	was	be	AUX
cblr-11901	99	11	a	a	DET
cblr-11901	99	12	‘	'	PUNCT
cblr-11901	99	13	security	security	NOUN
cblr-11901	99	14	’	'	PUNCT
cblr-11901	99	15	under	under	ADP
cblr-11901	99	16	the	the	DET
cblr-11901	99	17	securities	security	NOUN
cblr-11901	99	18	act	act	NOUN
cblr-11901	99	19	of	of	ADP
cblr-11901	99	20	1933	1933	NUM
cblr-11901	99	21	.	.	PUNCT
cblr-11901	100	1	s.e.c	s.e.c	NOUN
cblr-11901	100	2	.	.	PUNCT
cblr-11901	101	1	v.	v.	PROPN
cblr-11901	101	2	edwards	edwards	PROPN
cblr-11901	101	3	,	,	PUNCT
cblr-11901	101	4	540	540	NUM
cblr-11901	101	5	u.s	u.s	PROPN
cblr-11901	101	6	.	.	PROPN
cblr-11901	101	7	389	389	NUM
cblr-11901	101	8	,	,	PUNCT
cblr-11901	101	9	389	389	NUM
cblr-11901	101	10	(	(	PUNCT
cblr-11901	101	11	2004	2004	NUM
cblr-11901	101	12	)	)	PUNCT
cblr-11901	101	13	.	.	PUNCT
cblr-11901	102	1	18	18	NUM
cblr-11901	102	2	15	15	NUM
cblr-11901	102	3	u.s.c	u.s.c	NOUN
cblr-11901	102	4	.	.	PUNCT
cblr-11901	103	1	§	§	PROPN
cblr-11901	103	2	78c(a)(10	78c(a)(10	NUM
cblr-11901	103	3	)	)	PUNCT
cblr-11901	104	1	;	;	PUNCT
cblr-11901	104	2	meredith	meredith	PROPN
cblr-11901	104	3	r.	r.	PROPN
cblr-11901	104	4	dearborn	dearborn	PROPN
cblr-11901	104	5	et	et	PROPN
cblr-11901	104	6	al	al	PROPN
cblr-11901	104	7	.	.	PROPN
cblr-11901	104	8	,	,	PUNCT
cblr-11901	104	9	paul	paul	PROPN
cblr-11901	104	10	weiss	weiss	PROPN
cblr-11901	104	11	discusses	discuss	VERB
cblr-11901	104	12	federal	federal	ADJ
cblr-11901	104	13	jury	jury	NOUN
cblr-11901	104	14	verdict	verdict	NOUN
cblr-11901	104	15	finding	find	VERB
cblr-11901	104	16	cryptocurrency	cryptocurrency	NOUN
cblr-11901	104	17	products	product	NOUN
cblr-11901	104	18	not	not	PART
cblr-11901	104	19	securities	security	NOUN
cblr-11901	104	20	,	,	PUNCT
cblr-11901	104	21	cls	cls	NOUN
cblr-11901	104	22	blue	blue	ADJ
cblr-11901	104	23	sky	sky	NOUN
cblr-11901	104	24	blog	blog	NOUN
cblr-11901	104	25	(	(	PUNCT
cblr-11901	104	26	nov	nov	PROPN
cblr-11901	104	27	.	.	PROPN
cblr-11901	104	28	23	23	NUM
cblr-11901	104	29	,	,	PUNCT
cblr-11901	104	30	2021	2021	NUM
cblr-11901	104	31	)	)	PUNCT
cblr-11901	104	32	,	,	PUNCT
cblr-11901	104	33	https://clsbluesky.law.columbia.edu/2021/11/23/paul-weiss-discussesfederal-jury-verdict-finding-cryptocurrency-products-not-securities/	https://clsbluesky.law.columbia.edu/2021/11/23/paul-weiss-discussesfederal-jury-verdict-finding-cryptocurrency-products-not-securities/	PROPN
cblr-11901	105	1	[	[	X
cblr-11901	105	2	https://perma.cc/9j9x-glta	https://perma.cc/9j9x-glta	X
cblr-11901	105	3	]	]	PUNCT
cblr-11901	105	4	.	.	PUNCT
cblr-11901	106	1	19	19	NUM
cblr-11901	106	2	15	15	NUM
cblr-11901	106	3	u.s.c	u.s.c	NOUN
cblr-11901	106	4	.	.	PUNCT
cblr-11901	107	1	§	§	PROPN
cblr-11901	107	2	78c(a)(10	78c(a)(10	NUM
cblr-11901	107	3	)	)	PUNCT
cblr-11901	108	1	;	;	PUNCT
cblr-11901	108	2	us	us	PROPN
cblr-11901	108	3	district	district	NOUN
cblr-11901	108	4	court	court	NOUN
cblr-11901	108	5	for	for	ADP
cblr-11901	108	6	southern	southern	ADJ
cblr-11901	108	7	district	district	PROPN
cblr-11901	108	8	of	of	ADP
cblr-11901	108	9	ny	ny	PROPN
cblr-11901	108	10	confirms	confirm	VERB
cblr-11901	108	11	leveraged	leveraged	ADJ
cblr-11901	108	12	loans	loan	NOUN
cblr-11901	108	13	are	be	AUX
cblr-11901	108	14	not	not	PART
cblr-11901	108	15	securities	security	NOUN
cblr-11901	108	16	,	,	PUNCT
cblr-11901	108	17	shearman	shearman	NOUN
cblr-11901	108	18	&	&	CCONJ
cblr-11901	108	19	sterling	sterling	PROPN
cblr-11901	108	20	(	(	PUNCT
cblr-11901	108	21	feb	feb	PROPN
cblr-11901	108	22	.	.	PROPN
cblr-11901	108	23	24	24	NUM
cblr-11901	108	24	,	,	PUNCT
cblr-11901	108	25	2021	2021	NUM
cblr-11901	108	26	)	)	PUNCT
cblr-11901	108	27	,	,	PUNCT
cblr-11901	108	28	https://www.shearman.com/perspectives/2021/02/us-districtcourt-for-the-southern-district-of-ny-confirms-that-leveraged-loans	https://www.shearman.com/perspectives/2021/02/us-districtcourt-for-the-southern-district-of-ny-confirms-that-leveraged-loan	NOUN
cblr-11901	109	1	[	[	X
cblr-11901	109	2	https://perma.cc/pb2v-2hy4	https://perma.cc/pb2v-2hy4	X
cblr-11901	109	3	]	]	X
cblr-11901	109	4	.	.	PUNCT
cblr-11901	109	5	20	20	NUM
cblr-11901	109	6	for	for	ADP
cblr-11901	109	7	an	an	DET
cblr-11901	109	8	overview	overview	NOUN
cblr-11901	109	9	of	of	ADP
cblr-11901	109	10	such	such	ADJ
cblr-11901	109	11	tests	test	NOUN
cblr-11901	109	12	,	,	PUNCT
cblr-11901	109	13	see	see	VERB
cblr-11901	109	14	,	,	PUNCT
cblr-11901	109	15	for	for	ADP
cblr-11901	109	16	example	example	NOUN
cblr-11901	109	17	,	,	PUNCT
cblr-11901	109	18	i	i	PRON
cblr-11901	109	19	d.	d.	PROPN
cblr-11901	109	20	21	21	NUM
cblr-11901	109	21	this	this	DET
cblr-11901	109	22	test	test	NOUN
cblr-11901	109	23	considers	consider	VERB
cblr-11901	109	24	whether	whether	SCONJ
cblr-11901	109	25	the	the	DET
cblr-11901	109	26	instrument	instrument	NOUN
cblr-11901	109	27	involves	involve	VERB
cblr-11901	109	28	(	(	PUNCT
cblr-11901	109	29	1	1	X
cblr-11901	109	30	)	)	PUNCT
cblr-11901	109	31	an	an	DET
cblr-11901	109	32	investment	investment	NOUN
cblr-11901	109	33	of	of	ADP
cblr-11901	109	34	money	money	NOUN
cblr-11901	109	35	(	(	PUNCT
cblr-11901	109	36	2	2	NUM
cblr-11901	109	37	)	)	PUNCT
cblr-11901	109	38	in	in	ADP
cblr-11901	109	39	a	a	DET
cblr-11901	109	40	common	common	ADJ
cblr-11901	109	41	enterprise	enterprise	NOUN
cblr-11901	109	42	with	with	ADP
cblr-11901	109	43	(	(	PUNCT
cblr-11901	109	44	3	3	X
cblr-11901	109	45	)	)	PUNCT
cblr-11901	109	46	profits	profit	NOUN
cblr-11901	109	47	to	to	PART
cblr-11901	109	48	come	come	VERB
cblr-11901	109	49	solely	solely	ADV
cblr-11901	109	50	from	from	ADP
cblr-11901	109	51	the	the	DET
cblr-11901	109	52	efforts	effort	NOUN
cblr-11901	109	53	of	of	ADP
cblr-11901	109	54	others	other	NOUN
cblr-11901	109	55	.	.	PUNCT
cblr-11901	110	1	s.e.c	s.e.c	VERB
cblr-11901	110	2	.	.	PUNCT
cblr-11901	111	1	v.	v.	PROPN
cblr-11901	111	2	w.j	w.j	PROPN
cblr-11901	111	3	.	.	PROPN
cblr-11901	111	4	howey	howey	PROPN
cblr-11901	111	5	co.	co.	PROPN
cblr-11901	111	6	,	,	PUNCT
cblr-11901	111	7	328	328	NUM
cblr-11901	111	8	u.s	u.s	PROPN
cblr-11901	111	9	.	.	PROPN
cblr-11901	111	10	293	293	NUM
cblr-11901	111	11	,	,	PUNCT
cblr-11901	111	12	298–99	298–99	NUM
cblr-11901	111	13	(	(	PUNCT
cblr-11901	111	14	1946	1946	NUM
cblr-11901	111	15	)	)	PUNCT
cblr-11901	111	16	.	.	PUNCT
cblr-11901	112	1	22	22	NUM
cblr-11901	113	1	i	i	PRON
cblr-11901	113	2	d.	d.	PROPN
cblr-11901	113	3	at	at	ADP
cblr-11901	113	4	298–300	298–300	NUM
cblr-11901	113	5	.	.	PROPN
cblr-11901	113	6	23	23	NUM
cblr-11901	113	7	for	for	ADP
cblr-11901	113	8	an	an	DET
cblr-11901	113	9	analysis	analysis	NOUN
cblr-11901	113	10	of	of	ADP
cblr-11901	113	11	the	the	DET
cblr-11901	113	12	dynamism	dynamism	NOUN
cblr-11901	113	13	and	and	CCONJ
cblr-11901	113	14	complexity	complexity	NOUN
cblr-11901	113	15	of	of	ADP
cblr-11901	113	16	financial	financial	ADJ
cblr-11901	113	17	markets	market	NOUN
cblr-11901	113	18	,	,	PUNCT
cblr-11901	113	19	and	and	CCONJ
cblr-11901	113	20	the	the	DET
cblr-11901	113	21	difficulties	difficulty	NOUN
cblr-11901	113	22	this	this	PRON
cblr-11901	113	23	creates	create	VERB
cblr-11901	113	24	for	for	ADP
cblr-11901	113	25	regulators	regulator	NOUN
cblr-11901	113	26	,	,	PUNCT
cblr-11901	113	27	see	see	VERB
cblr-11901	113	28	,	,	PUNCT
cblr-11901	113	29	for	for	ADP
cblr-11901	113	30	example	example	NOUN
cblr-11901	113	31	,	,	PUNCT
cblr-11901	113	32	dan	dan	PROPN
cblr-11901	113	33	awrey	awrey	PROPN
cblr-11901	113	34	&	&	CCONJ
cblr-11901	113	35	kathryn	kathryn	PROPN
cblr-11901	113	36	judge	judge	PROPN
cblr-11901	113	37	,	,	PUNCT
cblr-11901	113	38	why	why	SCONJ
cblr-11901	113	39	financial	financial	ADJ
cblr-11901	113	40	regulation	regulation	NOUN
cblr-11901	113	41	keeps	keep	VERB
cblr-11901	113	42	falling	fall	VERB
cblr-11901	113	43	short	short	ADJ
cblr-11901	113	44	(	(	PUNCT
cblr-11901	113	45	european	european	ADJ
cblr-11901	113	46	corporate	corporate	ADJ
cblr-11901	113	47	governance	governance	NOUN
cblr-11901	113	48	institute	institute	NOUN
cblr-11901	113	49	working	working	PROPN
cblr-11901	113	50	paper	paper	PROPN
cblr-11901	113	51	no	no	INTJ
cblr-11901	113	52	.	.	PROPN
cblr-11901	113	53	494/2020	494/2020	NUM
cblr-11901	113	54	,	,	PUNCT
cblr-11901	113	55	2020	2020	NUM
cblr-11901	113	56	)	)	PUNCT
cblr-11901	113	57	.	.	PUNCT
cblr-11901	114	1	no	no	INTJ
cblr-11901	115	1	.	.	NOUN
cblr-11901	115	2	1	1	NUM
cblr-11901	115	3	]	]	PUNCT
cblr-11901	115	4	regulating	regulate	VERB
cblr-11901	115	5	democratized	democratized	ADJ
cblr-11901	115	6	finance	finance	NOUN
cblr-11901	115	7	495	495	NUM
cblr-11901	115	8	being	be	AUX
cblr-11901	115	9	settled	settle	VERB
cblr-11901	115	10	on	on	ADP
cblr-11901	115	11	whether	whether	SCONJ
cblr-11901	115	12	an	an	DET
cblr-11901	115	13	asset	asset	NOUN
cblr-11901	115	14	is	be	AUX
cblr-11901	115	15	covered	cover	VERB
cblr-11901	115	16	by	by	ADP
cblr-11901	115	17	securities	security	NOUN
cblr-11901	115	18	regulations	regulation	NOUN
cblr-11901	115	19	.	.	PUNCT
cblr-11901	116	1	there	there	PRON
cblr-11901	116	2	are	be	VERB
cblr-11901	116	3	downsides	downside	NOUN
cblr-11901	116	4	,	,	PUNCT
cblr-11901	116	5	however	however	ADV
cblr-11901	116	6	,	,	PUNCT
cblr-11901	116	7	to	to	ADP
cblr-11901	116	8	regulating	regulate	VERB
cblr-11901	116	9	new	new	ADJ
cblr-11901	116	10	financial	financial	ADJ
cblr-11901	116	11	assets	asset	NOUN
cblr-11901	116	12	through	through	ADP
cblr-11901	116	13	enforcement	enforcement	NOUN
cblr-11901	116	14	of	of	ADP
cblr-11901	116	15	existing	exist	VERB
cblr-11901	116	16	regulations	regulation	NOUN
cblr-11901	116	17	.	.	PUNCT
cblr-11901	117	1	first	first	ADV
cblr-11901	117	2	and	and	CCONJ
cblr-11901	117	3	most	most	ADV
cblr-11901	117	4	obvious	obvious	ADJ
cblr-11901	117	5	is	be	AUX
cblr-11901	117	6	that	that	SCONJ
cblr-11901	117	7	application	application	NOUN
cblr-11901	117	8	of	of	ADP
cblr-11901	117	9	existing	exist	VERB
cblr-11901	117	10	laws	law	NOUN
cblr-11901	117	11	to	to	ADP
cblr-11901	117	12	new	new	ADJ
cblr-11901	117	13	products	product	NOUN
cblr-11901	117	14	may	may	AUX
cblr-11901	117	15	create	create	VERB
cblr-11901	117	16	uncertainty	uncertainty	NOUN
cblr-11901	117	17	for	for	ADP
cblr-11901	117	18	market	market	NOUN
cblr-11901	117	19	participants	participant	NOUN
cblr-11901	117	20	in	in	ADP
cblr-11901	117	21	the	the	DET
cblr-11901	117	22	period	period	NOUN
cblr-11901	117	23	of	of	ADP
cblr-11901	117	24	time	time	NOUN
cblr-11901	117	25	between	between	ADP
cblr-11901	117	26	when	when	SCONJ
cblr-11901	117	27	the	the	DET
cblr-11901	117	28	asset	asset	NOUN
cblr-11901	117	29	is	be	AUX
cblr-11901	117	30	sold	sell	VERB
cblr-11901	117	31	and	and	CCONJ
cblr-11901	117	32	when	when	SCONJ
cblr-11901	117	33	its	its	PRON
cblr-11901	117	34	status	status	NOUN
cblr-11901	117	35	as	as	ADP
cblr-11901	117	36	a	a	DET
cblr-11901	117	37	regulated	regulated	ADJ
cblr-11901	117	38	product	product	NOUN
cblr-11901	117	39	is	be	AUX
cblr-11901	117	40	clarified	clarify	VERB
cblr-11901	117	41	.	.	PUNCT
cblr-11901	118	1	this	this	DET
cblr-11901	118	2	uncertainty	uncertainty	NOUN
cblr-11901	118	3	may	may	AUX
cblr-11901	118	4	create	create	VERB
cblr-11901	118	5	opportunities	opportunity	NOUN
cblr-11901	118	6	for	for	ADP
cblr-11901	118	7	fraud	fraud	NOUN
cblr-11901	118	8	(	(	PUNCT
cblr-11901	118	9	e.g.	e.g.	ADV
cblr-11901	118	10	,	,	PUNCT
cblr-11901	118	11	if	if	SCONJ
cblr-11901	118	12	market	market	NOUN
cblr-11901	118	13	participants	participant	NOUN
cblr-11901	118	14	argue	argue	VERB
cblr-11901	118	15	they	they	PRON
cblr-11901	118	16	are	be	AUX
cblr-11901	118	17	not	not	PART
cblr-11901	118	18	covered	cover	VERB
cblr-11901	118	19	by	by	ADP
cblr-11901	118	20	securities	security	NOUN
cblr-11901	118	21	laws	law	NOUN
cblr-11901	118	22	and	and	CCONJ
cblr-11901	118	23	,	,	PUNCT
cblr-11901	118	24	therefore	therefore	ADV
cblr-11901	118	25	,	,	PUNCT
cblr-11901	118	26	do	do	AUX
cblr-11901	118	27	not	not	PART
cblr-11901	118	28	follow	follow	VERB
cblr-11901	118	29	certain	certain	ADJ
cblr-11901	118	30	registration	registration	NOUN
cblr-11901	118	31	or	or	CCONJ
cblr-11901	118	32	disclosure	disclosure	NOUN
cblr-11901	118	33	requirements	requirement	NOUN
cblr-11901	118	34	meant	mean	VERB
cblr-11901	118	35	to	to	PART
cblr-11901	118	36	reduce	reduce	VERB
cblr-11901	118	37	fraud	fraud	NOUN
cblr-11901	118	38	)	)	PUNCT
cblr-11901	118	39	or	or	CCONJ
cblr-11901	118	40	an	an	DET
cblr-11901	118	41	impediment	impediment	NOUN
cblr-11901	118	42	to	to	ADP
cblr-11901	118	43	the	the	DET
cblr-11901	118	44	growth	growth	NOUN
cblr-11901	118	45	of	of	ADP
cblr-11901	118	46	the	the	DET
cblr-11901	118	47	potential	potential	ADJ
cblr-11901	118	48	market	market	NOUN
cblr-11901	118	49	(	(	PUNCT
cblr-11901	118	50	e.g.	e.g.	ADV
cblr-11901	118	51	if	if	SCONJ
cblr-11901	118	52	market	market	NOUN
cblr-11901	118	53	participants	participant	NOUN
cblr-11901	118	54	assume	assume	VERB
cblr-11901	118	55	regulations	regulation	NOUN
cblr-11901	118	56	do	do	VERB
cblr-11901	118	57	or	or	CCONJ
cblr-11901	118	58	may	may	AUX
cblr-11901	118	59	apply	apply	VERB
cblr-11901	118	60	and	and	CCONJ
cblr-11901	118	61	decline	decline	VERB
cblr-11901	118	62	to	to	PART
cblr-11901	118	63	participate	participate	VERB
cblr-11901	118	64	in	in	ADP
cblr-11901	118	65	a	a	DET
cblr-11901	118	66	market	market	NOUN
cblr-11901	118	67	due	due	ADP
cblr-11901	118	68	to	to	ADP
cblr-11901	118	69	regulatory	regulatory	ADJ
cblr-11901	118	70	costs	cost	NOUN
cblr-11901	118	71	or	or	CCONJ
cblr-11901	118	72	risks	risk	NOUN
cblr-11901	118	73	of	of	ADP
cblr-11901	118	74	uncertain	uncertain	ADJ
cblr-11901	118	75	future	future	ADJ
cblr-11901	118	76	regulation	regulation	NOUN
cblr-11901	118	77	)	)	PUNCT
cblr-11901	118	78	.	.	PUNCT
cblr-11901	119	1	in	in	ADP
cblr-11901	119	2	addition	addition	NOUN
cblr-11901	119	3	,	,	PUNCT
cblr-11901	119	4	sellers	seller	NOUN
cblr-11901	119	5	of	of	ADP
cblr-11901	119	6	new	new	ADJ
cblr-11901	119	7	assets	asset	NOUN
cblr-11901	119	8	may	may	AUX
cblr-11901	119	9	not	not	PART
cblr-11901	119	10	necessarily	necessarily	ADV
cblr-11901	119	11	know	know	VERB
cblr-11901	119	12	they	they	PRON
cblr-11901	119	13	were	be	AUX
cblr-11901	119	14	subject	subject	ADJ
cblr-11901	119	15	to	to	ADP
cblr-11901	119	16	securities	security	NOUN
cblr-11901	119	17	regulations	regulation	NOUN
cblr-11901	119	18	until	until	SCONJ
cblr-11901	119	19	an	an	DET
cblr-11901	119	20	enforcement	enforcement	NOUN
cblr-11901	119	21	action	action	NOUN
cblr-11901	119	22	was	be	AUX
cblr-11901	119	23	brought.24	brought.24	ADJ
cblr-11901	119	24	for	for	ADP
cblr-11901	119	25	instance	instance	NOUN
cblr-11901	119	26	,	,	PUNCT
cblr-11901	119	27	as	as	SCONJ
cblr-11901	119	28	regulators	regulator	NOUN
cblr-11901	119	29	debated	debate	VERB
cblr-11901	119	30	the	the	DET
cblr-11901	119	31	status	status	NOUN
cblr-11901	119	32	of	of	ADP
cblr-11901	119	33	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	119	34	and	and	CCONJ
cblr-11901	119	35	considered	consider	VERB
cblr-11901	119	36	regulatory	regulatory	ADJ
cblr-11901	119	37	approaches	approach	NOUN
cblr-11901	119	38	,	,	PUNCT
cblr-11901	119	39	regulated	regulated	ADJ
cblr-11901	119	40	entities	entity	NOUN
cblr-11901	119	41	argued	argue	VERB
cblr-11901	119	42	that	that	SCONJ
cblr-11901	119	43	the	the	DET
cblr-11901	119	44	applying	apply	VERB
cblr-11901	119	45	securities	security	NOUN
cblr-11901	119	46	regulations	regulation	NOUN
cblr-11901	119	47	to	to	ADP
cblr-11901	119	48	these	these	DET
cblr-11901	119	49	assets	asset	NOUN
cblr-11901	119	50	retroactively	retroactively	ADV
cblr-11901	119	51	would	would	AUX
cblr-11901	119	52	be	be	AUX
cblr-11901	119	53	unfair.25	unfair.25	VERB
cblr-11901	119	54	the	the	DET
cblr-11901	119	55	sec	sec	PROPN
cblr-11901	119	56	issued	issue	VERB
cblr-11901	119	57	guidance	guidance	NOUN
cblr-11901	119	58	in	in	ADP
cblr-11901	119	59	attempts	attempt	NOUN
cblr-11901	119	60	to	to	PART
cblr-11901	119	61	reduce	reduce	VERB
cblr-11901	119	62	uncertainty	uncertainty	NOUN
cblr-11901	119	63	and	and	CCONJ
cblr-11901	119	64	make	make	VERB
cblr-11901	119	65	clear	clear	ADJ
cblr-11901	119	66	certain	certain	ADJ
cblr-11901	119	67	regulations	regulation	NOUN
cblr-11901	119	68	applied	apply	VERB
cblr-11901	119	69	to	to	ADP
cblr-11901	119	70	cryptocurrency	cryptocurrency	NOUN
cblr-11901	119	71	assets,26	assets,26	NOUN
cblr-11901	119	72	but	but	CCONJ
cblr-11901	119	73	this	this	DET
cblr-11901	119	74	guidance	guidance	NOUN
cblr-11901	119	75	was	be	AUX
cblr-11901	119	76	non	non	ADJ
cblr-11901	119	77	24	24	NUM
cblr-11901	119	78	i	i	PROPN
cblr-11901	119	79	d.	d.	PROPN
cblr-11901	119	80	25	25	NUM
cblr-11901	119	81	see	see	VERB
cblr-11901	119	82	,	,	PUNCT
cblr-11901	119	83	e.g.	e.g.	ADV
cblr-11901	119	84	,	,	PUNCT
cblr-11901	119	85	todd	todd	PROPN
cblr-11901	119	86	ehret	ehret	PROPN
cblr-11901	119	87	,	,	PUNCT
cblr-11901	119	88	sec	sec	PROPN
cblr-11901	119	89	spat	spat	NOUN
cblr-11901	119	90	with	with	ADP
cblr-11901	119	91	coinbase	coinbase	PROPN
cblr-11901	119	92	previews	preview	NOUN
cblr-11901	119	93	complex	complex	ADJ
cblr-11901	119	94	legal	legal	ADJ
cblr-11901	119	95	battle	battle	NOUN
cblr-11901	119	96	over	over	ADP
cblr-11901	119	97	crypto	crypto	NOUN
cblr-11901	119	98	,	,	PUNCT
cblr-11901	119	99	reuters	reuters	PROPN
cblr-11901	119	100	(	(	PUNCT
cblr-11901	119	101	sept	sept	PROPN
cblr-11901	119	102	.	.	PROPN
cblr-11901	119	103	28	28	NUM
cblr-11901	119	104	,	,	PUNCT
cblr-11901	119	105	2021	2021	NUM
cblr-11901	119	106	)	)	PUNCT
cblr-11901	119	107	,	,	PUNCT
cblr-11901	119	108	https://www.reuters.com/legal/transactional/sec-spat-with-coinbasepreviews-complex-legal-battle-over-crypto-2021-09-28/	https://www.reuters.com/legal/transactional/sec-spat-with-coinbasepreviews-complex-legal-battle-over-crypto-2021-09-28/	X
cblr-11901	120	1	[	[	X
cblr-11901	120	2	https://perma.cc/w827-fkcm	https://perma.cc/w827-fkcm	X
cblr-11901	120	3	]	]	X
cblr-11901	120	4	.	.	PUNCT
cblr-11901	121	1	26	26	NUM
cblr-11901	121	2	see	see	VERB
cblr-11901	121	3	mark	mark	PROPN
cblr-11901	121	4	bini	bini	PROPN
cblr-11901	121	5	&	&	CCONJ
cblr-11901	121	6	joanna	joanna	PROPN
cblr-11901	121	7	howe	howe	PROPN
cblr-11901	121	8	,	,	PUNCT
cblr-11901	121	9	here	here	ADV
cblr-11901	121	10	’s	’	VERB
cblr-11901	121	11	why	why	SCONJ
cblr-11901	121	12	the	the	DET
cblr-11901	121	13	sec	sec	PROPN
cblr-11901	121	14	will	will	AUX
cblr-11901	121	15	likely	likely	ADV
cblr-11901	121	16	be	be	AUX
cblr-11901	121	17	the	the	DET
cblr-11901	121	18	primary	primary	ADJ
cblr-11901	121	19	cryptocurrency	cryptocurrency	NOUN
cblr-11901	121	20	cop	cop	NOUN
cblr-11901	121	21	,	,	PUNCT
cblr-11901	121	22	bloomberg	bloomberg	PROPN
cblr-11901	121	23	law	law	NOUN
cblr-11901	121	24	(	(	PUNCT
cblr-11901	121	25	oct	oct	PROPN
cblr-11901	121	26	.	.	PROPN
cblr-11901	121	27	17	17	NUM
cblr-11901	121	28	,	,	PUNCT
cblr-11901	121	29	2022	2022	NUM
cblr-11901	121	30	,	,	PUNCT
cblr-11901	121	31	4:00	4:00	NUM
cblr-11901	121	32	am	am	NOUN
cblr-11901	121	33	)	)	PUNCT
cblr-11901	121	34	,	,	PUNCT
cblr-11901	121	35	https://news.bloomberglaw.com/us-law-week/is-the-sec-the-new-cryptosheriff-in-town	https://news.bloomberglaw.com/us-law-week/is-the-sec-the-new-cryptosheriff-in-town	PROPN
cblr-11901	122	1	[	[	X
cblr-11901	122	2	https://perma.cc/5lwd-gw8f	https://perma.cc/5lwd-gw8f	NOUN
cblr-11901	122	3	]	]	X
cblr-11901	122	4	;	;	PUNCT
cblr-11901	122	5	see	see	VERB
cblr-11901	122	6	also	also	ADV
cblr-11901	122	7	framework	framework	VERB
cblr-11901	122	8	for	for	ADP
cblr-11901	122	9	“	"	PUNCT
cblr-11901	122	10	investment	investment	NOUN
cblr-11901	122	11	contract	contract	NOUN
cblr-11901	122	12	”	"	PUNCT
cblr-11901	122	13	analysis	analysis	NOUN
cblr-11901	122	14	of	of	ADP
cblr-11901	122	15	digital	digital	ADJ
cblr-11901	122	16	assets	asset	NOUN
cblr-11901	122	17	,	,	PUNCT
cblr-11901	122	18	sec	sec	PROPN
cblr-11901	122	19	(	(	PUNCT
cblr-11901	122	20	apr	apr	PROPN
cblr-11901	122	21	.	.	PROPN
cblr-11901	122	22	3	3	NUM
cblr-11901	122	23	,	,	PUNCT
cblr-11901	122	24	2019	2019	NUM
cblr-11901	122	25	)	)	PUNCT
cblr-11901	122	26	,	,	PUNCT
cblr-11901	122	27	https://www.sec.gov/corpfin/framework-investment-contract-analysisdigital-assets	https://www.sec.gov/corpfin/framework-investment-contract-analysisdigital-asset	VERB
cblr-11901	122	28	[	[	X
cblr-11901	122	29	https://perma.cc/e7x4-eqsl	https://perma.cc/e7x4-eqsl	X
cblr-11901	122	30	]	]	PUNCT
cblr-11901	122	31	.	.	PUNCT
cblr-11901	123	1	496	496	NUM
cblr-11901	123	2	columbia	columbia	PROPN
cblr-11901	123	3	business	business	NOUN
cblr-11901	123	4	law	law	PROPN
cblr-11901	123	5	review	review	NOUN
cblr-11901	123	6	[	[	X
cblr-11901	123	7	vol	vol	NOUN
cblr-11901	123	8	.	.	PUNCT
cblr-11901	123	9	2023	2023	NUM
cblr-11901	123	10	binding	bind	VERB
cblr-11901	123	11	and	and	CCONJ
cblr-11901	123	12	challenged	challenge	VERB
cblr-11901	123	13	by	by	ADP
cblr-11901	123	14	regulated	regulate	VERB
cblr-11901	123	15	entities.27	entities.27	PROPN
cblr-11901	123	16	even	even	ADV
cblr-11901	123	17	when	when	SCONJ
cblr-11901	123	18	undergoing	undergo	VERB
cblr-11901	123	19	judicial	judicial	ADJ
cblr-11901	123	20	review	review	NOUN
cblr-11901	123	21	,	,	PUNCT
cblr-11901	123	22	courts	court	NOUN
cblr-11901	123	23	may	may	AUX
cblr-11901	123	24	split	split	VERB
cblr-11901	123	25	on	on	ADP
cblr-11901	123	26	whether	whether	SCONJ
cblr-11901	123	27	a	a	DET
cblr-11901	123	28	given	give	VERB
cblr-11901	123	29	financial	financial	ADJ
cblr-11901	123	30	instrument	instrument	NOUN
cblr-11901	123	31	is	be	AUX
cblr-11901	123	32	a	a	DET
cblr-11901	123	33	security	security	NOUN
cblr-11901	123	34	because	because	SCONJ
cblr-11901	123	35	courts	court	NOUN
cblr-11901	123	36	’	'	PUNCT
cblr-11901	123	37	determination	determination	NOUN
cblr-11901	123	38	of	of	ADP
cblr-11901	123	39	securities	security	NOUN
cblr-11901	123	40	may	may	AUX
cblr-11901	123	41	be	be	AUX
cblr-11901	123	42	fact	fact	NOUN
cblr-11901	123	43	-	-	PUNCT
cblr-11901	123	44	intensive.28	intensive.28	NOUN
cblr-11901	123	45	thus	thus	ADV
cblr-11901	123	46	,	,	PUNCT
cblr-11901	123	47	while	while	SCONJ
cblr-11901	123	48	this	this	DET
cblr-11901	123	49	approach	approach	NOUN
cblr-11901	123	50	allows	allow	VERB
cblr-11901	123	51	the	the	DET
cblr-11901	123	52	agency	agency	NOUN
cblr-11901	123	53	to	to	PART
cblr-11901	123	54	respond	respond	VERB
cblr-11901	123	55	to	to	ADP
cblr-11901	123	56	market	market	NOUN
cblr-11901	123	57	innovations	innovation	NOUN
cblr-11901	123	58	more	more	ADV
cblr-11901	123	59	quickly	quickly	ADV
cblr-11901	123	60	,	,	PUNCT
cblr-11901	123	61	it	it	PRON
cblr-11901	123	62	comes	come	VERB
cblr-11901	123	63	at	at	ADP
cblr-11901	123	64	the	the	DET
cblr-11901	123	65	expense	expense	NOUN
cblr-11901	123	66	of	of	ADP
cblr-11901	123	67	uncertainty	uncertainty	NOUN
cblr-11901	123	68	and	and	CCONJ
cblr-11901	123	69	the	the	DET
cblr-11901	123	70	potential	potential	NOUN
cblr-11901	123	71	that	that	SCONJ
cblr-11901	123	72	existing	exist	VERB
cblr-11901	123	73	regulations	regulation	NOUN
cblr-11901	123	74	are	be	AUX
cblr-11901	123	75	an	an	DET
cblr-11901	123	76	improper	improper	ADJ
cblr-11901	123	77	fit	fit	NOUN
cblr-11901	123	78	for	for	ADP
cblr-11901	123	79	the	the	DET
cblr-11901	123	80	new	new	ADJ
cblr-11901	123	81	assets	asset	NOUN
cblr-11901	123	82	the	the	DET
cblr-11901	123	83	agency	agency	NOUN
cblr-11901	123	84	hopes	hope	VERB
cblr-11901	123	85	to	to	PART
cblr-11901	123	86	regulate	regulate	VERB
cblr-11901	123	87	.	.	PUNCT
cblr-11901	124	1	b.	b.	PROPN
cblr-11901	124	2	developing	develop	VERB
cblr-11901	124	3	a	a	DET
cblr-11901	124	4	new	new	ADJ
cblr-11901	124	5	regulatory	regulatory	ADJ
cblr-11901	124	6	framework	framework	NOUN
cblr-11901	124	7	:	:	PUNCT
cblr-11901	124	8	the	the	DET
cblr-11901	124	9	national	national	ADJ
cblr-11901	124	10	market	market	NOUN
cblr-11901	124	11	system	system	NOUN
cblr-11901	124	12	relative	relative	ADJ
cblr-11901	124	13	to	to	ADP
cblr-11901	124	14	application	application	NOUN
cblr-11901	124	15	of	of	ADP
cblr-11901	124	16	existing	exist	VERB
cblr-11901	124	17	regulatory	regulatory	ADJ
cblr-11901	124	18	frameworks	framework	NOUN
cblr-11901	124	19	to	to	ADP
cblr-11901	124	20	new	new	ADJ
cblr-11901	124	21	developments	development	NOUN
cblr-11901	124	22	,	,	PUNCT
cblr-11901	124	23	developing	develop	VERB
cblr-11901	124	24	new	new	ADJ
cblr-11901	124	25	regulatory	regulatory	ADJ
cblr-11901	124	26	frameworks	framework	NOUN
cblr-11901	124	27	in	in	ADP
cblr-11901	124	28	reaction	reaction	NOUN
cblr-11901	124	29	to	to	ADP
cblr-11901	124	30	financial	financial	ADJ
cblr-11901	124	31	and	and	CCONJ
cblr-11901	124	32	technological	technological	ADJ
cblr-11901	124	33	innovations	innovation	NOUN
cblr-11901	124	34	takes	take	VERB
cblr-11901	124	35	considerably	considerably	ADV
cblr-11901	124	36	more	more	ADJ
cblr-11901	124	37	time	time	NOUN
cblr-11901	124	38	and	and	CCONJ
cblr-11901	124	39	may	may	AUX
cblr-11901	124	40	require	require	VERB
cblr-11901	124	41	congress	congress	PROPN
cblr-11901	124	42	to	to	PART
cblr-11901	124	43	expand	expand	VERB
cblr-11901	124	44	the	the	DET
cblr-11901	124	45	agency	agency	NOUN
cblr-11901	124	46	’s	’s	PART
cblr-11901	124	47	authority	authority	NOUN
cblr-11901	124	48	.	.	PUNCT
cblr-11901	125	1	the	the	DET
cblr-11901	125	2	implementation	implementation	NOUN
cblr-11901	125	3	of	of	ADP
cblr-11901	125	4	the	the	DET
cblr-11901	125	5	national	national	ADJ
cblr-11901	125	6	market	market	NOUN
cblr-11901	125	7	system	system	NOUN
cblr-11901	125	8	illustrates	illustrate	VERB
cblr-11901	125	9	the	the	DET
cblr-11901	125	10	benefits	benefit	NOUN
cblr-11901	125	11	and	and	CCONJ
cblr-11901	125	12	drawbacks	drawback	NOUN
cblr-11901	125	13	of	of	ADP
cblr-11901	125	14	this	this	DET
cblr-11901	125	15	approach.29	approach.29	NOUN
cblr-11901	125	16	1	1	NUM
cblr-11901	125	17	.	.	PUNCT
cblr-11901	125	18	overview	overview	NOUN
cblr-11901	125	19	of	of	ADP
cblr-11901	125	20	the	the	DET
cblr-11901	125	21	national	national	ADJ
cblr-11901	125	22	market	market	NOUN
cblr-11901	125	23	system	system	NOUN
cblr-11901	125	24	in	in	ADP
cblr-11901	125	25	the	the	DET
cblr-11901	125	26	1970s	1970	NOUN
cblr-11901	125	27	,	,	PUNCT
cblr-11901	125	28	the	the	DET
cblr-11901	125	29	sec	sec	PROPN
cblr-11901	125	30	became	become	VERB
cblr-11901	125	31	concerned	concerned	ADJ
cblr-11901	125	32	that	that	SCONJ
cblr-11901	125	33	market	market	NOUN
cblr-11901	125	34	fragmentation	fragmentation	NOUN
cblr-11901	125	35	among	among	ADP
cblr-11901	125	36	exchanges30	exchanges30	NOUN
cblr-11901	125	37	harmed	harm	VERB
cblr-11901	125	38	investors	investor	NOUN
cblr-11901	125	39	and	and	CCONJ
cblr-11901	125	40	led	lead	VERB
cblr-11901	125	41	27	27	NUM
cblr-11901	125	42	see	see	NOUN
cblr-11901	125	43	,	,	PUNCT
cblr-11901	125	44	e.g.	e.g.	ADV
cblr-11901	125	45	,	,	PUNCT
cblr-11901	125	46	in	in	ADP
cblr-11901	125	47	re	re	PROPN
cblr-11901	125	48	bibox	bibox	PROPN
cblr-11901	125	49	grp	grp	PROPN
cblr-11901	125	50	.	.	PROPN
cblr-11901	125	51	holdings	holdings	PROPN
cblr-11901	125	52	ltd	ltd	PROPN
cblr-11901	125	53	.	.	PROPN
cblr-11901	125	54	sec	sec	PROPN
cblr-11901	125	55	.	.	PUNCT
cblr-11901	125	56	litig	litig	PROPN
cblr-11901	125	57	.	.	PUNCT
cblr-11901	126	1	,	,	PUNCT
cblr-11901	126	2	no	no	INTJ
cblr-11901	126	3	.	.	PUNCT
cblr-11901	127	1	20cv2807	20cv2807	NUM
cblr-11901	127	2	(	(	PUNCT
cblr-11901	127	3	dlc	dlc	NOUN
cblr-11901	127	4	)	)	PUNCT
cblr-11901	127	5	,	,	PUNCT
cblr-11901	127	6	at	at	ADP
cblr-11901	127	7	*	*	NOUN
cblr-11901	127	8	9	9	NUM
cblr-11901	127	9	(	(	PUNCT
cblr-11901	127	10	s.d.n.y	s.d.n.y	PROPN
cblr-11901	127	11	.	.	PUNCT
cblr-11901	127	12	apr	apr	PROPN
cblr-11901	127	13	.	.	PROPN
cblr-11901	127	14	16	16	NUM
cblr-11901	127	15	,	,	PUNCT
cblr-11901	127	16	2021	2021	NUM
cblr-11901	127	17	)	)	PUNCT
cblr-11901	128	1	(	(	PUNCT
cblr-11901	128	2	noting	note	VERB
cblr-11901	128	3	that	that	SCONJ
cblr-11901	128	4	the	the	DET
cblr-11901	128	5	sec	sec	PROPN
cblr-11901	128	6	framework	framework	NOUN
cblr-11901	128	7	for	for	ADP
cblr-11901	128	8	digital	digital	ADJ
cblr-11901	128	9	assets	asset	NOUN
cblr-11901	128	10	is	be	AUX
cblr-11901	128	11	“	"	PUNCT
cblr-11901	128	12	merely	merely	ADV
cblr-11901	128	13	a	a	DET
cblr-11901	128	14	non	non	ADJ
cblr-11901	128	15	-	-	ADJ
cblr-11901	128	16	binding	binding	ADJ
cblr-11901	128	17	agency	agency	NOUN
cblr-11901	128	18	interpretation	interpretation	NOUN
cblr-11901	128	19	”	"	PUNCT
cblr-11901	128	20	)	)	PUNCT
cblr-11901	128	21	;	;	PUNCT
cblr-11901	128	22	see	see	VERB
cblr-11901	128	23	also	also	ADV
cblr-11901	128	24	marine	marine	PROPN
cblr-11901	128	25	bank	bank	PROPN
cblr-11901	128	26	v.	v.	ADP
cblr-11901	128	27	weaver	weaver	PROPN
cblr-11901	128	28	,	,	PUNCT
cblr-11901	128	29	455	455	NUM
cblr-11901	128	30	u.s	u.s	PROPN
cblr-11901	128	31	.	.	PROPN
cblr-11901	128	32	551	551	NUM
cblr-11901	128	33	,	,	PUNCT
cblr-11901	128	34	561	561	NUM
cblr-11901	128	35	(	(	PUNCT
cblr-11901	128	36	1982	1982	NUM
cblr-11901	128	37	)	)	PUNCT
cblr-11901	128	38	(	(	PUNCT
cblr-11901	128	39	noting	note	VERB
cblr-11901	128	40	that	that	SCONJ
cblr-11901	128	41	while	while	SCONJ
cblr-11901	128	42	the	the	DET
cblr-11901	128	43	definition	definition	NOUN
cblr-11901	128	44	of	of	ADP
cblr-11901	128	45	security	security	NOUN
cblr-11901	128	46	is	be	AUX
cblr-11901	128	47	“	"	PUNCT
cblr-11901	128	48	quite	quite	ADV
cblr-11901	128	49	broad	broad	ADJ
cblr-11901	128	50	,	,	PUNCT
cblr-11901	128	51	congress	congress	PROPN
cblr-11901	128	52	,	,	PUNCT
cblr-11901	128	53	in	in	ADP
cblr-11901	128	54	enacting	enact	VERB
cblr-11901	128	55	the	the	DET
cblr-11901	128	56	securities	security	NOUN
cblr-11901	128	57	laws	law	NOUN
cblr-11901	128	58	,	,	PUNCT
cblr-11901	128	59	did	do	AUX
cblr-11901	128	60	not	not	PART
cblr-11901	128	61	intend	intend	VERB
cblr-11901	128	62	to	to	PART
cblr-11901	128	63	provide	provide	VERB
cblr-11901	128	64	a	a	DET
cblr-11901	128	65	broad	broad	ADJ
cblr-11901	128	66	federal	federal	ADJ
cblr-11901	128	67	remedy	remedy	NOUN
cblr-11901	128	68	for	for	ADP
cblr-11901	128	69	all	all	DET
cblr-11901	128	70	fraud	fraud	NOUN
cblr-11901	128	71	”	"	PUNCT
cblr-11901	128	72	)	)	PUNCT
cblr-11901	128	73	.	.	PUNCT
cblr-11901	129	1	28	28	NUM
cblr-11901	129	2	marine	marine	PROPN
cblr-11901	129	3	bank	bank	NOUN
cblr-11901	129	4	,	,	PUNCT
cblr-11901	129	5	455	455	NUM
cblr-11901	129	6	u.s	u.s	PROPN
cblr-11901	129	7	.	.	PROPN
cblr-11901	129	8	at	at	ADP
cblr-11901	129	9	561	561	NUM
cblr-11901	129	10	n11	n11	NOUN
cblr-11901	129	11	(	(	PUNCT
cblr-11901	129	12	1982	1982	NUM
cblr-11901	129	13	)	)	PUNCT
cblr-11901	129	14	(	(	PUNCT
cblr-11901	129	15	“	"	PUNCT
cblr-11901	129	16	a	a	DET
cblr-11901	129	17	transaction	transaction	NOUN
cblr-11901	129	18	must	must	AUX
cblr-11901	129	19	be	be	AUX
cblr-11901	129	20	analyzed	analyze	VERB
cblr-11901	129	21	and	and	CCONJ
cblr-11901	129	22	evaluated	evaluate	VERB
cblr-11901	129	23	on	on	ADP
cblr-11901	129	24	the	the	DET
cblr-11901	129	25	basis	basis	NOUN
cblr-11901	129	26	of	of	ADP
cblr-11901	129	27	the	the	DET
cblr-11901	129	28	content	content	NOUN
cblr-11901	129	29	of	of	ADP
cblr-11901	129	30	the	the	DET
cblr-11901	129	31	instruments	instrument	NOUN
cblr-11901	129	32	in	in	ADP
cblr-11901	129	33	question	question	NOUN
cblr-11901	129	34	,	,	PUNCT
cblr-11901	129	35	the	the	DET
cblr-11901	129	36	purposes	purpose	NOUN
cblr-11901	129	37	intended	intend	VERB
cblr-11901	129	38	to	to	PART
cblr-11901	129	39	be	be	AUX
cblr-11901	129	40	served	serve	VERB
cblr-11901	129	41	,	,	PUNCT
cblr-11901	129	42	and	and	CCONJ
cblr-11901	129	43	the	the	DET
cblr-11901	129	44	factual	factual	ADJ
cblr-11901	129	45	context	context	NOUN
cblr-11901	129	46	as	as	ADP
cblr-11901	129	47	a	a	DET
cblr-11901	129	48	whole	whole	NOUN
cblr-11901	129	49	.	.	PUNCT
cblr-11901	129	50	”	"	PUNCT
cblr-11901	129	51	)	)	PUNCT
cblr-11901	129	52	.	.	PUNCT
cblr-11901	130	1	29	29	NUM
cblr-11901	130	2	for	for	ADP
cblr-11901	130	3	an	an	DET
cblr-11901	130	4	overview	overview	NOUN
cblr-11901	130	5	of	of	ADP
cblr-11901	130	6	the	the	DET
cblr-11901	130	7	national	national	ADJ
cblr-11901	130	8	market	market	NOUN
cblr-11901	130	9	system	system	NOUN
cblr-11901	130	10	,	,	PUNCT
cblr-11901	130	11	see	see	VERB
cblr-11901	130	12	merritt	merritt	PROPN
cblr-11901	130	13	fox	fox	PROPN
cblr-11901	130	14	,	,	PUNCT
cblr-11901	130	15	lawrence	lawrence	PROPN
cblr-11901	130	16	glosten	glosten	PROPN
cblr-11901	130	17	&	&	CCONJ
cblr-11901	130	18	gabriel	gabriel	PROPN
cblr-11901	130	19	rauterberg	rauterberg	PROPN
cblr-11901	130	20	,	,	PUNCT
cblr-11901	130	21	the	the	DET
cblr-11901	130	22	new	new	ADJ
cblr-11901	130	23	stock	stock	NOUN
cblr-11901	130	24	market	market	NOUN
cblr-11901	130	25	:	:	PUNCT
cblr-11901	130	26	law	law	NOUN
cblr-11901	130	27	,	,	PUNCT
cblr-11901	130	28	economics	economic	NOUN
cblr-11901	130	29	,	,	PUNCT
cblr-11901	130	30	and	and	CCONJ
cblr-11901	130	31	policy	policy	NOUN
cblr-11901	130	32	28	28	NUM
cblr-11901	130	33	(	(	PUNCT
cblr-11901	130	34	2019	2019	NUM
cblr-11901	130	35	)	)	PUNCT
cblr-11901	130	36	.	.	PUNCT
cblr-11901	131	1	30	30	NUM
cblr-11901	131	2	similar	similar	ADJ
cblr-11901	131	3	to	to	ADP
cblr-11901	131	4	the	the	DET
cblr-11901	131	5	definition	definition	NOUN
cblr-11901	131	6	of	of	ADP
cblr-11901	131	7	“	"	PUNCT
cblr-11901	131	8	security	security	NOUN
cblr-11901	131	9	,	,	PUNCT
cblr-11901	131	10	”	"	PUNCT
cblr-11901	131	11	the	the	DET
cblr-11901	131	12	exchange	exchange	NOUN
cblr-11901	131	13	act	act	PROPN
cblr-11901	131	14	defines	define	VERB
cblr-11901	131	15	“	"	PUNCT
cblr-11901	131	16	exchanges	exchange	NOUN
cblr-11901	131	17	”	"	PUNCT
cblr-11901	131	18	and	and	CCONJ
cblr-11901	131	19	“	"	PUNCT
cblr-11901	131	20	broker	broker	NOUN
cblr-11901	131	21	-	-	PUNCT
cblr-11901	131	22	dealers	dealer	NOUN
cblr-11901	131	23	”	"	PUNCT
cblr-11901	131	24	broadly	broadly	ADV
cblr-11901	131	25	.	.	PUNCT
cblr-11901	132	1	coffee	coffee	NOUN
cblr-11901	132	2	et	et	PROPN
cblr-11901	132	3	al	al	PROPN
cblr-11901	132	4	.	.	PROPN
cblr-11901	132	5	,	,	PUNCT
cblr-11901	132	6	supra	supra	PROPN
cblr-11901	132	7	note	note	PROPN
cblr-11901	132	8	14	14	NUM
cblr-11901	132	9	,	,	PUNCT
cblr-11901	132	10	at	at	ADP
cblr-11901	132	11	640	640	NUM
cblr-11901	132	12	.	.	PUNCT
cblr-11901	133	1	the	the	DET
cblr-11901	133	2	sec	sec	PROPN
cblr-11901	133	3	has	have	AUX
cblr-11901	133	4	applied	apply	VERB
cblr-11901	133	5	the	the	DET
cblr-11901	133	6	terms	term	NOUN
cblr-11901	133	7	to	to	ADP
cblr-11901	133	8	a	a	DET
cblr-11901	133	9	wide	wide	ADJ
cblr-11901	133	10	variety	variety	NOUN
cblr-11901	133	11	of	of	ADP
cblr-11901	133	12	market	market	NOUN
cblr-11901	133	13	participants	participant	NOUN
cblr-11901	133	14	classified	classify	VERB
cblr-11901	133	15	as	as	ADP
cblr-11901	133	16	exchanges	exchange	NOUN
cblr-11901	133	17	or	or	CCONJ
cblr-11901	133	18	broker	broker	NOUN
cblr-11901	133	19	-	-	PUNCT
cblr-11901	133	20	dealers	dealer	NOUN
cblr-11901	133	21	.	.	PUNCT
cblr-11901	134	1	see	see	VERB
cblr-11901	134	2	,	,	PUNCT
cblr-11901	134	3	e.g.	e.g.	ADV
cblr-11901	134	4	,	,	PUNCT
cblr-11901	134	5	bd	bd	PROPN
cblr-11901	134	6	.	.	PROPN
cblr-11901	134	7	of	of	ADP
cblr-11901	134	8	trade	trade	NOUN
cblr-11901	134	9	of	of	ADP
cblr-11901	134	10	city	city	NOUN
cblr-11901	134	11	of	of	ADP
cblr-11901	134	12	chicago	chicago	PROPN
cblr-11901	134	13	v.	v.	PROPN
cblr-11901	134	14	s.e.c	s.e.c	PROPN
cblr-11901	134	15	.	.	PUNCT
cblr-11901	134	16	,	,	PUNCT
cblr-11901	134	17	923	923	NUM
cblr-11901	134	18	f.2d	f.2d	NOUN
cblr-11901	134	19	1270	1270	NUM
cblr-11901	134	20	,	,	PUNCT
cblr-11901	134	21	1273	1273	NUM
cblr-11901	134	22	(	(	PUNCT
cblr-11901	134	23	7th	7th	ADJ
cblr-11901	134	24	cir	cir	NOUN
cblr-11901	134	25	.	.	PROPN
cblr-11901	134	26	1991	1991	NUM
cblr-11901	134	27	)	)	PUNCT
cblr-11901	134	28	.	.	PUNCT
cblr-11901	135	1	when	when	SCONJ
cblr-11901	135	2	an	an	DET
cblr-11901	135	3	no	no	NOUN
cblr-11901	135	4	.	.	NOUN
cblr-11901	135	5	1	1	NUM
cblr-11901	135	6	]	]	PUNCT
cblr-11901	135	7	regulating	regulate	VERB
cblr-11901	135	8	democratized	democratized	ADJ
cblr-11901	135	9	finance	finance	NOUN
cblr-11901	135	10	497	497	NUM
cblr-11901	135	11	to	to	PART
cblr-11901	135	12	inefficiencies.31	inefficiencies.31	VERB
cblr-11901	135	13	accordingly	accordingly	ADV
cblr-11901	135	14	,	,	PUNCT
cblr-11901	135	15	over	over	ADP
cblr-11901	135	16	the	the	DET
cblr-11901	135	17	course	course	NOUN
cblr-11901	135	18	of	of	ADP
cblr-11901	135	19	decades	decade	NOUN
cblr-11901	135	20	,	,	PUNCT
cblr-11901	135	21	the	the	DET
cblr-11901	135	22	sec	sec	PROPN
cblr-11901	135	23	proposed	propose	VERB
cblr-11901	135	24	a	a	DET
cblr-11901	135	25	series	series	NOUN
cblr-11901	135	26	of	of	ADP
cblr-11901	135	27	regulations	regulation	NOUN
cblr-11901	135	28	to	to	PART
cblr-11901	135	29	encourage	encourage	VERB
cblr-11901	135	30	competition	competition	NOUN
cblr-11901	135	31	and	and	CCONJ
cblr-11901	135	32	prevent	prevent	VERB
cblr-11901	135	33	price	price	NOUN
cblr-11901	135	34	discrimination	discrimination	NOUN
cblr-11901	135	35	in	in	ADP
cblr-11901	135	36	security	security	NOUN
cblr-11901	135	37	transactions.32	transactions.32	VERB
cblr-11901	135	38	these	these	DET
cblr-11901	135	39	regulations	regulation	NOUN
cblr-11901	135	40	overhauled	overhaul	VERB
cblr-11901	135	41	the	the	DET
cblr-11901	135	42	regulation	regulation	NOUN
cblr-11901	135	43	of	of	ADP
cblr-11901	135	44	securities	security	NOUN
cblr-11901	135	45	exchanges	exchange	NOUN
cblr-11901	135	46	and	and	CCONJ
cblr-11901	135	47	broker	broker	NOUN
cblr-11901	135	48	-	-	PUNCT
cblr-11901	135	49	dealers	dealer	NOUN
cblr-11901	135	50	to	to	PART
cblr-11901	135	51	create	create	VERB
cblr-11901	135	52	the	the	DET
cblr-11901	135	53	current	current	ADJ
cblr-11901	135	54	regulatory	regulatory	ADJ
cblr-11901	135	55	scheme	scheme	NOUN
cblr-11901	135	56	for	for	ADP
cblr-11901	135	57	securities	security	NOUN
cblr-11901	135	58	transactions	transaction	NOUN
cblr-11901	135	59	,	,	PUNCT
cblr-11901	135	60	the	the	DET
cblr-11901	135	61	national	national	ADJ
cblr-11901	135	62	market	market	NOUN
cblr-11901	135	63	system.33	system.33	VERB
cblr-11901	135	64	these	these	DET
cblr-11901	135	65	regulations	regulation	NOUN
cblr-11901	135	66	not	not	PART
cblr-11901	135	67	only	only	ADV
cblr-11901	135	68	took	take	VERB
cblr-11901	135	69	decades	decade	NOUN
cblr-11901	135	70	to	to	ADP
cblr-11901	135	71	develop,34	develop,34	NOUN
cblr-11901	135	72	they	they	PRON
cblr-11901	135	73	also	also	ADV
cblr-11901	135	74	required	require	VERB
cblr-11901	135	75	congress	congress	PROPN
cblr-11901	135	76	to	to	PART
cblr-11901	135	77	expand	expand	VERB
cblr-11901	135	78	the	the	DET
cblr-11901	135	79	sec	sec	PROPN
cblr-11901	135	80	’s	’s	PART
cblr-11901	135	81	regulatory	regulatory	ADJ
cblr-11901	135	82	authority.35	authority.35	NOUN
cblr-11901	135	83	the	the	DET
cblr-11901	135	84	securities	security	NOUN
cblr-11901	135	85	act	act	NOUN
cblr-11901	135	86	amendments	amendment	NOUN
cblr-11901	135	87	of	of	ADP
cblr-11901	135	88	1975	1975	NUM
cblr-11901	135	89	were	be	AUX
cblr-11901	135	90	the	the	DET
cblr-11901	135	91	initial	initial	ADJ
cblr-11901	135	92	expansion	expansion	NOUN
cblr-11901	135	93	of	of	ADP
cblr-11901	135	94	authority36	authority36	NOUN
cblr-11901	135	95	and	and	CCONJ
cblr-11901	135	96	came	come	VERB
cblr-11901	135	97	after	after	ADP
cblr-11901	135	98	years	year	NOUN
cblr-11901	135	99	of	of	ADP
cblr-11901	135	100	advocacy	advocacy	NOUN
cblr-11901	135	101	and	and	CCONJ
cblr-11901	135	102	analysis	analysis	NOUN
cblr-11901	135	103	by	by	ADP
cblr-11901	135	104	the	the	DET
cblr-11901	135	105	agency.37	agency.37	ADJ
cblr-11901	135	106	additional	additional	ADJ
cblr-11901	135	107	expansions	expansion	NOUN
cblr-11901	135	108	of	of	ADP
cblr-11901	135	109	authority	authority	NOUN
cblr-11901	135	110	followed	follow	VERB
cblr-11901	135	111	over	over	ADP
cblr-11901	135	112	subsequent	subsequent	ADJ
cblr-11901	135	113	decades	decade	NOUN
cblr-11901	135	114	,	,	PUNCT
cblr-11901	135	115	ultimately	ultimately	ADV
cblr-11901	135	116	allowing	allow	VERB
cblr-11901	135	117	the	the	DET
cblr-11901	135	118	agency	agency	NOUN
cblr-11901	135	119	to	to	PART
cblr-11901	135	120	develop	develop	VERB
cblr-11901	135	121	the	the	DET
cblr-11901	135	122	existing	exist	VERB
cblr-11901	135	123	national	national	ADJ
cblr-11901	135	124	network	network	NOUN
cblr-11901	135	125	among	among	ADP
cblr-11901	135	126	brokers	broker	NOUN
cblr-11901	135	127	,	,	PUNCT
cblr-11901	135	128	dealers	dealer	NOUN
cblr-11901	135	129	and	and	CCONJ
cblr-11901	135	130	exchanges.38	exchanges.38	NOUN
cblr-11901	135	131	focusing	focus	VERB
cblr-11901	135	132	on	on	ADP
cblr-11901	135	133	regulation	regulation	NOUN
cblr-11901	135	134	ats,39	ats,39	ADV
cblr-11901	135	135	promulgated	promulgate	VERB
cblr-11901	135	136	by	by	ADP
cblr-11901	135	137	the	the	DET
cblr-11901	135	138	sec	sec	PROPN
cblr-11901	135	139	in	in	ADP
cblr-11901	135	140	1998	1998	NUM
cblr-11901	135	141	,	,	PUNCT
cblr-11901	135	142	illustrates	illustrate	VERB
cblr-11901	135	143	how	how	SCONJ
cblr-11901	135	144	the	the	DET
cblr-11901	135	145	sec	sec	PROPN
cblr-11901	135	146	tailored	tailor	VERB
cblr-11901	135	147	new	new	ADJ
cblr-11901	135	148	market	market	NOUN
cblr-11901	135	149	structure	structure	NOUN
cblr-11901	135	150	interpretation	interpretation	NOUN
cblr-11901	135	151	of	of	ADP
cblr-11901	135	152	the	the	DET
cblr-11901	135	153	terms	term	NOUN
cblr-11901	135	154	by	by	ADP
cblr-11901	135	155	the	the	DET
cblr-11901	135	156	agency	agency	NOUN
cblr-11901	135	157	is	be	AUX
cblr-11901	135	158	challenged	challenge	VERB
cblr-11901	135	159	,	,	PUNCT
cblr-11901	135	160	courts	court	NOUN
cblr-11901	135	161	often	often	ADV
cblr-11901	135	162	defer	defer	VERB
cblr-11901	135	163	to	to	ADP
cblr-11901	135	164	the	the	DET
cblr-11901	135	165	sec	sec	PROPN
cblr-11901	135	166	,	,	PUNCT
cblr-11901	135	167	giving	give	VERB
cblr-11901	135	168	the	the	DET
cblr-11901	135	169	agency	agency	NOUN
cblr-11901	135	170	flexibility	flexibility	NOUN
cblr-11901	135	171	when	when	SCONJ
cblr-11901	135	172	responding	respond	VERB
cblr-11901	135	173	to	to	ADP
cblr-11901	135	174	new	new	ADJ
cblr-11901	135	175	technological	technological	ADJ
cblr-11901	135	176	developments	development	NOUN
cblr-11901	135	177	.	.	PUNCT
cblr-11901	136	1	i	i	PRON
cblr-11901	136	2	d.	d.	PROPN
cblr-11901	136	3	31	31	NUM
cblr-11901	136	4	seligman	seligman	PROPN
cblr-11901	136	5	,	,	PUNCT
cblr-11901	136	6	supra	supra	PROPN
cblr-11901	136	7	note	note	NOUN
cblr-11901	136	8	10	10	NUM
cblr-11901	136	9	at	at	ADP
cblr-11901	136	10	497–501	497–501	NUM
cblr-11901	136	11	.	.	PUNCT
cblr-11901	137	1	32	32	NUM
cblr-11901	137	2	important	important	ADJ
cblr-11901	137	3	components	component	NOUN
cblr-11901	137	4	of	of	ADP
cblr-11901	137	5	the	the	DET
cblr-11901	137	6	exchange	exchange	NOUN
cblr-11901	137	7	act	act	NOUN
cblr-11901	137	8	were	be	AUX
cblr-11901	137	9	regulations	regulation	NOUN
cblr-11901	137	10	governing	govern	VERB
cblr-11901	137	11	the	the	DET
cblr-11901	137	12	conduct	conduct	NOUN
cblr-11901	137	13	of	of	ADP
cblr-11901	137	14	broker	broker	NOUN
cblr-11901	137	15	-	-	PUNCT
cblr-11901	137	16	dealers	dealer	NOUN
cblr-11901	137	17	and	and	CCONJ
cblr-11901	137	18	exchanges	exchange	NOUN
cblr-11901	137	19	.	.	PUNCT
cblr-11901	138	1	the	the	DET
cblr-11901	138	2	1934	1934	NUM
cblr-11901	138	3	act	act	NOUN
cblr-11901	138	4	,	,	PUNCT
cblr-11901	138	5	along	along	ADP
cblr-11901	138	6	with	with	ADP
cblr-11901	138	7	other	other	ADJ
cblr-11901	138	8	1930s	1930s	NUM
cblr-11901	138	9	statutes	statute	NOUN
cblr-11901	138	10	,	,	PUNCT
cblr-11901	138	11	included	include	VERB
cblr-11901	138	12	requirements	requirement	NOUN
cblr-11901	138	13	that	that	SCONJ
cblr-11901	138	14	exchanges	exchange	NOUN
cblr-11901	138	15	and	and	CCONJ
cblr-11901	138	16	broker	broker	NOUN
cblr-11901	138	17	-	-	PUNCT
cblr-11901	138	18	dealers	dealer	NOUN
cblr-11901	138	19	register	register	VERB
cblr-11901	138	20	with	with	ADP
cblr-11901	138	21	the	the	DET
cblr-11901	138	22	sec	sec	PROPN
cblr-11901	138	23	,	,	PUNCT
cblr-11901	138	24	coffee	coffee	NOUN
cblr-11901	138	25	et	et	NOUN
cblr-11901	138	26	al	al	PROPN
cblr-11901	138	27	.	.	PROPN
cblr-11901	138	28	,	,	PUNCT
cblr-11901	138	29	supra	supra	PROPN
cblr-11901	138	30	note	note	PROPN
cblr-11901	138	31	14	14	NUM
cblr-11901	138	32	,	,	PUNCT
cblr-11901	138	33	at	at	ADP
cblr-11901	138	34	685	685	NUM
cblr-11901	138	35	,	,	PUNCT
cblr-11901	138	36	and	and	CCONJ
cblr-11901	138	37	follow	follow	VERB
cblr-11901	138	38	rules	rule	NOUN
cblr-11901	138	39	established	establish	VERB
cblr-11901	138	40	by	by	ADP
cblr-11901	138	41	self	self	NOUN
cblr-11901	138	42	-	-	PUNCT
cblr-11901	138	43	regulatory	regulatory	ADJ
cblr-11901	138	44	organizations	organization	NOUN
cblr-11901	138	45	(	(	PUNCT
cblr-11901	138	46	sros	sros	PROPN
cblr-11901	138	47	)	)	PUNCT
cblr-11901	138	48	subject	subject	NOUN
cblr-11901	138	49	to	to	ADP
cblr-11901	138	50	sec	sec	PROPN
cblr-11901	138	51	oversight	oversight	NOUN
cblr-11901	138	52	.	.	PUNCT
cblr-11901	139	1	paul	paul	PROPN
cblr-11901	139	2	g.	g.	PROPN
cblr-11901	139	3	mahoney	mahoney	PROPN
cblr-11901	139	4	&	&	CCONJ
cblr-11901	139	5	gabriel	gabriel	PROPN
cblr-11901	139	6	rauterberg	rauterberg	PROPN
cblr-11901	139	7	,	,	PUNCT
cblr-11901	139	8	the	the	DET
cblr-11901	139	9	regulation	regulation	NOUN
cblr-11901	139	10	of	of	ADP
cblr-11901	139	11	trading	trading	NOUN
cblr-11901	139	12	markets	market	NOUN
cblr-11901	139	13	:	:	PUNCT
cblr-11901	139	14	a	a	DET
cblr-11901	139	15	survey	survey	NOUN
cblr-11901	139	16	and	and	CCONJ
cblr-11901	139	17	evaluation	evaluation	NOUN
cblr-11901	139	18	,	,	PUNCT
cblr-11901	139	19	in	in	ADP
cblr-11901	139	20	securities	security	NOUN
cblr-11901	139	21	market	market	NOUN
cblr-11901	139	22	issues	issue	NOUN
cblr-11901	139	23	for	for	ADP
cblr-11901	139	24	the	the	DET
cblr-11901	139	25	21st	21st	ADJ
cblr-11901	139	26	century	century	NOUN
cblr-11901	139	27	221	221	NUM
cblr-11901	139	28	,	,	PUNCT
cblr-11901	139	29	230	230	NUM
cblr-11901	139	30	(	(	PUNCT
cblr-11901	139	31	merritt	merritt	PROPN
cblr-11901	139	32	b.	b.	PROPN
cblr-11901	139	33	fox	fox	PROPN
cblr-11901	139	34	et	et	PROPN
cblr-11901	139	35	al	al	PROPN
cblr-11901	139	36	.	.	PUNCT
cblr-11901	139	37	eds	eds	PROPN
cblr-11901	139	38	.	.	PROPN
cblr-11901	139	39	,	,	PUNCT
cblr-11901	139	40	2018	2018	NUM
cblr-11901	139	41	)	)	PUNCT
cblr-11901	139	42	.	.	PUNCT
cblr-11901	140	1	33	33	NUM
cblr-11901	140	2	seligman	seligman	NOUN
cblr-11901	140	3	,	,	PUNCT
cblr-11901	140	4	supra	supra	PROPN
cblr-11901	140	5	note	note	PROPN
cblr-11901	140	6	10	10	NUM
cblr-11901	140	7	,	,	PUNCT
cblr-11901	140	8	at	at	ADP
cblr-11901	140	9	497	497	NUM
cblr-11901	140	10	.	.	PUNCT
cblr-11901	140	11	34	34	NUM
cblr-11901	141	1	i	i	PRON
cblr-11901	141	2	d.	d.	PROPN
cblr-11901	141	3	at	at	ADP
cblr-11901	141	4	497–501	497–501	NUM
cblr-11901	141	5	.	.	PUNCT
cblr-11901	142	1	35	35	NUM
cblr-11901	143	1	i	i	PRON
cblr-11901	143	2	d.	d.	NOUN
cblr-11901	143	3	36	36	NUM
cblr-11901	143	4	pub	pub	NOUN
cblr-11901	143	5	.	.	PUNCT
cblr-11901	144	1	l.	l.	PROPN
cblr-11901	144	2	no	no	INTJ
cblr-11901	144	3	.	.	PROPN
cblr-11901	145	1	94	94	NUM
cblr-11901	145	2	-	-	SYM
cblr-11901	145	3	29	29	NUM
cblr-11901	145	4	;	;	PUNCT
cblr-11901	145	5	see	see	VERB
cblr-11901	145	6	also	also	ADV
cblr-11901	145	7	mahoney	mahoney	PROPN
cblr-11901	145	8	&	&	CCONJ
cblr-11901	145	9	rauterberg	rauterberg	PROPN
cblr-11901	145	10	,	,	PUNCT
cblr-11901	145	11	supra	supra	PROPN
cblr-11901	145	12	note	note	NOUN
cblr-11901	145	13	32	32	NUM
cblr-11901	145	14	,	,	PUNCT
cblr-11901	145	15	at	at	ADP
cblr-11901	145	16	233	233	NUM
cblr-11901	145	17	.	.	PUNCT
cblr-11901	145	18	37	37	NUM
cblr-11901	146	1	the	the	DET
cblr-11901	146	2	sec	sec	PROPN
cblr-11901	146	3	drafted	draft	VERB
cblr-11901	146	4	comprehensive	comprehensive	ADJ
cblr-11901	146	5	reports	report	NOUN
cblr-11901	146	6	analyzing	analyze	VERB
cblr-11901	146	7	existing	exist	VERB
cblr-11901	146	8	market	market	NOUN
cblr-11901	146	9	structure	structure	NOUN
cblr-11901	146	10	,	,	PUNCT
cblr-11901	146	11	arguing	argue	VERB
cblr-11901	146	12	for	for	ADP
cblr-11901	146	13	more	more	ADV
cblr-11901	146	14	expansive	expansive	ADJ
cblr-11901	146	15	authority	authority	NOUN
cblr-11901	146	16	to	to	PART
cblr-11901	146	17	develop	develop	VERB
cblr-11901	146	18	the	the	DET
cblr-11901	146	19	new	new	ADJ
cblr-11901	146	20	rules	rule	NOUN
cblr-11901	146	21	.	.	PUNCT
cblr-11901	147	1	mahoney	mahoney	PROPN
cblr-11901	147	2	&	&	CCONJ
cblr-11901	147	3	rauterberg	rauterberg	PROPN
cblr-11901	147	4	,	,	PUNCT
cblr-11901	147	5	supra	supra	PROPN
cblr-11901	147	6	note	note	NOUN
cblr-11901	147	7	32	32	NUM
cblr-11901	147	8	,	,	PUNCT
cblr-11901	147	9	at	at	ADP
cblr-11901	147	10	232	232	NUM
cblr-11901	147	11	.	.	PUNCT
cblr-11901	148	1	38	38	NUM
cblr-11901	149	1	i	i	PRON
cblr-11901	149	2	d.	d.	PROPN
cblr-11901	149	3	39	39	NUM
cblr-11901	149	4	17	17	NUM
cblr-11901	149	5	cfr	cfr	NOUN
cblr-11901	149	6	§	§	PROPN
cblr-11901	149	7	242.301	242.301	NUM
cblr-11901	149	8	.	.	PUNCT
cblr-11901	150	1	498	498	NUM
cblr-11901	150	2	columbia	columbia	PROPN
cblr-11901	150	3	business	business	NOUN
cblr-11901	150	4	law	law	PROPN
cblr-11901	150	5	review	review	NOUN
cblr-11901	150	6	[	[	X
cblr-11901	150	7	vol	vol	NOUN
cblr-11901	150	8	.	.	PUNCT
cblr-11901	150	9	2023	2023	NUM
cblr-11901	150	10	regulations	regulation	NOUN
cblr-11901	150	11	and	and	CCONJ
cblr-11901	150	12	how	how	SCONJ
cblr-11901	150	13	the	the	DET
cblr-11901	150	14	agency	agency	NOUN
cblr-11901	150	15	needed	need	VERB
cblr-11901	150	16	to	to	PART
cblr-11901	150	17	engage	engage	VERB
cblr-11901	150	18	in	in	ADP
cblr-11901	150	19	dialogue	dialogue	NOUN
cblr-11901	150	20	with	with	ADP
cblr-11901	150	21	congress	congress	PROPN
cblr-11901	150	22	to	to	PART
cblr-11901	150	23	expand	expand	VERB
cblr-11901	150	24	its	its	PRON
cblr-11901	150	25	authority.40	authority.40	PROPN
cblr-11901	150	26	2	2	NUM
cblr-11901	150	27	.	.	PUNCT
cblr-11901	151	1	the	the	DET
cblr-11901	151	2	national	national	ADJ
cblr-11901	151	3	market	market	NOUN
cblr-11901	151	4	system	system	NOUN
cblr-11901	151	5	and	and	CCONJ
cblr-11901	151	6	regulation	regulation	NOUN
cblr-11901	151	7	ats	at	NOUN
cblr-11901	151	8	in	in	ADP
cblr-11901	151	9	the	the	DET
cblr-11901	151	10	mid-1990s	mid-1990	NOUN
cblr-11901	151	11	,	,	PUNCT
cblr-11901	151	12	approximately	approximately	ADV
cblr-11901	151	13	twenty	twenty	NUM
cblr-11901	151	14	years	year	NOUN
cblr-11901	151	15	after	after	ADP
cblr-11901	151	16	first	first	ADV
cblr-11901	151	17	receiving	receive	VERB
cblr-11901	151	18	the	the	DET
cblr-11901	151	19	authority	authority	NOUN
cblr-11901	151	20	to	to	PART
cblr-11901	151	21	begin	begin	VERB
cblr-11901	151	22	crafting	craft	VERB
cblr-11901	151	23	the	the	DET
cblr-11901	151	24	national	national	ADJ
cblr-11901	151	25	market	market	NOUN
cblr-11901	151	26	system	system	NOUN
cblr-11901	151	27	,	,	PUNCT
cblr-11901	151	28	the	the	DET
cblr-11901	151	29	sec	sec	PROPN
cblr-11901	151	30	was	be	AUX
cblr-11901	151	31	concerned	concern	VERB
cblr-11901	151	32	that	that	SCONJ
cblr-11901	151	33	atss	atss	PROPN
cblr-11901	151	34	were	be	AUX
cblr-11901	151	35	not	not	PART
cblr-11901	151	36	sufficiently	sufficiently	ADV
cblr-11901	151	37	integrated	integrate	VERB
cblr-11901	151	38	into	into	ADP
cblr-11901	151	39	the	the	DET
cblr-11901	151	40	system	system	NOUN
cblr-11901	151	41	.	.	PUNCT
cblr-11901	152	1	atss	atss	PROPN
cblr-11901	152	2	at	at	ADP
cblr-11901	152	3	the	the	DET
cblr-11901	152	4	time	time	NOUN
cblr-11901	152	5	were	be	AUX
cblr-11901	152	6	generally	generally	ADV
cblr-11901	152	7	registered	register	VERB
cblr-11901	152	8	as	as	ADP
cblr-11901	152	9	broker	broker	NOUN
cblr-11901	152	10	-	-	PUNCT
cblr-11901	152	11	dealers	dealer	NOUN
cblr-11901	152	12	,	,	PUNCT
cblr-11901	152	13	meaning	mean	VERB
cblr-11901	152	14	they	they	PRON
cblr-11901	152	15	were	be	AUX
cblr-11901	152	16	not	not	PART
cblr-11901	152	17	required	require	VERB
cblr-11901	152	18	at	at	ADP
cblr-11901	152	19	the	the	DET
cblr-11901	152	20	time	time	NOUN
cblr-11901	152	21	to	to	PART
cblr-11901	152	22	share	share	VERB
cblr-11901	152	23	the	the	DET
cblr-11901	152	24	same	same	ADJ
cblr-11901	152	25	information	information	NOUN
cblr-11901	152	26	as	as	SCONJ
cblr-11901	152	27	exchanges.41	exchanges.41	PROPN
cblr-11901	152	28	the	the	DET
cblr-11901	152	29	agency	agency	NOUN
cblr-11901	152	30	had	have	VERB
cblr-11901	152	31	the	the	DET
cblr-11901	152	32	option	option	NOUN
cblr-11901	152	33	to	to	PART
cblr-11901	152	34	impose	impose	VERB
cblr-11901	152	35	exchange	exchange	NOUN
cblr-11901	152	36	registration	registration	NOUN
cblr-11901	152	37	requirements	requirement	NOUN
cblr-11901	152	38	on	on	ADP
cblr-11901	152	39	atss	atss	NOUN
cblr-11901	152	40	to	to	PART
cblr-11901	152	41	remedy	remedy	VERB
cblr-11901	152	42	this	this	DET
cblr-11901	152	43	information	information	NOUN
cblr-11901	152	44	gap	gap	NOUN
cblr-11901	152	45	,	,	PUNCT
cblr-11901	152	46	but	but	CCONJ
cblr-11901	152	47	it	it	PRON
cblr-11901	152	48	was	be	AUX
cblr-11901	152	49	hesitant	hesitant	ADJ
cblr-11901	152	50	to	to	PART
cblr-11901	152	51	do	do	VERB
cblr-11901	152	52	so	so	ADV
cblr-11901	152	53	out	out	ADP
cblr-11901	152	54	of	of	ADP
cblr-11901	152	55	concern	concern	NOUN
cblr-11901	152	56	these	these	DET
cblr-11901	152	57	regulations	regulation	NOUN
cblr-11901	152	58	could	could	AUX
cblr-11901	152	59	reduce	reduce	VERB
cblr-11901	152	60	efficiency	efficiency	NOUN
cblr-11901	152	61	in	in	ADP
cblr-11901	152	62	transactions.42	transactions.42	NOUN
cblr-11901	152	63	thus	thus	ADV
cblr-11901	152	64	,	,	PUNCT
cblr-11901	152	65	the	the	DET
cblr-11901	152	66	agency	agency	NOUN
cblr-11901	152	67	saw	see	VERB
cblr-11901	152	68	a	a	DET
cblr-11901	152	69	flaw	flaw	NOUN
cblr-11901	152	70	in	in	ADP
cblr-11901	152	71	applying	apply	VERB
cblr-11901	152	72	then	then	ADV
cblr-11901	152	73	-	-	PUNCT
cblr-11901	152	74	existing	exist	VERB
cblr-11901	152	75	market	market	NOUN
cblr-11901	152	76	regulations	regulation	NOUN
cblr-11901	152	77	to	to	ADP
cblr-11901	152	78	a	a	DET
cblr-11901	152	79	new	new	ADJ
cblr-11901	152	80	market	market	NOUN
cblr-11901	152	81	development	development	NOUN
cblr-11901	152	82	,	,	PUNCT
cblr-11901	152	83	and	and	CCONJ
cblr-11901	152	84	a	a	DET
cblr-11901	152	85	gap	gap	NOUN
cblr-11901	152	86	in	in	ADP
cblr-11901	152	87	its	its	PRON
cblr-11901	152	88	regulatory	regulatory	ADJ
cblr-11901	152	89	capacity	capacity	NOUN
cblr-11901	152	90	to	to	PART
cblr-11901	152	91	sufficiently	sufficiently	ADV
cblr-11901	152	92	address	address	VERB
cblr-11901	152	93	this	this	DET
cblr-11901	152	94	flaw	flaw	NOUN
cblr-11901	152	95	.	.	PUNCT
cblr-11901	153	1	to	to	PART
cblr-11901	153	2	create	create	VERB
cblr-11901	153	3	regulations	regulation	NOUN
cblr-11901	153	4	tailored	tailor	VERB
cblr-11901	153	5	to	to	ADP
cblr-11901	153	6	atss	atss	PROPN
cblr-11901	153	7	distinct	distinct	ADJ
cblr-11901	153	8	position	position	NOUN
cblr-11901	153	9	,	,	PUNCT
cblr-11901	153	10	the	the	DET
cblr-11901	153	11	sec	sec	PROPN
cblr-11901	153	12	lobbied	lobby	VERB
cblr-11901	153	13	congress	congress	PROPN
cblr-11901	153	14	for	for	ADP
cblr-11901	153	15	additional	additional	ADJ
cblr-11901	153	16	authority	authority	NOUN
cblr-11901	153	17	,	,	PUNCT
cblr-11901	153	18	which	which	PRON
cblr-11901	153	19	congress	congress	PROPN
cblr-11901	153	20	granted	grant	VERB
cblr-11901	153	21	as	as	ADP
cblr-11901	153	22	part	part	NOUN
cblr-11901	153	23	of	of	ADP
cblr-11901	153	24	the	the	DET
cblr-11901	153	25	national	national	ADJ
cblr-11901	153	26	securities	security	NOUN
cblr-11901	153	27	markets	markets	PROPN
cblr-11901	153	28	improvement	improvement	PROPN
cblr-11901	153	29	act	act	NOUN
cblr-11901	153	30	of	of	ADP
cblr-11901	153	31	1996.43	1996.43	NUM
cblr-11901	153	32	shortly	shortly	ADV
cblr-11901	153	33	thereafter	thereafter	ADV
cblr-11901	153	34	,	,	PUNCT
cblr-11901	153	35	the	the	DET
cblr-11901	153	36	sec	sec	PROPN
cblr-11901	153	37	proposed	propose	VERB
cblr-11901	153	38	regulation	regulation	NOUN
cblr-11901	153	39	ats	at	NOUN
cblr-11901	153	40	to	to	PART
cblr-11901	153	41	allow	allow	VERB
cblr-11901	153	42	atss	atss	PROPN
cblr-11901	153	43	that	that	PRON
cblr-11901	153	44	met	meet	VERB
cblr-11901	153	45	certain	certain	ADJ
cblr-11901	153	46	requirements44	requirements44	NOUN
cblr-11901	153	47	to	to	PART
cblr-11901	153	48	choose	choose	VERB
cblr-11901	153	49	whether	whether	SCONJ
cblr-11901	153	50	to	to	PART
cblr-11901	153	51	be	be	AUX
cblr-11901	153	52	regulated	regulate	VERB
cblr-11901	153	53	as	as	ADP
cblr-11901	153	54	either	either	DET
cblr-11901	153	55	40	40	NUM
cblr-11901	153	56	a	a	DET
cblr-11901	153	57	detailed	detailed	ADJ
cblr-11901	153	58	review	review	NOUN
cblr-11901	153	59	of	of	ADP
cblr-11901	153	60	the	the	DET
cblr-11901	153	61	many	many	ADJ
cblr-11901	153	62	regulations	regulation	NOUN
cblr-11901	153	63	associated	associate	VERB
cblr-11901	153	64	with	with	ADP
cblr-11901	153	65	the	the	DET
cblr-11901	153	66	national	national	ADJ
cblr-11901	153	67	market	market	NOUN
cblr-11901	153	68	system	system	NOUN
cblr-11901	153	69	is	be	AUX
cblr-11901	153	70	beyond	beyond	ADP
cblr-11901	153	71	the	the	DET
cblr-11901	153	72	scope	scope	NOUN
cblr-11901	153	73	of	of	ADP
cblr-11901	153	74	this	this	DET
cblr-11901	153	75	note	note	NOUN
cblr-11901	153	76	.	.	PUNCT
cblr-11901	154	1	for	for	ADP
cblr-11901	154	2	a	a	DET
cblr-11901	154	3	comprehensive	comprehensive	ADJ
cblr-11901	154	4	review	review	NOUN
cblr-11901	154	5	of	of	ADP
cblr-11901	154	6	national	national	ADJ
cblr-11901	154	7	market	market	NOUN
cblr-11901	154	8	system	system	NOUN
cblr-11901	154	9	regulations	regulation	NOUN
cblr-11901	154	10	,	,	PUNCT
cblr-11901	154	11	see	see	VERB
cblr-11901	154	12	,	,	PUNCT
cblr-11901	154	13	for	for	ADP
cblr-11901	154	14	example	example	NOUN
cblr-11901	154	15	,	,	PUNCT
cblr-11901	154	16	mahoney	mahoney	PROPN
cblr-11901	154	17	&	&	CCONJ
cblr-11901	154	18	rauterberg	rauterberg	PROPN
cblr-11901	154	19	,	,	PUNCT
cblr-11901	154	20	supra	supra	PROPN
cblr-11901	154	21	note	note	NOUN
cblr-11901	154	22	32	32	NUM
cblr-11901	154	23	,	,	PUNCT
cblr-11901	154	24	at	at	ADP
cblr-11901	154	25	232	232	NUM
cblr-11901	154	26	.	.	PUNCT
cblr-11901	155	1	41	41	NUM
cblr-11901	155	2	regulation	regulation	NOUN
cblr-11901	155	3	of	of	ADP
cblr-11901	155	4	exchanges	exchange	NOUN
cblr-11901	155	5	and	and	CCONJ
cblr-11901	155	6	alternative	alternative	ADJ
cblr-11901	155	7	trading	trading	NOUN
cblr-11901	155	8	systems	system	NOUN
cblr-11901	155	9	,	,	PUNCT
cblr-11901	155	10	securities	security	NOUN
cblr-11901	155	11	exchange	exchange	PROPN
cblr-11901	155	12	act	act	PROPN
cblr-11901	155	13	release	release	VERB
cblr-11901	155	14	no	no	NOUN
cblr-11901	155	15	.	.	NOUN
cblr-11901	155	16	40760	40760	NUM
cblr-11901	155	17	,	,	PUNCT
cblr-11901	155	18	63	63	NUM
cblr-11901	155	19	fed	feed	VERB
cblr-11901	155	20	.	.	PUNCT
cblr-11901	156	1	reg	reg	PROPN
cblr-11901	156	2	.	.	PROPN
cblr-11901	156	3	70844	70844	NUM
cblr-11901	156	4	,	,	PUNCT
cblr-11901	156	5	70845	70845	NUM
cblr-11901	156	6	(	(	PUNCT
cblr-11901	156	7	1998	1998	NUM
cblr-11901	156	8	)	)	PUNCT
cblr-11901	156	9	.	.	PUNCT
cblr-11901	157	1	42	42	NUM
cblr-11901	158	1	i	i	PRON
cblr-11901	158	2	d.	d.	NOUN
cblr-11901	158	3	43	43	NUM
cblr-11901	158	4	pub	pub	NOUN
cblr-11901	158	5	.	.	PUNCT
cblr-11901	159	1	l.	l.	PROPN
cblr-11901	159	2	no	no	INTJ
cblr-11901	159	3	.	.	PROPN
cblr-11901	160	1	104	104	NUM
cblr-11901	160	2	-	-	SYM
cblr-11901	160	3	290	290	NUM
cblr-11901	160	4	(	(	PUNCT
cblr-11901	160	5	codified	codify	VERB
cblr-11901	160	6	as	as	SCONJ
cblr-11901	160	7	amended	amend	VERB
cblr-11901	160	8	at	at	ADP
cblr-11901	160	9	15	15	NUM
cblr-11901	160	10	u.s.c	u.s.c	ADJ
cblr-11901	160	11	.	.	PUNCT
cblr-11901	161	1	§	§	NOUN
cblr-11901	161	2	78k-1(a)(2	78k-1(a)(2	NOUN
cblr-11901	161	3	)	)	PUNCT
cblr-11901	161	4	)	)	PUNCT
cblr-11901	161	5	.	.	PUNCT
cblr-11901	162	1	this	this	DET
cblr-11901	162	2	grant	grant	NOUN
cblr-11901	162	3	of	of	ADP
cblr-11901	162	4	authority	authority	NOUN
cblr-11901	162	5	added	add	VERB
cblr-11901	162	6	to	to	ADP
cblr-11901	162	7	authority	authority	NOUN
cblr-11901	162	8	initially	initially	ADV
cblr-11901	162	9	expanded	expand	VERB
cblr-11901	162	10	by	by	ADP
cblr-11901	162	11	the	the	DET
cblr-11901	162	12	1975	1975	NUM
cblr-11901	162	13	amendments	amendment	NOUN
cblr-11901	162	14	.	.	PUNCT
cblr-11901	163	1	i	i	PRON
cblr-11901	163	2	d.	d.	PROPN
cblr-11901	163	3	the	the	DET
cblr-11901	163	4	1996	1996	NUM
cblr-11901	163	5	act	act	NOUN
cblr-11901	163	6	gave	give	VERB
cblr-11901	163	7	the	the	DET
cblr-11901	163	8	sec	sec	PROPN
cblr-11901	163	9	the	the	DET
cblr-11901	163	10	authority	authority	NOUN
cblr-11901	163	11	to	to	PART
cblr-11901	163	12	redefine	redefine	VERB
cblr-11901	163	13	the	the	DET
cblr-11901	163	14	definition	definition	NOUN
cblr-11901	163	15	of	of	ADP
cblr-11901	163	16	“	"	PUNCT
cblr-11901	163	17	exchange	exchange	NOUN
cblr-11901	163	18	”	"	PUNCT
cblr-11901	163	19	in	in	ADP
cblr-11901	163	20	the	the	DET
cblr-11901	163	21	securities	security	NOUN
cblr-11901	163	22	act	act	NOUN
cblr-11901	163	23	of	of	ADP
cblr-11901	163	24	1934	1934	NUM
cblr-11901	163	25	to	to	PART
cblr-11901	163	26	exempt	exempt	VERB
cblr-11901	163	27	atss	atss	NOUN
cblr-11901	163	28	.	.	PUNCT
cblr-11901	164	1	i	i	PRON
cblr-11901	164	2	d.	d.	PROPN
cblr-11901	164	3	44	44	NUM
cblr-11901	164	4	a	a	DET
cblr-11901	164	5	key	key	ADJ
cblr-11901	164	6	requirement	requirement	NOUN
cblr-11901	164	7	was	be	AUX
cblr-11901	164	8	that	that	SCONJ
cblr-11901	164	9	the	the	DET
cblr-11901	164	10	system	system	NOUN
cblr-11901	164	11	garner	garner	NOUN
cblr-11901	164	12	“	"	PUNCT
cblr-11901	164	13	less	less	ADJ
cblr-11901	164	14	than	than	ADP
cblr-11901	164	15	five	five	NUM
cblr-11901	164	16	percent	percent	NOUN
cblr-11901	164	17	of	of	ADP
cblr-11901	164	18	the	the	DET
cblr-11901	164	19	trading	trading	NOUN
cblr-11901	164	20	volume	volume	NOUN
cblr-11901	164	21	in	in	ADP
cblr-11901	164	22	all	all	DET
cblr-11901	164	23	securities	security	NOUN
cblr-11901	164	24	it	it	PRON
cblr-11901	164	25	trades	trade	VERB
cblr-11901	164	26	.	.	PUNCT
cblr-11901	164	27	”	"	PUNCT
cblr-11901	165	1	regulation	regulation	NOUN
cblr-11901	165	2	of	of	ADP
cblr-11901	165	3	exchanges	exchange	NOUN
cblr-11901	165	4	and	and	CCONJ
cblr-11901	165	5	alternative	alternative	ADJ
cblr-11901	165	6	trading	trading	NOUN
cblr-11901	165	7	systems	system	NOUN
cblr-11901	165	8	,	,	PUNCT
cblr-11901	165	9	securities	security	NOUN
cblr-11901	165	10	exchange	exchange	PROPN
cblr-11901	165	11	act	act	PROPN
cblr-11901	165	12	release	release	VERB
cblr-11901	165	13	no	no	NOUN
cblr-11901	165	14	.	.	NOUN
cblr-11901	165	15	40760	40760	NUM
cblr-11901	165	16	,	,	PUNCT
cblr-11901	165	17	63	63	NUM
cblr-11901	165	18	fed	feed	VERB
cblr-11901	165	19	.	.	PUNCT
cblr-11901	166	1	reg	reg	PROPN
cblr-11901	166	2	.	.	PROPN
cblr-11901	166	3	70844	70844	NUM
cblr-11901	166	4	,	,	PUNCT
cblr-11901	166	5	70847	70847	NUM
cblr-11901	166	6	(	(	PUNCT
cblr-11901	166	7	1998	1998	NUM
cblr-11901	166	8	)	)	PUNCT
cblr-11901	166	9	.	.	PUNCT
cblr-11901	167	1	no	no	INTJ
cblr-11901	167	2	.	.	NOUN
cblr-11901	167	3	1	1	NUM
cblr-11901	167	4	]	]	PUNCT
cblr-11901	167	5	regulating	regulate	VERB
cblr-11901	167	6	democratized	democratized	ADJ
cblr-11901	167	7	finance	finance	NOUN
cblr-11901	167	8	499	499	NUM
cblr-11901	167	9	exchanges	exchange	NOUN
cblr-11901	167	10	or	or	CCONJ
cblr-11901	167	11	broker	broker	NOUN
cblr-11901	167	12	-	-	PUNCT
cblr-11901	167	13	dealers.45	dealers.45	VERB
cblr-11901	167	14	this	this	DET
cblr-11901	167	15	regulation	regulation	NOUN
cblr-11901	167	16	,	,	PUNCT
cblr-11901	167	17	tailored	tailor	VERB
cblr-11901	167	18	to	to	ADP
cblr-11901	167	19	atss	atss	NOUN
cblr-11901	167	20	,	,	PUNCT
cblr-11901	167	21	allowed	allow	VERB
cblr-11901	167	22	these	these	DET
cblr-11901	167	23	entities	entity	NOUN
cblr-11901	167	24	to	to	PART
cblr-11901	167	25	continue	continue	VERB
cblr-11901	167	26	to	to	PART
cblr-11901	167	27	develop46	develop46	VERB
cblr-11901	167	28	while	while	SCONJ
cblr-11901	167	29	also	also	ADV
cblr-11901	167	30	ensuring	ensure	VERB
cblr-11901	167	31	these	these	DET
cblr-11901	167	32	systems	system	NOUN
cblr-11901	167	33	would	would	AUX
cblr-11901	167	34	integrate	integrate	VERB
cblr-11901	167	35	into	into	ADP
cblr-11901	167	36	the	the	DET
cblr-11901	167	37	national	national	ADJ
cblr-11901	167	38	market.47	market.47	PROPN
cblr-11901	167	39	regulation	regulation	PROPN
cblr-11901	167	40	ats	ats	PROPN
cblr-11901	167	41	,	,	PUNCT
cblr-11901	167	42	therefore	therefore	ADV
cblr-11901	167	43	,	,	PUNCT
cblr-11901	167	44	illustrates	illustrate	VERB
cblr-11901	167	45	a	a	DET
cblr-11901	167	46	tailored	tailored	ADJ
cblr-11901	167	47	approach	approach	NOUN
cblr-11901	167	48	taken	take	VERB
cblr-11901	167	49	by	by	ADP
cblr-11901	167	50	the	the	DET
cblr-11901	167	51	sec	sec	PROPN
cblr-11901	167	52	to	to	PART
cblr-11901	167	53	pursue	pursue	VERB
cblr-11901	167	54	its	its	PRON
cblr-11901	167	55	goals	goal	NOUN
cblr-11901	167	56	of	of	ADP
cblr-11901	167	57	encouraging	encourage	VERB
cblr-11901	167	58	innovation	innovation	NOUN
cblr-11901	167	59	and	and	CCONJ
cblr-11901	167	60	the	the	DET
cblr-11901	167	61	development	development	NOUN
cblr-11901	167	62	of	of	ADP
cblr-11901	167	63	a	a	DET
cblr-11901	167	64	national	national	ADJ
cblr-11901	167	65	market	market	NOUN
cblr-11901	167	66	system	system	NOUN
cblr-11901	167	67	.	.	PUNCT
cblr-11901	168	1	the	the	DET
cblr-11901	168	2	implementation	implementation	NOUN
cblr-11901	168	3	of	of	ADP
cblr-11901	168	4	the	the	DET
cblr-11901	168	5	national	national	ADJ
cblr-11901	168	6	market	market	NOUN
cblr-11901	168	7	system	system	NOUN
cblr-11901	168	8	,	,	PUNCT
cblr-11901	168	9	with	with	ADP
cblr-11901	168	10	regulation	regulation	NOUN
cblr-11901	168	11	ats	at	NOUN
cblr-11901	168	12	as	as	ADP
cblr-11901	168	13	an	an	DET
cblr-11901	168	14	example	example	NOUN
cblr-11901	168	15	,	,	PUNCT
cblr-11901	168	16	thus	thus	ADV
cblr-11901	168	17	demonstrates	demonstrate	VERB
cblr-11901	168	18	an	an	DET
cblr-11901	168	19	iterative	iterative	NOUN
cblr-11901	168	20	approach	approach	NOUN
cblr-11901	168	21	by	by	ADP
cblr-11901	168	22	the	the	DET
cblr-11901	168	23	sec	sec	PROPN
cblr-11901	168	24	to	to	PART
cblr-11901	168	25	respond	respond	VERB
cblr-11901	168	26	to	to	ADP
cblr-11901	168	27	financial	financial	ADJ
cblr-11901	168	28	and	and	CCONJ
cblr-11901	168	29	technological	technological	ADJ
cblr-11901	168	30	innovations	innovation	NOUN
cblr-11901	168	31	by	by	ADP
cblr-11901	168	32	crafting	craft	VERB
cblr-11901	168	33	new	new	ADJ
cblr-11901	168	34	,	,	PUNCT
cblr-11901	168	35	tailored	tailor	VERB
cblr-11901	168	36	regulatory	regulatory	ADJ
cblr-11901	168	37	structures	structure	NOUN
cblr-11901	168	38	.	.	PUNCT
cblr-11901	169	1	unlike	unlike	ADP
cblr-11901	169	2	the	the	DET
cblr-11901	169	3	regulation	regulation	NOUN
cblr-11901	169	4	of	of	ADP
cblr-11901	169	5	new	new	ADJ
cblr-11901	169	6	instruments	instrument	NOUN
cblr-11901	169	7	as	as	ADP
cblr-11901	169	8	securities	security	NOUN
cblr-11901	169	9	,	,	PUNCT
cblr-11901	169	10	here	here	ADV
cblr-11901	169	11	the	the	DET
cblr-11901	169	12	sec	sec	PROPN
cblr-11901	169	13	lobbied	lobby	VERB
cblr-11901	169	14	congress	congress	PROPN
cblr-11901	169	15	to	to	PART
cblr-11901	169	16	expand	expand	VERB
cblr-11901	169	17	its	its	PRON
cblr-11901	169	18	authority	authority	NOUN
cblr-11901	169	19	before	before	ADP
cblr-11901	169	20	carefully	carefully	ADV
cblr-11901	169	21	and	and	CCONJ
cblr-11901	169	22	deliberately	deliberately	ADV
cblr-11901	169	23	implementing	implement	VERB
cblr-11901	169	24	new	new	ADJ
cblr-11901	169	25	regulations	regulation	NOUN
cblr-11901	169	26	for	for	ADP
cblr-11901	169	27	developments	development	NOUN
cblr-11901	169	28	of	of	ADP
cblr-11901	169	29	new	new	ADJ
cblr-11901	169	30	business	business	NOUN
cblr-11901	169	31	models	model	NOUN
cblr-11901	169	32	.	.	PUNCT
cblr-11901	170	1	this	this	DET
cblr-11901	170	2	approach	approach	NOUN
cblr-11901	170	3	continues	continue	VERB
cblr-11901	170	4	,	,	PUNCT
cblr-11901	170	5	as	as	SCONJ
cblr-11901	170	6	demonstrated	demonstrate	VERB
cblr-11901	170	7	by	by	ADP
cblr-11901	170	8	the	the	DET
cblr-11901	170	9	most	most	ADV
cblr-11901	170	10	recently	recently	ADV
cblr-11901	170	11	proposed	propose	VERB
cblr-11901	170	12	national	national	ADJ
cblr-11901	170	13	market	market	NOUN
cblr-11901	170	14	system	system	NOUN
cblr-11901	170	15	rule	rule	NOUN
cblr-11901	170	16	proposed	propose	VERB
cblr-11901	170	17	in	in	ADP
cblr-11901	170	18	december	december	PROPN
cblr-11901	170	19	2022	2022	NUM
cblr-11901	170	20	,	,	PUNCT
cblr-11901	170	21	reviewed	review	VERB
cblr-11901	170	22	in	in	ADP
cblr-11901	170	23	section	section	NOUN
cblr-11901	170	24	iii.b	iii.b	PROPN
cblr-11901	170	25	.	.	PUNCT
cblr-11901	171	1	3	3	NUM
cblr-11901	171	2	.	.	NOUN
cblr-11901	171	3	benefits	benefit	NOUN
cblr-11901	171	4	and	and	CCONJ
cblr-11901	171	5	drawbacks	drawback	NOUN
cblr-11901	171	6	of	of	ADP
cblr-11901	171	7	developing	develop	VERB
cblr-11901	171	8	new	new	ADJ
cblr-11901	171	9	frameworks	framework	NOUN
cblr-11901	171	10	developing	develop	VERB
cblr-11901	171	11	new	new	ADJ
cblr-11901	171	12	rules	rule	NOUN
cblr-11901	171	13	allowed	allow	VERB
cblr-11901	171	14	the	the	DET
cblr-11901	171	15	agency	agency	NOUN
cblr-11901	171	16	to	to	PART
cblr-11901	171	17	articulate	articulate	VERB
cblr-11901	171	18	goals	goal	NOUN
cblr-11901	171	19	for	for	ADP
cblr-11901	171	20	a	a	DET
cblr-11901	171	21	given	give	VERB
cblr-11901	171	22	market	market	NOUN
cblr-11901	171	23	or	or	CCONJ
cblr-11901	171	24	product	product	NOUN
cblr-11901	171	25	’s	’s	PART
cblr-11901	171	26	regulation	regulation	NOUN
cblr-11901	171	27	and	and	CCONJ
cblr-11901	171	28	tailor	tailor	VERB
cblr-11901	171	29	the	the	DET
cblr-11901	171	30	regulation	regulation	NOUN
cblr-11901	171	31	to	to	ADP
cblr-11901	171	32	this	this	DET
cblr-11901	171	33	new	new	ADJ
cblr-11901	171	34	market	market	NOUN
cblr-11901	171	35	innovation	innovation	NOUN
cblr-11901	171	36	.	.	PUNCT
cblr-11901	172	1	in	in	ADP
cblr-11901	172	2	the	the	DET
cblr-11901	172	3	case	case	NOUN
cblr-11901	172	4	of	of	ADP
cblr-11901	172	5	the	the	DET
cblr-11901	172	6	national	national	ADJ
cblr-11901	172	7	market	market	NOUN
cblr-11901	172	8	system	system	NOUN
cblr-11901	172	9	regulations	regulation	NOUN
cblr-11901	172	10	,	,	PUNCT
cblr-11901	172	11	the	the	DET
cblr-11901	172	12	goals	goal	NOUN
cblr-11901	172	13	related	relate	VERB
cblr-11901	172	14	primarily	primarily	ADV
cblr-11901	172	15	to	to	ADP
cblr-11901	172	16	increasing	increase	VERB
cblr-11901	172	17	efficiency	efficiency	NOUN
cblr-11901	172	18	in	in	ADP
cblr-11901	172	19	securities	security	NOUN
cblr-11901	172	20	transactions	transaction	NOUN
cblr-11901	172	21	,	,	PUNCT
cblr-11901	172	22	which	which	PRON
cblr-11901	172	23	appear	appear	VERB
cblr-11901	172	24	to	to	PART
cblr-11901	172	25	have	have	AUX
cblr-11901	172	26	been	be	AUX
cblr-11901	172	27	achieved	achieve	VERB
cblr-11901	172	28	.	.	PUNCT
cblr-11901	173	1	since	since	SCONJ
cblr-11901	173	2	the	the	DET
cblr-11901	173	3	implementation	implementation	NOUN
cblr-11901	173	4	of	of	ADP
cblr-11901	173	5	these	these	DET
cblr-11901	173	6	regulations	regulation	NOUN
cblr-11901	173	7	,	,	PUNCT
cblr-11901	173	8	there	there	PRON
cblr-11901	173	9	has	have	AUX
cblr-11901	173	10	been	be	AUX
cblr-11901	173	11	a	a	DET
cblr-11901	173	12	significant	significant	ADJ
cblr-11901	173	13	decrease	decrease	NOUN
cblr-11901	173	14	in	in	ADP
cblr-11901	173	15	spreads	spread	NOUN
cblr-11901	173	16	and	and	CCONJ
cblr-11901	173	17	commission	commission	NOUN
cblr-11901	173	18	rates48	rates48	NOUN
cblr-11901	173	19	and	and	CCONJ
cblr-11901	173	20	45	45	NUM
cblr-11901	173	21	regulation	regulation	NOUN
cblr-11901	173	22	of	of	ADP
cblr-11901	173	23	exchanges	exchange	NOUN
cblr-11901	173	24	and	and	CCONJ
cblr-11901	173	25	alternative	alternative	ADJ
cblr-11901	173	26	trading	trading	NOUN
cblr-11901	173	27	systems	system	NOUN
cblr-11901	173	28	,	,	PUNCT
cblr-11901	173	29	securities	security	NOUN
cblr-11901	173	30	exchange	exchange	PROPN
cblr-11901	173	31	act	act	PROPN
cblr-11901	173	32	release	release	VERB
cblr-11901	173	33	no	no	NOUN
cblr-11901	173	34	.	.	NOUN
cblr-11901	173	35	40760	40760	NUM
cblr-11901	173	36	,	,	PUNCT
cblr-11901	173	37	63	63	NUM
cblr-11901	173	38	fed	feed	VERB
cblr-11901	173	39	.	.	PUNCT
cblr-11901	174	1	reg	reg	PROPN
cblr-11901	174	2	.	.	PROPN
cblr-11901	174	3	70844	70844	NUM
cblr-11901	174	4	,	,	PUNCT
cblr-11901	174	5	70847	70847	NUM
cblr-11901	174	6	(	(	PUNCT
cblr-11901	174	7	1998	1998	NUM
cblr-11901	174	8	)	)	PUNCT
cblr-11901	174	9	.	.	PUNCT
cblr-11901	175	1	46	46	NUM
cblr-11901	175	2	mahoney	mahoney	PROPN
cblr-11901	175	3	&	&	CCONJ
cblr-11901	175	4	rauterberg	rauterberg	PROPN
cblr-11901	175	5	,	,	PUNCT
cblr-11901	175	6	supra	supra	PROPN
cblr-11901	175	7	note	note	NOUN
cblr-11901	175	8	32	32	NUM
cblr-11901	175	9	,	,	PUNCT
cblr-11901	175	10	at	at	ADP
cblr-11901	175	11	241–43	241–43	NUM
cblr-11901	175	12	.	.	PUNCT
cblr-11901	176	1	47	47	NUM
cblr-11901	176	2	regulation	regulation	NOUN
cblr-11901	176	3	of	of	ADP
cblr-11901	176	4	exchanges	exchange	NOUN
cblr-11901	176	5	and	and	CCONJ
cblr-11901	176	6	alternative	alternative	ADJ
cblr-11901	176	7	trading	trading	NOUN
cblr-11901	176	8	systems	system	NOUN
cblr-11901	176	9	,	,	PUNCT
cblr-11901	176	10	securities	security	NOUN
cblr-11901	176	11	exchange	exchange	PROPN
cblr-11901	176	12	act	act	PROPN
cblr-11901	176	13	release	release	VERB
cblr-11901	176	14	no	no	NOUN
cblr-11901	176	15	.	.	NOUN
cblr-11901	176	16	40760	40760	NUM
cblr-11901	176	17	,	,	PUNCT
cblr-11901	176	18	63	63	NUM
cblr-11901	176	19	fed	feed	VERB
cblr-11901	176	20	.	.	PUNCT
cblr-11901	177	1	reg	reg	PROPN
cblr-11901	177	2	.	.	PROPN
cblr-11901	177	3	70844	70844	NUM
cblr-11901	177	4	,	,	PUNCT
cblr-11901	177	5	70846	70846	NUM
cblr-11901	177	6	-	-	SYM
cblr-11901	177	7	7	7	NUM
cblr-11901	177	8	(	(	PUNCT
cblr-11901	177	9	1998	1998	NUM
cblr-11901	177	10	)	)	PUNCT
cblr-11901	177	11	.	.	PUNCT
cblr-11901	178	1	48	48	NUM
cblr-11901	178	2	coffee	coffee	NOUN
cblr-11901	178	3	et	et	PROPN
cblr-11901	178	4	al	al	PROPN
cblr-11901	178	5	.	.	PROPN
cblr-11901	178	6	,	,	PUNCT
cblr-11901	178	7	supra	supra	PROPN
cblr-11901	178	8	note	note	PROPN
cblr-11901	178	9	14	14	NUM
cblr-11901	178	10	,	,	PUNCT
cblr-11901	178	11	at	at	ADP
cblr-11901	178	12	603	603	NUM
cblr-11901	178	13	.	.	PUNCT
cblr-11901	178	14	500	500	NUM
cblr-11901	178	15	columbia	columbia	PROPN
cblr-11901	178	16	business	business	NOUN
cblr-11901	178	17	law	law	PROPN
cblr-11901	178	18	review	review	NOUN
cblr-11901	179	1	[	[	X
cblr-11901	179	2	vol	vol	NOUN
cblr-11901	179	3	.	.	PUNCT
cblr-11901	179	4	2023	2023	NUM
cblr-11901	179	5	increased	increase	VERB
cblr-11901	179	6	competition	competition	NOUN
cblr-11901	179	7	among	among	ADP
cblr-11901	179	8	trading	trading	NOUN
cblr-11901	179	9	platforms	platform	NOUN
cblr-11901	179	10	,	,	PUNCT
cblr-11901	179	11	as	as	SCONJ
cblr-11901	179	12	indicated	indicate	VERB
cblr-11901	179	13	by	by	ADP
cblr-11901	179	14	the	the	DET
cblr-11901	179	15	significant	significant	ADJ
cblr-11901	179	16	growth	growth	NOUN
cblr-11901	179	17	in	in	ADP
cblr-11901	179	18	the	the	DET
cblr-11901	179	19	number	number	NOUN
cblr-11901	179	20	of	of	ADP
cblr-11901	179	21	atss.49	atss.49	NOUN
cblr-11901	179	22	the	the	DET
cblr-11901	179	23	implementation	implementation	NOUN
cblr-11901	179	24	of	of	ADP
cblr-11901	179	25	the	the	DET
cblr-11901	179	26	national	national	ADJ
cblr-11901	179	27	market	market	NOUN
cblr-11901	179	28	system	system	NOUN
cblr-11901	179	29	also	also	ADV
cblr-11901	179	30	illustrates	illustrate	VERB
cblr-11901	179	31	the	the	DET
cblr-11901	179	32	main	main	ADJ
cblr-11901	179	33	drawback	drawback	NOUN
cblr-11901	179	34	of	of	ADP
cblr-11901	179	35	establishing	establish	VERB
cblr-11901	179	36	new	new	ADJ
cblr-11901	179	37	rules	rule	NOUN
cblr-11901	179	38	to	to	PART
cblr-11901	179	39	respond	respond	VERB
cblr-11901	179	40	to	to	ADP
cblr-11901	179	41	market	market	NOUN
cblr-11901	179	42	dynamics	dynamic	NOUN
cblr-11901	179	43	–	–	PUNCT
cblr-11901	179	44	the	the	DET
cblr-11901	179	45	considerable	considerable	ADJ
cblr-11901	179	46	time	time	NOUN
cblr-11901	179	47	and	and	CCONJ
cblr-11901	179	48	analysis	analysis	NOUN
cblr-11901	179	49	required	require	VERB
cblr-11901	179	50	before	before	SCONJ
cblr-11901	179	51	the	the	DET
cblr-11901	179	52	rules	rule	NOUN
cblr-11901	179	53	take	take	VERB
cblr-11901	179	54	effect	effect	NOUN
cblr-11901	179	55	.	.	PUNCT
cblr-11901	180	1	although	although	SCONJ
cblr-11901	180	2	the	the	DET
cblr-11901	180	3	national	national	ADJ
cblr-11901	180	4	market	market	NOUN
cblr-11901	180	5	system	system	NOUN
cblr-11901	180	6	was	be	AUX
cblr-11901	180	7	first	first	ADV
cblr-11901	180	8	proposed	propose	VERB
cblr-11901	180	9	in	in	ADP
cblr-11901	180	10	the	the	DET
cblr-11901	180	11	early	early	ADJ
cblr-11901	180	12	1970s	1970	NOUN
cblr-11901	180	13	,	,	PUNCT
cblr-11901	180	14	the	the	DET
cblr-11901	180	15	sec	sec	PROPN
cblr-11901	180	16	took	take	VERB
cblr-11901	180	17	30	30	NUM
cblr-11901	180	18	years	year	NOUN
cblr-11901	180	19	to	to	PART
cblr-11901	180	20	develop	develop	VERB
cblr-11901	180	21	it	it	PRON
cblr-11901	180	22	into	into	ADP
cblr-11901	180	23	a	a	DET
cblr-11901	180	24	comprehensive	comprehensive	ADJ
cblr-11901	180	25	framework	framework	NOUN
cblr-11901	180	26	in	in	ADP
cblr-11901	180	27	the	the	DET
cblr-11901	180	28	mid-2000s.50	mid-2000s.50	NOUN
cblr-11901	180	29	the	the	DET
cblr-11901	180	30	sec	sec	PROPN
cblr-11901	180	31	continues	continue	VERB
cblr-11901	180	32	to	to	PART
cblr-11901	180	33	propose	propose	VERB
cblr-11901	180	34	alterations	alteration	NOUN
cblr-11901	180	35	to	to	ADP
cblr-11901	180	36	the	the	DET
cblr-11901	180	37	framework.51	framework.51	PROPN
cblr-11901	180	38	in	in	ADP
cblr-11901	180	39	addition	addition	NOUN
cblr-11901	180	40	,	,	PUNCT
cblr-11901	180	41	unlike	unlike	ADP
cblr-11901	180	42	with	with	ADP
cblr-11901	180	43	the	the	DET
cblr-11901	180	44	application	application	NOUN
cblr-11901	180	45	of	of	ADP
cblr-11901	180	46	existing	exist	VERB
cblr-11901	180	47	regulations	regulation	NOUN
cblr-11901	180	48	to	to	ADP
cblr-11901	180	49	new	new	ADJ
cblr-11901	180	50	developments	development	NOUN
cblr-11901	180	51	,	,	PUNCT
cblr-11901	180	52	these	these	DET
cblr-11901	180	53	rules	rule	NOUN
cblr-11901	180	54	are	be	AUX
cblr-11901	180	55	not	not	PART
cblr-11901	180	56	retroactive	retroactive	ADJ
cblr-11901	180	57	.	.	PUNCT
cblr-11901	181	1	before	before	SCONJ
cblr-11901	181	2	new	new	ADJ
cblr-11901	181	3	rules	rule	NOUN
cblr-11901	181	4	take	take	VERB
cblr-11901	181	5	effect	effect	NOUN
cblr-11901	181	6	,	,	PUNCT
cblr-11901	181	7	the	the	DET
cblr-11901	181	8	sec	sec	PROPN
cblr-11901	181	9	continues	continue	VERB
cblr-11901	181	10	to	to	PART
cblr-11901	181	11	apply	apply	VERB
cblr-11901	181	12	the	the	DET
cblr-11901	181	13	old	old	ADJ
cblr-11901	181	14	rules	rule	NOUN
cblr-11901	181	15	that	that	PRON
cblr-11901	181	16	may	may	AUX
cblr-11901	181	17	imperfectly	imperfectly	ADV
cblr-11901	181	18	fit	fit	VERB
cblr-11901	181	19	existing	exist	VERB
cblr-11901	181	20	market	market	NOUN
cblr-11901	181	21	dynamics.52	dynamics.52	NOUN
cblr-11901	181	22	the	the	DET
cblr-11901	181	23	sec	sec	PROPN
cblr-11901	181	24	faced	face	VERB
cblr-11901	181	25	criticisms	criticism	NOUN
cblr-11901	181	26	for	for	ADP
cblr-11901	181	27	the	the	DET
cblr-11901	181	28	delay	delay	NOUN
cblr-11901	181	29	in	in	ADP
cblr-11901	181	30	issuing	issue	VERB
cblr-11901	181	31	new	new	ADJ
cblr-11901	181	32	regulations	regulation	NOUN
cblr-11901	181	33	after	after	ADP
cblr-11901	181	34	being	be	AUX
cblr-11901	181	35	granted	grant	VERB
cblr-11901	181	36	the	the	DET
cblr-11901	181	37	authority	authority	NOUN
cblr-11901	181	38	to	to	PART
cblr-11901	181	39	do	do	AUX
cblr-11901	181	40	so	so	ADV
cblr-11901	181	41	,	,	PUNCT
cblr-11901	181	42	to	to	PART
cblr-11901	181	43	which	which	PRON
cblr-11901	181	44	the	the	DET
cblr-11901	181	45	sec	sec	PROPN
cblr-11901	181	46	responded	respond	VERB
cblr-11901	181	47	by	by	ADP
cblr-11901	181	48	echoing	echo	VERB
cblr-11901	181	49	concerns	concern	NOUN
cblr-11901	181	50	raised	raise	VERB
cblr-11901	181	51	by	by	ADP
cblr-11901	181	52	market	market	NOUN
cblr-11901	181	53	participants	participant	NOUN
cblr-11901	181	54	that	that	PRON
cblr-11901	181	55	moving	move	VERB
cblr-11901	181	56	too	too	ADV
cblr-11901	181	57	quickly	quickly	ADV
cblr-11901	181	58	risked	risk	VERB
cblr-11901	181	59	destabilizing	destabilizing	ADJ
cblr-11901	181	60	markets.53	markets.53	NOUN
cblr-11901	181	61	in	in	ADP
cblr-11901	181	62	sum	sum	NOUN
cblr-11901	181	63	,	,	PUNCT
cblr-11901	181	64	new	new	ADJ
cblr-11901	181	65	and	and	CCONJ
cblr-11901	181	66	tailored	tailored	ADJ
cblr-11901	181	67	regulations	regulation	NOUN
cblr-11901	181	68	allow	allow	VERB
cblr-11901	181	69	regulators	regulator	NOUN
cblr-11901	181	70	to	to	PART
cblr-11901	181	71	articulate	articulate	VERB
cblr-11901	181	72	clear	clear	ADJ
cblr-11901	181	73	goals	goal	NOUN
cblr-11901	181	74	and	and	CCONJ
cblr-11901	181	75	develop	develop	VERB
cblr-11901	181	76	regulations	regulation	NOUN
cblr-11901	181	77	tailored	tailor	VERB
cblr-11901	181	78	to	to	ADP
cblr-11901	181	79	the	the	DET
cblr-11901	181	80	specific	specific	ADJ
cblr-11901	181	81	products	product	NOUN
cblr-11901	181	82	at	at	ADP
cblr-11901	181	83	issue	issue	NOUN
cblr-11901	181	84	.	.	PUNCT
cblr-11901	182	1	the	the	DET
cblr-11901	182	2	process	process	NOUN
cblr-11901	182	3	,	,	PUNCT
cblr-11901	182	4	however	however	ADV
cblr-11901	182	5	,	,	PUNCT
cblr-11901	182	6	takes	take	VERB
cblr-11901	182	7	considerably	considerably	ADV
cblr-11901	182	8	longer	long	ADJ
cblr-11901	182	9	to	to	PART
cblr-11901	182	10	develop	develop	VERB
cblr-11901	182	11	,	,	PUNCT
cblr-11901	182	12	during	during	ADP
cblr-11901	182	13	which	which	DET
cblr-11901	182	14	time	time	NOUN
cblr-11901	182	15	existing	exist	VERB
cblr-11901	182	16	and	and	CCONJ
cblr-11901	182	17	potentially	potentially	ADV
cblr-11901	182	18	imperfect	imperfect	ADJ
cblr-11901	182	19	regulations	regulation	NOUN
cblr-11901	182	20	govern	govern	VERB
cblr-11901	182	21	market	market	NOUN
cblr-11901	182	22	participants	participant	NOUN
cblr-11901	182	23	and	and	CCONJ
cblr-11901	182	24	transactions	transaction	NOUN
cblr-11901	182	25	.	.	PUNCT
cblr-11901	183	1	49	49	NUM
cblr-11901	183	2	as	as	ADP
cblr-11901	183	3	with	with	ADP
cblr-11901	183	4	regulation	regulation	NOUN
cblr-11901	183	5	ats	at	NOUN
cblr-11901	183	6	,	,	PUNCT
cblr-11901	183	7	these	these	DET
cblr-11901	183	8	rules	rule	NOUN
cblr-11901	183	9	often	often	ADV
cblr-11901	183	10	address	address	VERB
cblr-11901	183	11	the	the	DET
cblr-11901	183	12	unforeseen	unforeseen	ADJ
cblr-11901	183	13	consequences	consequence	NOUN
cblr-11901	183	14	of	of	ADP
cblr-11901	183	15	prior	prior	ADJ
cblr-11901	183	16	regulations	regulation	NOUN
cblr-11901	183	17	.	.	PUNCT
cblr-11901	184	1	for	for	ADP
cblr-11901	184	2	instance	instance	NOUN
cblr-11901	184	3	,	,	PUNCT
cblr-11901	184	4	many	many	ADJ
cblr-11901	184	5	point	point	NOUN
cblr-11901	184	6	to	to	ADP
cblr-11901	184	7	these	these	DET
cblr-11901	184	8	regulations	regulation	NOUN
cblr-11901	184	9	as	as	ADP
cblr-11901	184	10	facilitating	facilitate	VERB
cblr-11901	184	11	the	the	DET
cblr-11901	184	12	rise	rise	NOUN
cblr-11901	184	13	of	of	ADP
cblr-11901	184	14	largely	largely	ADV
cblr-11901	184	15	unregulated	unregulated	ADJ
cblr-11901	184	16	high	high	ADJ
cblr-11901	184	17	-	-	PUNCT
cblr-11901	184	18	frequency	frequency	NOUN
cblr-11901	184	19	trading	trading	NOUN
cblr-11901	184	20	,	,	PUNCT
cblr-11901	184	21	which	which	PRON
cblr-11901	184	22	some	some	DET
cblr-11901	184	23	argue	argue	VERB
cblr-11901	184	24	presents	present	VERB
cblr-11901	184	25	substantial	substantial	ADJ
cblr-11901	184	26	risks	risk	NOUN
cblr-11901	184	27	in	in	ADP
cblr-11901	184	28	the	the	DET
cblr-11901	184	29	current	current	ADJ
cblr-11901	184	30	system	system	NOUN
cblr-11901	184	31	.	.	PUNCT
cblr-11901	185	1	mahoney	mahoney	PROPN
cblr-11901	185	2	&	&	CCONJ
cblr-11901	185	3	rauterberg	rauterberg	PROPN
cblr-11901	185	4	,	,	PUNCT
cblr-11901	185	5	supra	supra	PROPN
cblr-11901	185	6	note	note	NOUN
cblr-11901	185	7	32	32	NUM
cblr-11901	185	8	,	,	PUNCT
cblr-11901	185	9	at	at	ADP
cblr-11901	185	10	243–46	243–46	NUM
cblr-11901	185	11	(	(	PUNCT
cblr-11901	185	12	reviewing	review	VERB
cblr-11901	185	13	amendments	amendment	NOUN
cblr-11901	185	14	proposed	propose	VERB
cblr-11901	185	15	in	in	ADP
cblr-11901	185	16	2009	2009	NUM
cblr-11901	185	17	responding	respond	VERB
cblr-11901	185	18	to	to	ADP
cblr-11901	185	19	these	these	DET
cblr-11901	185	20	concerns	concern	NOUN
cblr-11901	185	21	but	but	CCONJ
cblr-11901	185	22	not	not	PART
cblr-11901	185	23	adopted	adopt	VERB
cblr-11901	185	24	)	)	PUNCT
cblr-11901	185	25	.	.	PUNCT
cblr-11901	186	1	50	50	NUM
cblr-11901	186	2	see	see	VERB
cblr-11901	186	3	,	,	PUNCT
cblr-11901	186	4	e.g.	e.g.	ADV
cblr-11901	186	5	,	,	PUNCT
cblr-11901	186	6	i	i	PRON
cblr-11901	186	7	d.	d.	PROPN
cblr-11901	186	8	51	51	NUM
cblr-11901	187	1	i	i	PROPN
cblr-11901	187	2	d.	d.	PROPN
cblr-11901	187	3	;	;	PUNCT
cblr-11901	187	4	see	see	VERB
cblr-11901	187	5	also	also	ADV
cblr-11901	187	6	infra	infra	NOUN
cblr-11901	187	7	section	section	NOUN
cblr-11901	187	8	iii.b	iii.b	PROPN
cblr-11901	187	9	(	(	PUNCT
cblr-11901	187	10	reviewing	review	VERB
cblr-11901	187	11	the	the	DET
cblr-11901	187	12	recently	recently	ADV
cblr-11901	187	13	proposed	propose	VERB
cblr-11901	187	14	rules	rule	NOUN
cblr-11901	187	15	relating	relate	VERB
cblr-11901	187	16	to	to	ADP
cblr-11901	187	17	best	good	ADJ
cblr-11901	187	18	execution	execution	NOUN
cblr-11901	187	19	)	)	PUNCT
cblr-11901	187	20	.	.	PUNCT
cblr-11901	188	1	52	52	NUM
cblr-11901	188	2	mahoney	mahoney	PROPN
cblr-11901	188	3	&	&	CCONJ
cblr-11901	188	4	rauterberg	rauterberg	PROPN
cblr-11901	188	5	,	,	PUNCT
cblr-11901	188	6	supra	supra	PROPN
cblr-11901	188	7	note	note	NOUN
cblr-11901	188	8	32	32	NUM
cblr-11901	188	9	,	,	PUNCT
cblr-11901	188	10	at	at	ADP
cblr-11901	188	11	276	276	NUM
cblr-11901	188	12	(	(	PUNCT
cblr-11901	188	13	reviewing	review	VERB
cblr-11901	188	14	the	the	DET
cblr-11901	188	15	gradual	gradual	ADJ
cblr-11901	188	16	pace	pace	NOUN
cblr-11901	188	17	of	of	ADP
cblr-11901	188	18	regulations	regulation	NOUN
cblr-11901	188	19	that	that	PRON
cblr-11901	188	20	covered	cover	VERB
cblr-11901	188	21	exchanges	exchange	NOUN
cblr-11901	188	22	and	and	CCONJ
cblr-11901	188	23	broker	broker	NOUN
cblr-11901	188	24	-	-	PUNCT
cblr-11901	188	25	dealers	dealer	NOUN
cblr-11901	188	26	)	)	PUNCT
cblr-11901	188	27	.	.	PUNCT
cblr-11901	189	1	53	53	NUM
cblr-11901	190	1	i	i	PRON
cblr-11901	190	2	d.	d.	PROPN
cblr-11901	190	3	no	no	INTJ
cblr-11901	190	4	.	.	NOUN
cblr-11901	190	5	1	1	NUM
cblr-11901	190	6	]	]	PUNCT
cblr-11901	190	7	regulating	regulate	VERB
cblr-11901	190	8	democratized	democratized	ADJ
cblr-11901	190	9	finance	finance	NOUN
cblr-11901	190	10	501	501	NUM
cblr-11901	190	11	c.	c.	NOUN
cblr-11901	190	12	the	the	DET
cblr-11901	190	13	sec	sec	PROPN
cblr-11901	190	14	’s	’s	PART
cblr-11901	190	15	focus	focus	NOUN
cblr-11901	190	16	on	on	ADP
cblr-11901	190	17	market	market	NOUN
cblr-11901	190	18	access	access	NOUN
cblr-11901	190	19	when	when	SCONJ
cblr-11901	190	20	developing	develop	VERB
cblr-11901	190	21	new	new	ADJ
cblr-11901	190	22	regulations	regulation	NOUN
cblr-11901	190	23	,	,	PUNCT
cblr-11901	190	24	the	the	DET
cblr-11901	190	25	sec	sec	PROPN
cblr-11901	190	26	often	often	ADV
cblr-11901	190	27	does	do	VERB
cblr-11901	190	28	so	so	ADV
cblr-11901	190	29	with	with	ADP
cblr-11901	190	30	goals	goal	NOUN
cblr-11901	190	31	to	to	PART
cblr-11901	190	32	promote	promote	VERB
cblr-11901	190	33	market	market	NOUN
cblr-11901	190	34	access	access	NOUN
cblr-11901	190	35	and	and	CCONJ
cblr-11901	190	36	fairness	fairness	NOUN
cblr-11901	190	37	among	among	ADP
cblr-11901	190	38	market	market	NOUN
cblr-11901	190	39	participants	participant	NOUN
cblr-11901	190	40	.	.	PUNCT
cblr-11901	191	1	the	the	DET
cblr-11901	191	2	sec	sec	PROPN
cblr-11901	191	3	’s	’s	PART
cblr-11901	191	4	approach	approach	NOUN
cblr-11901	191	5	to	to	ADP
cblr-11901	191	6	enforcing	enforce	VERB
cblr-11901	191	7	violations	violation	NOUN
cblr-11901	191	8	of	of	ADP
cblr-11901	191	9	securities	security	NOUN
cblr-11901	191	10	fraud	fraud	NOUN
cblr-11901	191	11	in	in	ADP
cblr-11901	191	12	new	new	ADJ
cblr-11901	191	13	markets	market	NOUN
cblr-11901	191	14	illustrates	illustrate	VERB
cblr-11901	191	15	how	how	SCONJ
cblr-11901	191	16	sec	sec	PROPN
cblr-11901	191	17	regulations	regulation	NOUN
cblr-11901	191	18	encourage	encourage	VERB
cblr-11901	191	19	market	market	NOUN
cblr-11901	191	20	participation	participation	NOUN
cblr-11901	191	21	.	.	PUNCT
cblr-11901	192	1	rule	rule	NOUN
cblr-11901	192	2	10b-554	10b-554	NUM
cblr-11901	192	3	prohibits	prohibit	VERB
cblr-11901	192	4	fraud	fraud	NOUN
cblr-11901	192	5	in	in	ADP
cblr-11901	192	6	connection	connection	NOUN
cblr-11901	192	7	with	with	ADP
cblr-11901	192	8	the	the	DET
cblr-11901	192	9	purchase	purchase	NOUN
cblr-11901	192	10	or	or	CCONJ
cblr-11901	192	11	sale	sale	NOUN
cblr-11901	192	12	of	of	ADP
cblr-11901	192	13	securities55	securities55	NOUN
cblr-11901	192	14	and	and	CCONJ
cblr-11901	192	15	has	have	AUX
cblr-11901	192	16	been	be	AUX
cblr-11901	192	17	broadly	broadly	ADV
cblr-11901	192	18	interpreted	interpret	VERB
cblr-11901	192	19	to	to	PART
cblr-11901	192	20	allow	allow	VERB
cblr-11901	192	21	the	the	DET
cblr-11901	192	22	sec	sec	PROPN
cblr-11901	192	23	to	to	PART
cblr-11901	192	24	prohibit	prohibit	VERB
cblr-11901	192	25	insider	insider	NOUN
cblr-11901	192	26	trading.56	trading.56	PROPN
cblr-11901	192	27	because	because	SCONJ
cblr-11901	192	28	the	the	DET
cblr-11901	192	29	provision	provision	NOUN
cblr-11901	192	30	relates	relate	VERB
cblr-11901	192	31	to	to	ADP
cblr-11901	192	32	transactions	transaction	NOUN
cblr-11901	192	33	in	in	ADP
cblr-11901	192	34	“	"	PUNCT
cblr-11901	192	35	securities	security	NOUN
cblr-11901	192	36	,	,	PUNCT
cblr-11901	192	37	”	"	PUNCT
cblr-11901	192	38	its	its	PRON
cblr-11901	192	39	definition	definition	NOUN
cblr-11901	192	40	is	be	AUX
cblr-11901	192	41	essential	essential	ADJ
cblr-11901	192	42	to	to	ADP
cblr-11901	192	43	defining	define	VERB
cblr-11901	192	44	the	the	DET
cblr-11901	192	45	sec	sec	PROPN
cblr-11901	192	46	’s	’s	PART
cblr-11901	192	47	authority	authority	NOUN
cblr-11901	192	48	to	to	PART
cblr-11901	192	49	prevent	prevent	VERB
cblr-11901	192	50	fraud	fraud	NOUN
cblr-11901	192	51	in	in	ADP
cblr-11901	192	52	certain	certain	ADJ
cblr-11901	192	53	financial	financial	ADJ
cblr-11901	192	54	markets.57	markets.57	NOUN
cblr-11901	192	55	in	in	ADP
cblr-11901	192	56	policing	policing	NOUN
cblr-11901	192	57	fraud	fraud	NOUN
cblr-11901	192	58	,	,	PUNCT
cblr-11901	192	59	the	the	DET
cblr-11901	192	60	sec	sec	PROPN
cblr-11901	192	61	has	have	AUX
cblr-11901	192	62	enforced	enforce	VERB
cblr-11901	192	63	this	this	DET
cblr-11901	192	64	provision	provision	NOUN
cblr-11901	192	65	as	as	ADP
cblr-11901	192	66	a	a	DET
cblr-11901	192	67	means	means	NOUN
cblr-11901	192	68	to	to	PART
cblr-11901	192	69	promote	promote	VERB
cblr-11901	192	70	confidence	confidence	NOUN
cblr-11901	192	71	in	in	ADP
cblr-11901	192	72	the	the	DET
cblr-11901	192	73	fairness	fairness	NOUN
cblr-11901	192	74	of	of	ADP
cblr-11901	192	75	markets	market	NOUN
cblr-11901	192	76	to	to	PART
cblr-11901	192	77	encourage	encourage	VERB
cblr-11901	192	78	participation	participation	NOUN
cblr-11901	192	79	in	in	ADP
cblr-11901	192	80	the	the	DET
cblr-11901	192	81	broader	broad	ADJ
cblr-11901	192	82	securities	security	NOUN
cblr-11901	192	83	market.58	market.58	VERB
cblr-11901	192	84	the	the	DET
cblr-11901	192	85	agency	agency	NOUN
cblr-11901	192	86	’s	’s	PART
cblr-11901	192	87	view	view	NOUN
cblr-11901	192	88	is	be	AUX
cblr-11901	192	89	that	that	SCONJ
cblr-11901	192	90	fraud	fraud	NOUN
cblr-11901	192	91	creates	create	VERB
cblr-11901	192	92	unfairness	unfairness	NOUN
cblr-11901	192	93	and	and	CCONJ
cblr-11901	192	94	distrust	distrust	NOUN
cblr-11901	192	95	,	,	PUNCT
cblr-11901	192	96	which	which	PRON
cblr-11901	192	97	limits	limit	VERB
cblr-11901	192	98	the	the	DET
cblr-11901	192	99	ability	ability	NOUN
cblr-11901	192	100	of	of	ADP
cblr-11901	192	101	investors	investor	NOUN
cblr-11901	192	102	to	to	PART
cblr-11901	192	103	participate	participate	VERB
cblr-11901	192	104	in	in	ADP
cblr-11901	192	105	the	the	DET
cblr-11901	192	106	broader	broad	ADJ
cblr-11901	192	107	market	market	NOUN
cblr-11901	192	108	because	because	SCONJ
cblr-11901	192	109	they	they	PRON
cblr-11901	192	110	are	be	AUX
cblr-11901	192	111	unable	unable	ADJ
cblr-11901	192	112	to	to	PART
cblr-11901	192	113	rely	rely	VERB
cblr-11901	192	114	on	on	ADP
cblr-11901	192	115	public	public	ADJ
cblr-11901	192	116	information	information	NOUN
cblr-11901	192	117	to	to	PART
cblr-11901	192	118	sort	sort	ADV
cblr-11901	192	119	between	between	ADV
cblr-11901	192	120	good	good	ADJ
cblr-11901	192	121	and	and	CCONJ
cblr-11901	192	122	bad	bad	ADJ
cblr-11901	192	123	investments.59	investments.59	NOUN
cblr-11901	192	124	in	in	ADP
cblr-11901	192	125	u.s	u.s	PROPN
cblr-11901	192	126	.	.	PROPN
cblr-11901	192	127	v.	v.	PROPN
cblr-11901	192	128	o’hagan	o’hagan	PROPN
cblr-11901	192	129	,	,	PUNCT
cblr-11901	192	130	the	the	DET
cblr-11901	192	131	supreme	supreme	PROPN
cblr-11901	192	132	court	court	PROPN
cblr-11901	192	133	echoed	echo	VERB
cblr-11901	192	134	this	this	DET
cblr-11901	192	135	view	view	NOUN
cblr-11901	192	136	,	,	PUNCT
cblr-11901	192	137	noting	note	VERB
cblr-11901	192	138	that	that	SCONJ
cblr-11901	192	139	although	although	SCONJ
cblr-11901	192	140	“	"	PUNCT
cblr-11901	192	141	informational	informational	ADJ
cblr-11901	192	142	disparity	disparity	NOUN
cblr-11901	192	143	is	be	AUX
cblr-11901	192	144	inevitable	inevitable	ADJ
cblr-11901	192	145	in	in	ADP
cblr-11901	192	146	the	the	DET
cblr-11901	192	147	securities	security	NOUN
cblr-11901	192	148	markets	market	NOUN
cblr-11901	192	149	,	,	PUNCT
cblr-11901	192	150	investors	investor	NOUN
cblr-11901	192	151	likely	likely	ADV
cblr-11901	192	152	would	would	AUX
cblr-11901	192	153	hesitate	hesitate	VERB
cblr-11901	192	154	to	to	PART
cblr-11901	192	155	venture	venture	VERB
cblr-11901	192	156	their	their	PRON
cblr-11901	192	157	capital	capital	NOUN
cblr-11901	192	158	in	in	ADP
cblr-11901	192	159	a	a	DET
cblr-11901	192	160	market	market	NOUN
cblr-11901	192	161	where	where	SCONJ
cblr-11901	192	162	trading	trading	NOUN
cblr-11901	192	163	based	base	VERB
cblr-11901	192	164	on	on	ADP
cblr-11901	192	165	misappropriated	misappropriated	ADJ
cblr-11901	192	166	nonpublic	nonpublic	ADJ
cblr-11901	192	167	information	information	NOUN
cblr-11901	192	168	is	be	AUX
cblr-11901	192	169	unchecked	unchecked	ADJ
cblr-11901	192	170	by	by	ADP
cblr-11901	192	171	law	law	NOUN
cblr-11901	192	172	.	.	PUNCT
cblr-11901	192	173	”60	”60	PROPN
cblr-11901	193	1	thus	thus	ADV
cblr-11901	193	2	,	,	PUNCT
cblr-11901	193	3	an	an	DET
cblr-11901	193	4	expansive	expansive	ADJ
cblr-11901	193	5	interpretation	interpretation	NOUN
cblr-11901	193	6	of	of	ADP
cblr-11901	193	7	“	"	PUNCT
cblr-11901	193	8	security	security	NOUN
cblr-11901	193	9	”	"	PUNCT
cblr-11901	193	10	allows	allow	VERB
cblr-11901	193	11	the	the	DET
cblr-11901	193	12	agency	agency	NOUN
cblr-11901	193	13	to	to	ADP
cblr-11901	193	14	police	police	NOUN
cblr-11901	193	15	fraud	fraud	NOUN
cblr-11901	193	16	in	in	ADP
cblr-11901	193	17	new	new	ADJ
cblr-11901	193	18	markets	market	NOUN
cblr-11901	193	19	,	,	PUNCT
cblr-11901	193	20	encouraging	encourage	VERB
cblr-11901	193	21	54	54	NUM
cblr-11901	193	22	17	17	NUM
cblr-11901	193	23	c.f.r	c.f.r	NOUN
cblr-11901	193	24	.	.	PUNCT
cblr-11901	194	1	§	§	PROPN
cblr-11901	194	2	240.10b-5	240.10b-5	NUM
cblr-11901	194	3	(	(	PUNCT
cblr-11901	194	4	2021	2021	NUM
cblr-11901	194	5	)	)	PUNCT
cblr-11901	194	6	.	.	PUNCT
cblr-11901	195	1	55	55	NUM
cblr-11901	195	2	exchange	exchange	NOUN
cblr-11901	195	3	act	act	NOUN
cblr-11901	195	4	release	release	VERB
cblr-11901	195	5	no	no	NOUN
cblr-11901	195	6	.	.	NOUN
cblr-11901	195	7	3230	3230	NUM
cblr-11901	195	8	,	,	PUNCT
cblr-11901	195	9	7	7	NUM
cblr-11901	195	10	fed	feed	VERB
cblr-11901	195	11	.	.	PUNCT
cblr-11901	196	1	reg	reg	PROPN
cblr-11901	196	2	.	.	PUNCT
cblr-11901	197	1	3804	3804	NUM
cblr-11901	197	2	(	(	PUNCT
cblr-11901	197	3	may	may	PROPN
cblr-11901	197	4	21	21	NUM
cblr-11901	197	5	,	,	PUNCT
cblr-11901	197	6	1942	1942	NUM
cblr-11901	197	7	)	)	PUNCT
cblr-11901	197	8	.	.	PUNCT
cblr-11901	198	1	56	56	NUM
cblr-11901	198	2	see	see	NOUN
cblr-11901	198	3	,	,	PUNCT
cblr-11901	198	4	e.g.	e.g.	ADV
cblr-11901	198	5	,	,	PUNCT
cblr-11901	198	6	united	united	PROPN
cblr-11901	198	7	states	states	PROPN
cblr-11901	198	8	v.	v.	ADP
cblr-11901	198	9	o’hagan	o’hagan	PROPN
cblr-11901	198	10	,	,	PUNCT
cblr-11901	198	11	521	521	NUM
cblr-11901	198	12	u.s	u.s	PROPN
cblr-11901	198	13	.	.	PROPN
cblr-11901	198	14	642	642	NUM
cblr-11901	198	15	,	,	PUNCT
cblr-11901	198	16	659	659	NUM
cblr-11901	198	17	(	(	PUNCT
cblr-11901	198	18	1997	1997	NUM
cblr-11901	198	19	)	)	PUNCT
cblr-11901	198	20	(	(	PUNCT
cblr-11901	198	21	reviewing	review	VERB
cblr-11901	198	22	when	when	SCONJ
cblr-11901	198	23	a	a	DET
cblr-11901	198	24	trader	trader	NOUN
cblr-11901	198	25	may	may	AUX
cblr-11901	198	26	commit	commit	VERB
cblr-11901	198	27	insider	insider	NOUN
cblr-11901	198	28	trading	trading	NOUN
cblr-11901	198	29	by	by	ADP
cblr-11901	198	30	breaching	breach	VERB
cblr-11901	198	31	a	a	DET
cblr-11901	198	32	duty	duty	NOUN
cblr-11901	198	33	)	)	PUNCT
cblr-11901	198	34	.	.	PUNCT
cblr-11901	199	1	57	57	NUM
cblr-11901	200	1	i	i	PRON
cblr-11901	200	2	d.	d.	PROPN
cblr-11901	200	3	58	58	NUM
cblr-11901	200	4	see	see	VERB
cblr-11901	200	5	,	,	PUNCT
cblr-11901	200	6	e.g.	e.g.	ADV
cblr-11901	200	7	,	,	PUNCT
cblr-11901	200	8	joel	joel	PROPN
cblr-11901	200	9	seligman	seligman	PROPN
cblr-11901	200	10	,	,	PUNCT
cblr-11901	200	11	memories	memory	NOUN
cblr-11901	200	12	of	of	ADP
cblr-11901	200	13	bill	bill	PROPN
cblr-11901	200	14	cary	cary	PROPN
cblr-11901	200	15	,	,	PUNCT
cblr-11901	200	16	2	2	NUM
cblr-11901	200	17	colum	colum	NOUN
cblr-11901	200	18	.	.	PUNCT
cblr-11901	201	1	bus	bus	NOUN
cblr-11901	201	2	.	.	PUNCT
cblr-11901	202	1	l.	l.	PROPN
cblr-11901	202	2	rev	rev	PROPN
cblr-11901	202	3	.	.	PROPN
cblr-11901	202	4	318	318	NUM
cblr-11901	202	5	,	,	PUNCT
cblr-11901	202	6	326	326	NUM
cblr-11901	202	7	(	(	PUNCT
cblr-11901	202	8	2013	2013	NUM
cblr-11901	202	9	)	)	PUNCT
cblr-11901	202	10	.	.	PUNCT
cblr-11901	203	1	(	(	PUNCT
cblr-11901	203	2	“	"	PUNCT
cblr-11901	203	3	few	few	ADJ
cblr-11901	203	4	actions	action	NOUN
cblr-11901	203	5	were	be	AUX
cblr-11901	203	6	more	more	ADV
cblr-11901	203	7	likely	likely	ADJ
cblr-11901	203	8	to	to	PART
cblr-11901	203	9	reduce	reduce	VERB
cblr-11901	203	10	confidence	confidence	NOUN
cblr-11901	203	11	(	(	PUNCT
cblr-11901	203	12	and	and	CCONJ
cblr-11901	203	13	,	,	PUNCT
cblr-11901	203	14	ultimately	ultimately	ADV
cblr-11901	203	15	,	,	PUNCT
cblr-11901	203	16	aggregate	aggregate	ADJ
cblr-11901	203	17	investment	investment	NOUN
cblr-11901	203	18	)	)	PUNCT
cblr-11901	203	19	in	in	ADP
cblr-11901	203	20	the	the	DET
cblr-11901	203	21	securities	security	NOUN
cblr-11901	203	22	markets	market	NOUN
cblr-11901	203	23	than	than	ADP
cblr-11901	203	24	the	the	DET
cblr-11901	203	25	failure	failure	NOUN
cblr-11901	203	26	to	to	PART
cblr-11901	203	27	enforce	enforce	VERB
cblr-11901	203	28	rules	rule	NOUN
cblr-11901	203	29	guaranteeing	guarantee	VERB
cblr-11901	203	30	,	,	PUNCT
cblr-11901	203	31	as	as	ADV
cblr-11901	203	32	far	far	ADV
cblr-11901	203	33	as	as	SCONJ
cblr-11901	203	34	the	the	DET
cblr-11901	203	35	law	law	NOUN
cblr-11901	203	36	could	could	AUX
cblr-11901	203	37	,	,	PUNCT
cblr-11901	203	38	that	that	SCONJ
cblr-11901	203	39	all	all	DET
cblr-11901	203	40	investors	investor	NOUN
cblr-11901	203	41	trading	trade	VERB
cblr-11901	203	42	on	on	ADP
cblr-11901	203	43	stock	stock	NOUN
cblr-11901	203	44	exchanges	exchange	NOUN
cblr-11901	203	45	have	have	VERB
cblr-11901	203	46	relatively	relatively	ADV
cblr-11901	203	47	equal	equal	ADJ
cblr-11901	203	48	access	access	NOUN
cblr-11901	203	49	to	to	ADP
cblr-11901	203	50	material	material	NOUN
cblr-11901	203	51	information	information	NOUN
cblr-11901	203	52	.	.	PUNCT
cblr-11901	203	53	”	"	PUNCT
cblr-11901	203	54	)	)	PUNCT
cblr-11901	203	55	.	.	PUNCT
cblr-11901	204	1	59	59	NUM
cblr-11901	204	2	see	see	VERB
cblr-11901	204	3	,	,	PUNCT
cblr-11901	204	4	e.g.	e.g.	ADV
cblr-11901	204	5	,	,	PUNCT
cblr-11901	204	6	bini	bini	PROPN
cblr-11901	204	7	&	&	CCONJ
cblr-11901	204	8	howe	howe	PROPN
cblr-11901	204	9	,	,	PUNCT
cblr-11901	204	10	supra	supra	PROPN
cblr-11901	204	11	note	note	NOUN
cblr-11901	204	12	26	26	NUM
cblr-11901	204	13	.	.	NOUN
cblr-11901	204	14	60	60	NUM
cblr-11901	204	15	o’hagan	o’hagan	PROPN
cblr-11901	204	16	,	,	PUNCT
cblr-11901	204	17	521	521	NUM
cblr-11901	204	18	u.s	u.s	PROPN
cblr-11901	204	19	.	.	PROPN
cblr-11901	204	20	at	at	ADP
cblr-11901	204	21	658	658	NUM
cblr-11901	204	22	.	.	PUNCT
cblr-11901	205	1	502	502	NUM
cblr-11901	205	2	columbia	columbia	PROPN
cblr-11901	205	3	business	business	NOUN
cblr-11901	205	4	law	law	PROPN
cblr-11901	205	5	review	review	NOUN
cblr-11901	205	6	[	[	X
cblr-11901	205	7	vol	vol	NOUN
cblr-11901	205	8	.	.	PUNCT
cblr-11901	205	9	2023	2023	NUM
cblr-11901	205	10	fairness	fairness	NOUN
cblr-11901	205	11	and	and	CCONJ
cblr-11901	205	12	,	,	PUNCT
cblr-11901	205	13	in	in	ADP
cblr-11901	205	14	turn	turn	NOUN
cblr-11901	205	15	,	,	PUNCT
cblr-11901	205	16	promoting	promote	VERB
cblr-11901	205	17	market	market	NOUN
cblr-11901	205	18	participation.61	participation.61	NOUN
cblr-11901	205	19	a	a	DET
cblr-11901	205	20	similar	similar	ADJ
cblr-11901	205	21	view	view	NOUN
cblr-11901	205	22	was	be	AUX
cblr-11901	205	23	expressed	express	VERB
cblr-11901	205	24	in	in	ADP
cblr-11901	205	25	an	an	DET
cblr-11901	205	26	early	early	ADJ
cblr-11901	205	27	second	second	ADJ
cblr-11901	205	28	circuit	circuit	NOUN
cblr-11901	205	29	case	case	NOUN
cblr-11901	205	30	considering	consider	VERB
cblr-11901	205	31	insider	insider	NOUN
cblr-11901	205	32	trading	trading	NOUN
cblr-11901	205	33	with	with	ADP
cblr-11901	205	34	the	the	DET
cblr-11901	205	35	court	court	NOUN
cblr-11901	205	36	noting	note	VERB
cblr-11901	205	37	that	that	SCONJ
cblr-11901	205	38	the	the	DET
cblr-11901	205	39	core	core	NOUN
cblr-11901	205	40	of	of	ADP
cblr-11901	205	41	rule	rule	NOUN
cblr-11901	205	42	10b-5	10b-5	NUM
cblr-11901	205	43	is	be	AUX
cblr-11901	205	44	“	"	PUNCT
cblr-11901	205	45	the	the	DET
cblr-11901	205	46	implementation	implementation	NOUN
cblr-11901	205	47	of	of	ADP
cblr-11901	205	48	the	the	DET
cblr-11901	205	49	congressional	congressional	ADJ
cblr-11901	205	50	purpose	purpose	NOUN
cblr-11901	205	51	that	that	SCONJ
cblr-11901	205	52	all	all	DET
cblr-11901	205	53	investors	investor	NOUN
cblr-11901	205	54	should	should	AUX
cblr-11901	205	55	have	have	VERB
cblr-11901	205	56	equal	equal	ADJ
cblr-11901	205	57	access	access	NOUN
cblr-11901	205	58	to	to	ADP
cblr-11901	205	59	the	the	DET
cblr-11901	205	60	rewards	reward	NOUN
cblr-11901	205	61	of	of	ADP
cblr-11901	205	62	participation	participation	NOUN
cblr-11901	205	63	in	in	ADP
cblr-11901	205	64	securities	security	NOUN
cblr-11901	205	65	transactions	transaction	NOUN
cblr-11901	205	66	.	.	PUNCT
cblr-11901	206	1	”62	”62	NOUN
cblr-11901	206	2	promoting	promote	VERB
cblr-11901	206	3	market	market	NOUN
cblr-11901	206	4	access	access	NOUN
cblr-11901	206	5	for	for	ADP
cblr-11901	206	6	smaller	small	ADJ
cblr-11901	206	7	participants	participant	NOUN
cblr-11901	206	8	was	be	AUX
cblr-11901	206	9	also	also	ADV
cblr-11901	206	10	one	one	NUM
cblr-11901	206	11	of	of	ADP
cblr-11901	206	12	the	the	DET
cblr-11901	206	13	motivations	motivation	NOUN
cblr-11901	206	14	for	for	ADP
cblr-11901	206	15	establishing	establish	VERB
cblr-11901	206	16	the	the	DET
cblr-11901	206	17	national	national	ADJ
cblr-11901	206	18	market	market	NOUN
cblr-11901	206	19	system	system	NOUN
cblr-11901	206	20	.	.	PUNCT
cblr-11901	207	1	at	at	ADP
cblr-11901	207	2	the	the	DET
cblr-11901	207	3	sec	sec	PROPN
cblr-11901	207	4	’s	’s	PART
cblr-11901	207	5	urging	urging	NOUN
cblr-11901	207	6	,	,	PUNCT
cblr-11901	207	7	congress	congress	PROPN
cblr-11901	207	8	has	have	AUX
cblr-11901	207	9	expanded	expand	VERB
cblr-11901	207	10	the	the	DET
cblr-11901	207	11	sec	sec	PROPN
cblr-11901	207	12	’s	’s	PART
cblr-11901	207	13	authority	authority	NOUN
cblr-11901	207	14	in	in	ADP
cblr-11901	207	15	order	order	NOUN
cblr-11901	207	16	to	to	PART
cblr-11901	207	17	increase	increase	VERB
cblr-11901	207	18	efficiency	efficiency	NOUN
cblr-11901	207	19	,	,	PUNCT
cblr-11901	207	20	competition	competition	NOUN
cblr-11901	207	21	and	and	CCONJ
cblr-11901	207	22	fairness	fairness	NOUN
cblr-11901	207	23	in	in	ADP
cblr-11901	207	24	securities	security	NOUN
cblr-11901	207	25	markets.63	markets.63	PROPN
cblr-11901	207	26	accordingly	accordingly	ADV
cblr-11901	207	27	,	,	PUNCT
cblr-11901	207	28	the	the	DET
cblr-11901	207	29	sec	sec	PROPN
cblr-11901	207	30	has	have	AUX
cblr-11901	207	31	sought	seek	VERB
cblr-11901	207	32	to	to	PART
cblr-11901	207	33	promote	promote	VERB
cblr-11901	207	34	market	market	NOUN
cblr-11901	207	35	fairness	fairness	NOUN
cblr-11901	207	36	by	by	ADP
cblr-11901	207	37	removing	remove	VERB
cblr-11901	207	38	discrimination	discrimination	NOUN
cblr-11901	207	39	against	against	ADP
cblr-11901	207	40	small	small	ADJ
cblr-11901	207	41	investors	investor	NOUN
cblr-11901	207	42	and	and	CCONJ
cblr-11901	207	43	ensuring	ensure	VERB
cblr-11901	207	44	that	that	SCONJ
cblr-11901	207	45	investors	investor	NOUN
cblr-11901	207	46	are	be	AUX
cblr-11901	207	47	receiving	receive	VERB
cblr-11901	207	48	the	the	DET
cblr-11901	207	49	best	good	ADJ
cblr-11901	207	50	execution	execution	NOUN
cblr-11901	207	51	of	of	ADP
cblr-11901	207	52	trades	trade	NOUN
cblr-11901	207	53	no	no	ADV
cblr-11901	207	54	matter	matter	ADV
cblr-11901	207	55	where	where	SCONJ
cblr-11901	207	56	orders	order	NOUN
cblr-11901	207	57	are	be	AUX
cblr-11901	207	58	routed.64	routed.64	NOUN
cblr-11901	207	59	the	the	DET
cblr-11901	207	60	resulting	result	VERB
cblr-11901	207	61	rules	rule	NOUN
cblr-11901	207	62	include	include	VERB
cblr-11901	207	63	those	those	PRON
cblr-11901	207	64	focused	focus	VERB
cblr-11901	207	65	on	on	ADP
cblr-11901	207	66	transparency	transparency	NOUN
cblr-11901	207	67	of	of	ADP
cblr-11901	207	68	transactions	transaction	NOUN
cblr-11901	207	69	,	,	PUNCT
cblr-11901	207	70	protection	protection	NOUN
cblr-11901	207	71	of	of	ADP
cblr-11901	207	72	customer	customer	NOUN
cblr-11901	207	73	orders	order	NOUN
cblr-11901	207	74	,	,	PUNCT
cblr-11901	207	75	disclosure	disclosure	NOUN
cblr-11901	207	76	,	,	PUNCT
cblr-11901	207	77	and	and	CCONJ
cblr-11901	207	78	assurance	assurance	NOUN
cblr-11901	207	79	of	of	ADP
cblr-11901	207	80	best	good	ADJ
cblr-11901	207	81	execution.65	execution.65	NOUN
cblr-11901	207	82	these	these	PRON
cblr-11901	207	83	reduce	reduce	VERB
cblr-11901	207	84	barriers	barrier	NOUN
cblr-11901	207	85	to	to	ADP
cblr-11901	207	86	entry	entry	NOUN
cblr-11901	207	87	,	,	PUNCT
cblr-11901	207	88	promote	promote	VERB
cblr-11901	207	89	fairness	fairness	NOUN
cblr-11901	207	90	and	and	CCONJ
cblr-11901	207	91	encourage	encourage	VERB
cblr-11901	207	92	greater	great	ADJ
cblr-11901	207	93	market	market	NOUN
cblr-11901	207	94	participation.66	participation.66	NOUN
cblr-11901	207	95	in	in	ADP
cblr-11901	207	96	sum	sum	NOUN
cblr-11901	207	97	,	,	PUNCT
cblr-11901	207	98	the	the	DET
cblr-11901	207	99	two	two	NUM
cblr-11901	207	100	approaches	approach	NOUN
cblr-11901	207	101	the	the	DET
cblr-11901	207	102	agency	agency	NOUN
cblr-11901	207	103	has	have	AUX
cblr-11901	207	104	taken	take	VERB
cblr-11901	207	105	when	when	SCONJ
cblr-11901	207	106	considering	consider	VERB
cblr-11901	207	107	new	new	ADJ
cblr-11901	207	108	regulations	regulation	NOUN
cblr-11901	207	109	for	for	ADP
cblr-11901	207	110	financial	financial	ADJ
cblr-11901	207	111	market	market	NOUN
cblr-11901	207	112	innovations	innovation	NOUN
cblr-11901	207	113	have	have	VERB
cblr-11901	207	114	benefits	benefit	NOUN
cblr-11901	207	115	and	and	CCONJ
cblr-11901	207	116	drawbacks	drawback	NOUN
cblr-11901	207	117	.	.	PUNCT
cblr-11901	208	1	when	when	SCONJ
cblr-11901	208	2	implementing	implement	VERB
cblr-11901	208	3	these	these	DET
cblr-11901	208	4	regulatory	regulatory	ADJ
cblr-11901	208	5	approaches	approach	NOUN
cblr-11901	208	6	,	,	PUNCT
cblr-11901	208	7	regulators	regulator	NOUN
cblr-11901	208	8	have	have	AUX
cblr-11901	208	9	consistently	consistently	ADV
cblr-11901	208	10	focused	focus	VERB
cblr-11901	208	11	on	on	ADP
cblr-11901	208	12	increasing	increase	VERB
cblr-11901	208	13	market	market	NOUN
cblr-11901	208	14	participation	participation	NOUN
cblr-11901	208	15	.	.	PUNCT
cblr-11901	209	1	61	61	NUM
cblr-11901	209	2	see	see	NOUN
cblr-11901	209	3	infra	infra	NOUN
cblr-11901	209	4	section	section	NOUN
cblr-11901	209	5	ii.a	ii.a	PROPN
cblr-11901	209	6	.	.	PUNCT
cblr-11901	210	1	62	62	NUM
cblr-11901	210	2	s.e.c	s.e.c	NOUN
cblr-11901	210	3	.	.	PUNCT
cblr-11901	211	1	v.	v.	PROPN
cblr-11901	211	2	texas	texas	PROPN
cblr-11901	211	3	gulf	gulf	PROPN
cblr-11901	211	4	sulphur	sulphur	PROPN
cblr-11901	211	5	co.	co.	PROPN
cblr-11901	211	6	,	,	PUNCT
cblr-11901	211	7	401	401	NUM
cblr-11901	211	8	f.2d	f.2d	SYM
cblr-11901	211	9	833	833	NUM
cblr-11901	211	10	(	(	PUNCT
cblr-11901	211	11	2d	2d	NUM
cblr-11901	211	12	cir	cir	NOUN
cblr-11901	211	13	.	.	PUNCT
cblr-11901	211	14	1968	1968	NUM
cblr-11901	211	15	)	)	PUNCT
cblr-11901	211	16	.	.	PUNCT
cblr-11901	212	1	63	63	NUM
cblr-11901	212	2	s.	s.	PROPN
cblr-11901	212	3	249	249	NUM
cblr-11901	212	4	,	,	PUNCT
cblr-11901	212	5	94th	94th	ADJ
cblr-11901	212	6	cong	cong	NOUN
cblr-11901	212	7	.	.	PUNCT
cblr-11901	213	1	(	(	PUNCT
cblr-11901	213	2	1975	1975	NUM
cblr-11901	213	3	)	)	PUNCT
cblr-11901	213	4	.	.	PUNCT
cblr-11901	214	1	64	64	NUM
cblr-11901	214	2	mahoney	mahoney	PROPN
cblr-11901	214	3	&	&	CCONJ
cblr-11901	214	4	rauterberg	rauterberg	PROPN
cblr-11901	214	5	,	,	PUNCT
cblr-11901	214	6	supra	supra	PROPN
cblr-11901	214	7	note	note	NOUN
cblr-11901	214	8	32	32	NUM
cblr-11901	214	9	,	,	PUNCT
cblr-11901	214	10	at	at	ADP
cblr-11901	214	11	241–42	241–42	PROPN
cblr-11901	214	12	(	(	PUNCT
cblr-11901	214	13	discussing	discuss	VERB
cblr-11901	214	14	the	the	DET
cblr-11901	214	15	enactment	enactment	NOUN
cblr-11901	214	16	of	of	ADP
cblr-11901	214	17	securities	security	NOUN
cblr-11901	214	18	and	and	CCONJ
cblr-11901	214	19	exchange	exchange	PROPN
cblr-11901	214	20	act	act	NOUN
cblr-11901	214	21	of	of	ADP
cblr-11901	214	22	1934	1934	NUM
cblr-11901	214	23	§	§	PROPN
cblr-11901	214	24	11a	11a	NOUN
cblr-11901	214	25	and	and	CCONJ
cblr-11901	214	26	15	15	NUM
cblr-11901	214	27	u.s.c	u.s.c	ADJ
cblr-11901	214	28	.	.	PUNCT
cblr-11901	215	1	§	§	NOUN
cblr-11901	215	2	78k-1(a)(2	78k-1(a)(2	NOUN
cblr-11901	215	3	)	)	PUNCT
cblr-11901	215	4	)	)	PUNCT
cblr-11901	215	5	.	.	PUNCT
cblr-11901	216	1	65	65	NUM
cblr-11901	216	2	fox	fox	PROPN
cblr-11901	216	3	et	et	PROPN
cblr-11901	216	4	al	al	PROPN
cblr-11901	216	5	.	.	PROPN
cblr-11901	216	6	,	,	PUNCT
cblr-11901	216	7	supra	supra	PROPN
cblr-11901	216	8	note	note	PROPN
cblr-11901	216	9	29	29	NUM
cblr-11901	216	10	,	,	PUNCT
cblr-11901	216	11	at	at	ADP
cblr-11901	216	12	28–31	28–31	NUM
cblr-11901	216	13	(	(	PUNCT
cblr-11901	216	14	2019	2019	NUM
cblr-11901	216	15	)	)	PUNCT
cblr-11901	216	16	.	.	PUNCT
cblr-11901	217	1	66	66	NUM
cblr-11901	217	2	see	see	VERB
cblr-11901	217	3	infra	infra	NOUN
cblr-11901	217	4	section	section	NOUN
cblr-11901	217	5	ii.b.2	ii.b.2	PROPN
cblr-11901	217	6	(	(	PUNCT
cblr-11901	217	7	reviewing	review	VERB
cblr-11901	217	8	the	the	DET
cblr-11901	217	9	impact	impact	NOUN
cblr-11901	217	10	of	of	ADP
cblr-11901	217	11	the	the	DET
cblr-11901	217	12	national	national	ADJ
cblr-11901	217	13	market	market	NOUN
cblr-11901	217	14	system	system	NOUN
cblr-11901	217	15	on	on	ADP
cblr-11901	217	16	transaction	transaction	NOUN
cblr-11901	217	17	costs	cost	NOUN
cblr-11901	217	18	)	)	PUNCT
cblr-11901	217	19	.	.	PUNCT
cblr-11901	218	1	no	no	INTJ
cblr-11901	218	2	.	.	NOUN
cblr-11901	218	3	1	1	NUM
cblr-11901	218	4	]	]	PUNCT
cblr-11901	218	5	regulating	regulate	VERB
cblr-11901	218	6	democratized	democratize	VERB
cblr-11901	218	7	finance	finance	NOUN
cblr-11901	218	8	503	503	NUM
cblr-11901	218	9	iii	iii	NOUN
cblr-11901	218	10	.	.	PUNCT
cblr-11901	219	1	how	how	SCONJ
cblr-11901	219	2	fintech	fintech	NOUN
cblr-11901	219	3	broadens	broaden	VERB
cblr-11901	219	4	market	market	NOUN
cblr-11901	219	5	access	access	NOUN
cblr-11901	219	6	and	and	CCONJ
cblr-11901	219	7	complicates	complicate	VERB
cblr-11901	219	8	existing	exist	VERB
cblr-11901	219	9	regulations	regulation	NOUN
cblr-11901	219	10	the	the	DET
cblr-11901	219	11	growth	growth	NOUN
cblr-11901	219	12	of	of	ADP
cblr-11901	219	13	fintech	fintech	NOUN
cblr-11901	219	14	raises	raise	VERB
cblr-11901	219	15	significant	significant	ADJ
cblr-11901	219	16	challenges	challenge	NOUN
cblr-11901	219	17	for	for	ADP
cblr-11901	219	18	the	the	DET
cblr-11901	219	19	sec	sec	PROPN
cblr-11901	219	20	concerning	concern	VERB
cblr-11901	219	21	its	its	PRON
cblr-11901	219	22	authority	authority	NOUN
cblr-11901	219	23	to	to	PART
cblr-11901	219	24	regulate	regulate	VERB
cblr-11901	219	25	these	these	DET
cblr-11901	219	26	entities67	entities67	NOUN
cblr-11901	219	27	and	and	CCONJ
cblr-11901	219	28	its	its	PRON
cblr-11901	219	29	focus	focus	NOUN
cblr-11901	219	30	on	on	ADP
cblr-11901	219	31	promoting	promote	VERB
cblr-11901	219	32	market	market	NOUN
cblr-11901	219	33	access.68	access.68	NOUN
cblr-11901	219	34	at	at	ADP
cblr-11901	219	35	the	the	DET
cblr-11901	219	36	same	same	ADJ
cblr-11901	219	37	time	time	NOUN
cblr-11901	219	38	,	,	PUNCT
cblr-11901	219	39	many	many	ADJ
cblr-11901	219	40	fintech	fintech	NOUN
cblr-11901	219	41	entities	entity	NOUN
cblr-11901	219	42	share	share	VERB
cblr-11901	219	43	the	the	DET
cblr-11901	219	44	sec	sec	PROPN
cblr-11901	219	45	’s	’s	PART
cblr-11901	219	46	historic	historic	ADJ
cblr-11901	219	47	goal	goal	NOUN
cblr-11901	219	48	of	of	ADP
cblr-11901	219	49	promoting	promote	VERB
cblr-11901	219	50	financial	financial	ADJ
cblr-11901	219	51	market	market	NOUN
cblr-11901	219	52	access.69	access.69	NOUN
cblr-11901	219	53	this	this	DET
cblr-11901	219	54	part	part	NOUN
cblr-11901	219	55	reviews	review	VERB
cblr-11901	219	56	regulatory	regulatory	ADJ
cblr-11901	219	57	challenges	challenge	NOUN
cblr-11901	219	58	in	in	ADP
cblr-11901	219	59	relation	relation	NOUN
cblr-11901	219	60	to	to	ADP
cblr-11901	219	61	the	the	DET
cblr-11901	219	62	growth	growth	NOUN
cblr-11901	219	63	of	of	ADP
cblr-11901	219	64	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	219	65	,	,	PUNCT
cblr-11901	219	66	online	online	ADJ
cblr-11901	219	67	retail	retail	ADJ
cblr-11901	219	68	broker	broker	NOUN
cblr-11901	219	69	-	-	PUNCT
cblr-11901	219	70	dealers	dealer	NOUN
cblr-11901	219	71	,	,	PUNCT
cblr-11901	219	72	and	and	CCONJ
cblr-11901	219	73	fintech	fintech	NOUN
cblr-11901	219	74	more	more	ADV
cblr-11901	219	75	broadly	broadly	ADV
cblr-11901	219	76	,	,	PUNCT
cblr-11901	219	77	as	as	ADV
cblr-11901	219	78	well	well	ADV
cblr-11901	219	79	as	as	ADP
cblr-11901	219	80	these	these	DET
cblr-11901	219	81	entities	entity	NOUN
cblr-11901	219	82	connection	connection	NOUN
cblr-11901	219	83	to	to	ADP
cblr-11901	219	84	the	the	DET
cblr-11901	219	85	promotion	promotion	NOUN
cblr-11901	219	86	of	of	ADP
cblr-11901	219	87	market	market	NOUN
cblr-11901	219	88	access	access	NOUN
cblr-11901	219	89	.	.	PUNCT
cblr-11901	220	1	a.	a.	NOUN
cblr-11901	220	2	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	220	3	1	1	NUM
cblr-11901	220	4	.	.	PUNCT
cblr-11901	220	5	overview	overview	NOUN
cblr-11901	220	6	of	of	ADP
cblr-11901	220	7	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	220	8	,	,	PUNCT
cblr-11901	220	9	their	their	PRON
cblr-11901	220	10	growth	growth	NOUN
cblr-11901	220	11	and	and	CCONJ
cblr-11901	220	12	decline	decline	VERB
cblr-11901	220	13	in	in	ADP
cblr-11901	220	14	value	value	NOUN
cblr-11901	220	15	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	220	16	encompass	encompass	VERB
cblr-11901	220	17	a	a	DET
cblr-11901	220	18	variety	variety	NOUN
cblr-11901	220	19	of	of	ADP
cblr-11901	220	20	digital	digital	ADJ
cblr-11901	220	21	assets,70	assets,70	NOUN
cblr-11901	220	22	each	each	PRON
cblr-11901	220	23	with	with	ADP
cblr-11901	220	24	its	its	PRON
cblr-11901	220	25	own	own	ADJ
cblr-11901	220	26	benefits	benefit	NOUN
cblr-11901	220	27	and	and	CCONJ
cblr-11901	220	28	risks.71	risks.71	NOUN
cblr-11901	220	29	in	in	ADP
cblr-11901	220	30	general	general	ADJ
cblr-11901	220	31	,	,	PUNCT
cblr-11901	220	32	though	though	ADV
cblr-11901	220	33	,	,	PUNCT
cblr-11901	220	34	67	67	NUM
cblr-11901	220	35	existing	exist	VERB
cblr-11901	220	36	sec	sec	PROPN
cblr-11901	220	37	jurisdiction	jurisdiction	NOUN
cblr-11901	220	38	may	may	AUX
cblr-11901	220	39	not	not	PART
cblr-11901	220	40	map	map	VERB
cblr-11901	220	41	easily	easily	ADV
cblr-11901	220	42	onto	onto	ADP
cblr-11901	220	43	new	new	ADJ
cblr-11901	220	44	products	product	NOUN
cblr-11901	220	45	,	,	PUNCT
cblr-11901	220	46	as	as	ADP
cblr-11901	220	47	in	in	ADP
cblr-11901	220	48	the	the	DET
cblr-11901	220	49	case	case	NOUN
cblr-11901	220	50	of	of	ADP
cblr-11901	220	51	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	220	52	.	.	PUNCT
cblr-11901	221	1	see	see	VERB
cblr-11901	221	2	infra	infra	NOUN
cblr-11901	221	3	section	section	NOUN
cblr-11901	221	4	ii.a.2	ii.a.2	PROPN
cblr-11901	221	5	.	.	PUNCT
cblr-11901	222	1	68	68	NUM
cblr-11901	222	2	see	see	NOUN
cblr-11901	222	3	infra	infra	NOUN
cblr-11901	222	4	section	section	NOUN
cblr-11901	222	5	iii.d	iii.d	PROPN
cblr-11901	222	6	.	.	PROPN
cblr-11901	222	7	69	69	NUM
cblr-11901	222	8	a	a	DET
cblr-11901	222	9	key	key	ADJ
cblr-11901	222	10	method	method	NOUN
cblr-11901	222	11	of	of	ADP
cblr-11901	222	12	reducing	reduce	VERB
cblr-11901	222	13	barriers	barrier	NOUN
cblr-11901	222	14	to	to	ADP
cblr-11901	222	15	entry	entry	NOUN
cblr-11901	222	16	is	be	AUX
cblr-11901	222	17	to	to	PART
cblr-11901	222	18	reduce	reduce	VERB
cblr-11901	222	19	costs	cost	NOUN
cblr-11901	222	20	of	of	ADP
cblr-11901	222	21	intermediaries	intermediary	NOUN
cblr-11901	222	22	in	in	ADP
cblr-11901	222	23	financial	financial	ADJ
cblr-11901	222	24	markets	market	NOUN
cblr-11901	222	25	.	.	PUNCT
cblr-11901	223	1	omarova	omarova	PROPN
cblr-11901	223	2	,	,	PUNCT
cblr-11901	223	3	supra	supra	PROPN
cblr-11901	223	4	note	note	NOUN
cblr-11901	223	5	2	2	NUM
cblr-11901	223	6	,	,	PUNCT
cblr-11901	223	7	at	at	ADP
cblr-11901	223	8	745	745	NUM
cblr-11901	223	9	.	.	PUNCT
cblr-11901	224	1	(	(	PUNCT
cblr-11901	224	2	“	"	PUNCT
cblr-11901	224	3	by	by	ADP
cblr-11901	224	4	making	make	VERB
cblr-11901	224	5	financial	financial	ADJ
cblr-11901	224	6	transactions	transaction	NOUN
cblr-11901	224	7	infinitely	infinitely	ADV
cblr-11901	224	8	faster	fast	ADV
cblr-11901	224	9	,	,	PUNCT
cblr-11901	224	10	easier	easy	ADJ
cblr-11901	224	11	,	,	PUNCT
cblr-11901	224	12	and	and	CCONJ
cblr-11901	224	13	cheaper	cheap	ADJ
cblr-11901	224	14	,	,	PUNCT
cblr-11901	224	15	fintech	fintech	NOUN
cblr-11901	224	16	also	also	ADV
cblr-11901	224	17	offers	offer	VERB
cblr-11901	224	18	new	new	ADJ
cblr-11901	224	19	opportunities	opportunity	NOUN
cblr-11901	224	20	for	for	ADP
cblr-11901	224	21	financial	financial	ADJ
cblr-11901	224	22	inclusion	inclusion	NOUN
cblr-11901	224	23	and	and	CCONJ
cblr-11901	224	24	expanded	expand	VERB
cblr-11901	224	25	access	access	NOUN
cblr-11901	224	26	to	to	ADP
cblr-11901	224	27	financial	financial	ADJ
cblr-11901	224	28	services	service	NOUN
cblr-11901	224	29	.	.	PUNCT
cblr-11901	225	1	in	in	ADP
cblr-11901	225	2	this	this	DET
cblr-11901	225	3	sense	sense	NOUN
cblr-11901	225	4	,	,	PUNCT
cblr-11901	225	5	new	new	ADJ
cblr-11901	225	6	technology	technology	NOUN
cblr-11901	225	7	seems	seem	VERB
cblr-11901	225	8	poised	poise	VERB
cblr-11901	225	9	to	to	PART
cblr-11901	225	10	‘	'	PUNCT
cblr-11901	225	11	revolutionize	revolutionize	VERB
cblr-11901	225	12	’	'	PUNCT
cblr-11901	225	13	finance	finance	NOUN
cblr-11901	225	14	not	not	PART
cblr-11901	225	15	only	only	ADV
cblr-11901	225	16	as	as	ADP
cblr-11901	225	17	a	a	DET
cblr-11901	225	18	matter	matter	NOUN
cblr-11901	225	19	of	of	ADP
cblr-11901	225	20	transactional	transactional	ADJ
cblr-11901	225	21	efficiency	efficiency	NOUN
cblr-11901	225	22	but	but	CCONJ
cblr-11901	225	23	also	also	ADV
cblr-11901	225	24	as	as	ADP
cblr-11901	225	25	a	a	DET
cblr-11901	225	26	matter	matter	NOUN
cblr-11901	225	27	of	of	ADP
cblr-11901	225	28	political	political	ADJ
cblr-11901	225	29	economy	economy	NOUN
cblr-11901	225	30	.	.	PUNCT
cblr-11901	225	31	”	"	PUNCT
cblr-11901	225	32	)	)	PUNCT
cblr-11901	225	33	;	;	PUNCT
cblr-11901	225	34	see	see	VERB
cblr-11901	225	35	also	also	ADV
cblr-11901	225	36	prasad	prasad	PROPN
cblr-11901	225	37	,	,	PUNCT
cblr-11901	225	38	supra	supra	PROPN
cblr-11901	225	39	note	note	NOUN
cblr-11901	225	40	1	1	NUM
cblr-11901	225	41	,	,	PUNCT
cblr-11901	225	42	at	at	ADP
cblr-11901	225	43	8	8	NUM
cblr-11901	225	44	(	(	PUNCT
cblr-11901	225	45	“	"	PUNCT
cblr-11901	225	46	recent	recent	ADJ
cblr-11901	225	47	fintech	fintech	NOUN
cblr-11901	225	48	innovations	innovation	NOUN
cblr-11901	225	49	—	—	PUNCT
cblr-11901	225	50	including	include	VERB
cblr-11901	225	51	those	those	DET
cblr-11901	225	52	underpinning	underpin	VERB
cblr-11901	225	53	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	225	54	such	such	ADJ
cblr-11901	225	55	as	as	ADP
cblr-11901	225	56	bitcoin	bitcoin	NOUN
cblr-11901	225	57	—	—	PUNCT
cblr-11901	225	58	herald	herald	NOUN
cblr-11901	225	59	broader	broad	ADJ
cblr-11901	225	60	access	access	NOUN
cblr-11901	225	61	to	to	ADP
cblr-11901	225	62	the	the	DET
cblr-11901	225	63	financial	financial	ADJ
cblr-11901	225	64	system	system	NOUN
cblr-11901	225	65	,	,	PUNCT
cblr-11901	225	66	quicker	quick	ADJ
cblr-11901	225	67	and	and	CCONJ
cblr-11901	225	68	more	more	ADV
cblr-11901	225	69	easily	easily	ADV
cblr-11901	225	70	verifiable	verifiable	ADJ
cblr-11901	225	71	settlement	settlement	NOUN
cblr-11901	225	72	of	of	ADP
cblr-11901	225	73	transactions	transaction	NOUN
cblr-11901	225	74	and	and	CCONJ
cblr-11901	225	75	payments	payment	NOUN
cblr-11901	225	76	,	,	PUNCT
cblr-11901	225	77	and	and	CCONJ
cblr-11901	225	78	lower	low	ADJ
cblr-11901	225	79	transaction	transaction	NOUN
cblr-11901	225	80	costs	cost	NOUN
cblr-11901	225	81	.	.	PUNCT
cblr-11901	225	82	”	"	PUNCT
cblr-11901	225	83	)	)	PUNCT
cblr-11901	225	84	.	.	PUNCT
cblr-11901	226	1	70	70	NUM
cblr-11901	226	2	perkins	perkin	NOUN
cblr-11901	226	3	,	,	PUNCT
cblr-11901	226	4	cong	cong	NOUN
cblr-11901	226	5	.	.	PUNCT
cblr-11901	227	1	rsch	rsch	PROPN
cblr-11901	227	2	.	.	PUNCT
cblr-11901	228	1	serv	serv	PROPN
cblr-11901	228	2	.	.	PROPN
cblr-11901	228	3	,	,	PUNCT
cblr-11901	228	4	supra	supra	PROPN
cblr-11901	228	5	note	note	PROPN
cblr-11901	228	6	6	6	NUM
cblr-11901	228	7	,	,	PUNCT
cblr-11901	228	8	at	at	ADP
cblr-11901	228	9	29	29	NUM
cblr-11901	228	10	;	;	PUNCT
cblr-11901	228	11	see	see	VERB
cblr-11901	228	12	also	also	ADV
cblr-11901	228	13	michael	michael	PROPN
cblr-11901	228	14	l.	l.	PROPN
cblr-11901	228	15	d’ambrosio	d’ambrosio	PROPN
cblr-11901	228	16	,	,	PUNCT
cblr-11901	228	17	virtual	virtual	ADJ
cblr-11901	228	18	currency	currency	NOUN
cblr-11901	228	19	regulation	regulation	NOUN
cblr-11901	228	20	:	:	PUNCT
cblr-11901	228	21	from	from	ADP
cblr-11901	228	22	the	the	DET
cblr-11901	228	23	shadows	shadow	NOUN
cblr-11901	228	24	of	of	ADP
cblr-11901	228	25	the	the	DET
cblr-11901	228	26	internet	internet	NOUN
cblr-11901	228	27	to	to	ADP
cblr-11901	228	28	the	the	DET
cblr-11901	228	29	floor	floor	NOUN
cblr-11901	228	30	of	of	ADP
cblr-11901	228	31	congress	congress	PROPN
cblr-11901	228	32	,	,	PUNCT
cblr-11901	228	33	19	19	NUM
cblr-11901	228	34	wake	wake	VERB
cblr-11901	228	35	forest	forest	NOUN
cblr-11901	228	36	j.	j.	PROPN
cblr-11901	228	37	bus	bus	PROPN
cblr-11901	228	38	.	.	PROPN
cblr-11901	228	39	&	&	CCONJ
cblr-11901	228	40	intell	intell	PROPN
cblr-11901	228	41	.	.	PUNCT
cblr-11901	229	1	prop	prop	PROPN
cblr-11901	229	2	.	.	PUNCT
cblr-11901	230	1	l.	l.	PROPN
cblr-11901	230	2	249	249	NUM
cblr-11901	230	3	,	,	PUNCT
cblr-11901	230	4	252	252	NUM
cblr-11901	230	5	(	(	PUNCT
cblr-11901	230	6	2019	2019	NUM
cblr-11901	230	7	)	)	PUNCT
cblr-11901	230	8	.	.	PUNCT
cblr-11901	231	1	71	71	NUM
cblr-11901	231	2	christopher	christopher	NOUN
cblr-11901	231	3	beam	beam	PROPN
cblr-11901	231	4	,	,	PUNCT
cblr-11901	231	5	from	from	ADP
cblr-11901	231	6	doge	doge	PROPN
cblr-11901	231	7	soldiers	soldier	NOUN
cblr-11901	231	8	to	to	ADP
cblr-11901	231	9	bitcoinists	bitcoinist	NOUN
cblr-11901	231	10	:	:	PUNCT
cblr-11901	231	11	a	a	DET
cblr-11901	231	12	field	field	NOUN
cblr-11901	231	13	guide	guide	NOUN
cblr-11901	231	14	to	to	ADP
cblr-11901	231	15	the	the	DET
cblr-11901	231	16	crypto	crypto	NOUN
cblr-11901	231	17	faithful	faithful	ADJ
cblr-11901	231	18	,	,	PUNCT
cblr-11901	231	19	bloomberg	bloomberg	PROPN
cblr-11901	231	20	(	(	PUNCT
cblr-11901	231	21	aug	aug	PROPN
cblr-11901	231	22	.	.	PROPN
cblr-11901	231	23	18	18	NUM
cblr-11901	231	24	,	,	PUNCT
cblr-11901	231	25	2021	2021	NUM
cblr-11901	231	26	,	,	PUNCT
cblr-11901	231	27	12:01	12:01	NUM
cblr-11901	231	28	am	am	NOUN
cblr-11901	231	29	)	)	PUNCT
cblr-11901	231	30	,	,	PUNCT
cblr-11901	231	31	https://www.bloomberg.com/news/features/2021-08-18/from-doge-soldiers	https://www.bloomberg.com/news/features/2021-08-18/from-doge-soldiers	PROPN
cblr-11901	231	32	504	504	NUM
cblr-11901	231	33	columbia	columbia	PROPN
cblr-11901	231	34	business	business	NOUN
cblr-11901	231	35	law	law	NOUN
cblr-11901	231	36	review	review	NOUN
cblr-11901	231	37	[	[	X
cblr-11901	231	38	vol	vol	NOUN
cblr-11901	231	39	.	.	PUNCT
cblr-11901	231	40	2023	2023	NUM
cblr-11901	231	41	they	they	PRON
cblr-11901	231	42	are	be	AUX
cblr-11901	231	43	digital	digital	ADJ
cblr-11901	231	44	assets	asset	NOUN
cblr-11901	231	45	that	that	PRON
cblr-11901	231	46	are	be	AUX
cblr-11901	231	47	exchanged	exchange	VERB
cblr-11901	231	48	on	on	ADP
cblr-11901	231	49	digital	digital	ADJ
cblr-11901	231	50	ledgers	ledger	NOUN
cblr-11901	231	51	known	know	VERB
cblr-11901	231	52	as	as	ADP
cblr-11901	231	53	blockchains.72	blockchains.72	NOUN
cblr-11901	231	54	unlike	unlike	ADP
cblr-11901	231	55	traditional	traditional	ADJ
cblr-11901	231	56	financial	financial	ADJ
cblr-11901	231	57	markets	market	NOUN
cblr-11901	231	58	,	,	PUNCT
cblr-11901	231	59	cryptocurrency	cryptocurrency	NOUN
cblr-11901	231	60	markets	market	NOUN
cblr-11901	231	61	use	use	VERB
cblr-11901	231	62	networks	network	NOUN
cblr-11901	231	63	of	of	ADP
cblr-11901	231	64	users	user	NOUN
cblr-11901	231	65	and	and	CCONJ
cblr-11901	231	66	cryptographic	cryptographic	ADJ
cblr-11901	231	67	protocols	protocol	NOUN
cblr-11901	231	68	rather	rather	ADV
cblr-11901	231	69	than	than	ADP
cblr-11901	231	70	intermediaries	intermediary	NOUN
cblr-11901	231	71	to	to	PART
cblr-11901	231	72	verify	verify	VERB
cblr-11901	231	73	transactions.73	transactions.73	NUM
cblr-11901	231	74	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	231	75	grew	grow	VERB
cblr-11901	231	76	significantly	significantly	ADV
cblr-11901	231	77	in	in	ADP
cblr-11901	231	78	market	market	NOUN
cblr-11901	231	79	value	value	NOUN
cblr-11901	231	80	between	between	ADP
cblr-11901	231	81	2016	2016	NUM
cblr-11901	231	82	and	and	CCONJ
cblr-11901	231	83	early	early	ADJ
cblr-11901	231	84	2022.74	2022.74	NUM
cblr-11901	231	85	essential	essential	ADJ
cblr-11901	231	86	to	to	ADP
cblr-11901	231	87	this	this	DET
cblr-11901	231	88	growth	growth	NOUN
cblr-11901	231	89	was	be	AUX
cblr-11901	231	90	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	231	91	’	'	PUNCT
cblr-11901	231	92	increasing	increase	VERB
cblr-11901	231	93	availability	availability	NOUN
cblr-11901	231	94	to	to	ADP
cblr-11901	231	95	retail	retail	ADJ
cblr-11901	231	96	investors	investor	NOUN
cblr-11901	231	97	through	through	ADP
cblr-11901	231	98	dedicated	dedicated	ADJ
cblr-11901	231	99	exchanges75	exchanges75	NOUN
cblr-11901	231	100	and	and	CCONJ
cblr-11901	231	101	online	online	ADJ
cblr-11901	231	102	retail	retail	ADJ
cblr-11901	231	103	brokerdealers.76	brokerdealers.76	PROPN
cblr-11901	231	104	this	this	DET
cblr-11901	231	105	growth	growth	NOUN
cblr-11901	231	106	continued	continue	VERB
cblr-11901	231	107	despite	despite	SCONJ
cblr-11901	231	108	regulatory	regulatory	ADJ
cblr-11901	231	109	to	to	ADP
cblr-11901	231	110	-	-	PUNCT
cblr-11901	231	111	bitcoinists	bitcoinist	NOUN
cblr-11901	231	112	-	-	PUNCT
cblr-11901	231	113	a	a	DET
cblr-11901	231	114	-	-	PUNCT
cblr-11901	231	115	field	field	NOUN
cblr-11901	231	116	-	-	PUNCT
cblr-11901	231	117	guide	guide	NOUN
cblr-11901	231	118	-	-	PUNCT
cblr-11901	231	119	to	to	ADP
cblr-11901	231	120	-	-	PUNCT
cblr-11901	231	121	the	the	DET
cblr-11901	231	122	-	-	PUNCT
cblr-11901	231	123	crypto	crypto	NOUN
cblr-11901	231	124	-	-	ADJ
cblr-11901	231	125	faithful	faithful	ADJ
cblr-11901	231	126	[	[	X
cblr-11901	231	127	https://perma.cc/h3fxnpxb	https://perma.cc/h3fxnpxb	PRON
cblr-11901	231	128	]	]	PUNCT
cblr-11901	231	129	;	;	PUNCT
cblr-11901	231	130	see	see	VERB
cblr-11901	231	131	also	also	ADV
cblr-11901	231	132	interview	interview	NOUN
cblr-11901	231	133	by	by	ADP
cblr-11901	231	134	max	max	PROPN
cblr-11901	231	135	levchin	levchin	PROPN
cblr-11901	231	136	with	with	ADP
cblr-11901	231	137	eswar	eswar	PROPN
cblr-11901	231	138	prasad	prasad	PROPN
cblr-11901	231	139	,	,	PUNCT
cblr-11901	231	140	wash	wash	NOUN
cblr-11901	231	141	.	.	PUNCT
cblr-11901	232	1	post	post	NOUN
cblr-11901	232	2	(	(	PUNCT
cblr-11901	232	3	nov	nov	PROPN
cblr-11901	232	4	.	.	PROPN
cblr-11901	232	5	18	18	NUM
cblr-11901	232	6	,	,	PUNCT
cblr-11901	232	7	2021	2021	NUM
cblr-11901	232	8	)	)	PUNCT
cblr-11901	232	9	,	,	PUNCT
cblr-11901	232	10	https://www.washingtonpost.com/washington-postlive/2021/11/18/transcript-future-money-with-max-levchin-eswar-prasad	https://www.washingtonpost.com/washington-postlive/2021/11/18/transcript-future-money-with-max-levchin-eswar-prasad	VERB
cblr-11901	233	1	[	[	X
cblr-11901	233	2	https://perma.cc/9pka-qgfn	https://perma.cc/9pka-qgfn	PROPN
cblr-11901	233	3	]	]	X
cblr-11901	233	4	.	.	PUNCT
cblr-11901	234	1	72	72	NUM
cblr-11901	234	2	david	david	PROPN
cblr-11901	234	3	w.	w.	PROPN
cblr-11901	234	4	perkins	perkins	PROPN
cblr-11901	234	5	,	,	PUNCT
cblr-11901	234	6	cong	cong	PROPN
cblr-11901	234	7	.	.	PUNCT
cblr-11901	235	1	rsch	rsch	PROPN
cblr-11901	235	2	.	.	PUNCT
cblr-11901	236	1	serv	serv	PROPN
cblr-11901	236	2	.	.	PROPN
cblr-11901	236	3	,	,	PUNCT
cblr-11901	236	4	r45427	r45427	NOUN
cblr-11901	236	5	,	,	PUNCT
cblr-11901	236	6	cryptocurrency	cryptocurrency	NOUN
cblr-11901	236	7	:	:	PUNCT
cblr-11901	236	8	the	the	DET
cblr-11901	236	9	economics	economic	NOUN
cblr-11901	236	10	of	of	ADP
cblr-11901	236	11	money	money	NOUN
cblr-11901	236	12	and	and	CCONJ
cblr-11901	236	13	selected	select	VERB
cblr-11901	236	14	policy	policy	NOUN
cblr-11901	236	15	issues	issue	NOUN
cblr-11901	236	16	1	1	NUM
cblr-11901	236	17	(	(	PUNCT
cblr-11901	236	18	2020	2020	NUM
cblr-11901	236	19	)	)	PUNCT
cblr-11901	236	20	.	.	PUNCT
cblr-11901	237	1	73	73	NUM
cblr-11901	238	1	i	i	PRON
cblr-11901	238	2	d.	d.	PROPN
cblr-11901	238	3	74	74	NUM
cblr-11901	238	4	one	one	NUM
cblr-11901	238	5	estimate	estimate	NOUN
cblr-11901	238	6	is	be	AUX
cblr-11901	238	7	that	that	SCONJ
cblr-11901	238	8	the	the	DET
cblr-11901	238	9	market	market	NOUN
cblr-11901	238	10	value	value	NOUN
cblr-11901	238	11	of	of	ADP
cblr-11901	238	12	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	238	13	crossed	cross	VERB
cblr-11901	238	14	approximately	approximately	ADV
cblr-11901	238	15	$	$	SYM
cblr-11901	238	16	2.7	2.7	NUM
cblr-11901	238	17	trillion	trillion	NUM
cblr-11901	238	18	in	in	ADP
cblr-11901	238	19	november	november	PROPN
cblr-11901	238	20	2021	2021	NUM
cblr-11901	238	21	,	,	PUNCT
cblr-11901	238	22	an	an	DET
cblr-11901	238	23	increase	increase	NOUN
cblr-11901	238	24	from	from	ADP
cblr-11901	238	25	less	less	ADJ
cblr-11901	238	26	than	than	ADP
cblr-11901	238	27	$	$	SYM
cblr-11901	238	28	10	10	NUM
cblr-11901	238	29	billion	billion	NUM
cblr-11901	238	30	at	at	ADP
cblr-11901	238	31	the	the	DET
cblr-11901	238	32	beginning	beginning	NOUN
cblr-11901	238	33	of	of	ADP
cblr-11901	238	34	2016	2016	NUM
cblr-11901	238	35	.	.	PUNCT
cblr-11901	239	1	global	global	ADJ
cblr-11901	239	2	cryptocurrency	cryptocurrency	NOUN
cblr-11901	239	3	charts	chart	NOUN
cblr-11901	239	4	:	:	PUNCT
cblr-11901	239	5	total	total	ADJ
cblr-11901	239	6	cryptocurrency	cryptocurrency	NOUN
cblr-11901	239	7	market	market	NOUN
cblr-11901	239	8	cap	cap	NOUN
cblr-11901	239	9	,	,	PUNCT
cblr-11901	239	10	coinmarketcap	coinmarketcap	VERB
cblr-11901	239	11	,	,	PUNCT
cblr-11901	239	12	https://coinmarketcap.com/charts/	https://coinmarketcap.com/charts/	CCONJ
cblr-11901	239	13	(	(	PUNCT
cblr-11901	239	14	last	last	ADV
cblr-11901	239	15	visited	visit	VERB
cblr-11901	239	16	nov	nov	PROPN
cblr-11901	239	17	.	.	PROPN
cblr-11901	239	18	5	5	NUM
cblr-11901	239	19	,	,	PUNCT
cblr-11901	239	20	2021	2021	NUM
cblr-11901	239	21	)	)	PUNCT
cblr-11901	240	1	[	[	X
cblr-11901	240	2	https://perma.cc/7fyu-xlku	https://perma.cc/7fyu-xlku	X
cblr-11901	240	3	]	]	X
cblr-11901	240	4	.	.	PUNCT
cblr-11901	241	1	a	a	DET
cblr-11901	241	2	2021	2021	NUM
cblr-11901	241	3	study	study	NOUN
cblr-11901	241	4	found	find	VERB
cblr-11901	241	5	that	that	SCONJ
cblr-11901	241	6	“	"	PUNCT
cblr-11901	241	7	13	13	NUM
cblr-11901	241	8	percent	percent	NOUN
cblr-11901	241	9	of	of	ADP
cblr-11901	241	10	americans	americans	PROPN
cblr-11901	241	11	have	have	AUX
cblr-11901	241	12	bought	buy	VERB
cblr-11901	241	13	or	or	CCONJ
cblr-11901	241	14	traded	trade	VERB
cblr-11901	241	15	cryptocurrency	cryptocurrency	NOUN
cblr-11901	241	16	”	"	PUNCT
cblr-11901	241	17	over	over	ADP
cblr-11901	241	18	the	the	DET
cblr-11901	241	19	prior	prior	ADJ
cblr-11901	241	20	year	year	NOUN
cblr-11901	241	21	.	.	PUNCT
cblr-11901	242	1	interview	interview	NOUN
cblr-11901	242	2	by	by	ADP
cblr-11901	242	3	max	max	PROPN
cblr-11901	242	4	levchin	levchin	PROPN
cblr-11901	242	5	with	with	ADP
cblr-11901	242	6	eswar	eswar	PROPN
cblr-11901	242	7	prasad	prasad	PROPN
cblr-11901	242	8	,	,	PUNCT
cblr-11901	242	9	supra	supra	PROPN
cblr-11901	242	10	note	note	NOUN
cblr-11901	242	11	74	74	NUM
cblr-11901	242	12	.	.	PUNCT
cblr-11901	243	1	75	75	NUM
cblr-11901	243	2	vildana	vildana	NOUN
cblr-11901	243	3	hajric	hajric	PROPN
cblr-11901	243	4	&	&	CCONJ
cblr-11901	243	5	michael	michael	PROPN
cblr-11901	243	6	p.	p.	PROPN
cblr-11901	243	7	regan	regan	PROPN
cblr-11901	243	8	,	,	PUNCT
cblr-11901	243	9	ftx	ftx	PROPN
cblr-11901	243	10	’s	’s	PART
cblr-11901	243	11	bankman	bankman	NOUN
cblr-11901	243	12	-	-	PUNCT
cblr-11901	243	13	fried	fry	VERB
cblr-11901	243	14	says	say	VERB
cblr-11901	243	15	‘	'	PUNCT
cblr-11901	243	16	messy	messy	ADJ
cblr-11901	243	17	’	'	PUNCT
cblr-11901	243	18	crypto	crypto	NOUN
cblr-11901	243	19	regulations	regulation	NOUN
cblr-11901	243	20	need	need	VERB
cblr-11901	243	21	fixes	fix	NOUN
cblr-11901	243	22	,	,	PUNCT
cblr-11901	243	23	bloomberg	bloomberg	PROPN
cblr-11901	243	24	(	(	PUNCT
cblr-11901	243	25	dec	dec	PROPN
cblr-11901	243	26	.	.	PROPN
cblr-11901	243	27	11	11	NUM
cblr-11901	243	28	,	,	PUNCT
cblr-11901	243	29	2021	2021	NUM
cblr-11901	243	30	)	)	PUNCT
cblr-11901	243	31	https://www.bloomberg.com/news/articles/2021-12-11/ftx-s-bankman-friedsays-messy-crypto-regulations-need-fixes	https://www.bloomberg.com/news/articles/2021-12-11/ftx-s-bankman-friedsays-messy-crypto-regulations-need-fixe	NOUN
cblr-11901	244	1	[	[	X
cblr-11901	244	2	https://perma.cc/gs3c-t7mn	https://perma.cc/gs3c-t7mn	X
cblr-11901	244	3	]	]	X
cblr-11901	244	4	(	(	PUNCT
cblr-11901	244	5	noting	note	VERB
cblr-11901	244	6	that	that	SCONJ
cblr-11901	244	7	according	accord	VERB
cblr-11901	244	8	to	to	ADP
cblr-11901	244	9	sam	sam	PROPN
cblr-11901	244	10	bankman	bankman	PROPN
cblr-11901	244	11	-	-	PUNCT
cblr-11901	244	12	fried	fry	VERB
cblr-11901	244	13	,	,	PUNCT
cblr-11901	244	14	founder	founder	NOUN
cblr-11901	244	15	and	and	CCONJ
cblr-11901	244	16	ceo	ceo	NOUN
cblr-11901	244	17	of	of	ADP
cblr-11901	244	18	cryptocurrency	cryptocurrency	NOUN
cblr-11901	244	19	exchange	exchange	NOUN
cblr-11901	244	20	ftx	ftx	NOUN
cblr-11901	244	21	,	,	PUNCT
cblr-11901	244	22	there	there	PRON
cblr-11901	244	23	were	be	VERB
cblr-11901	244	24	“	"	PUNCT
cblr-11901	244	25	thousands	thousand	NOUN
cblr-11901	244	26	”	"	PUNCT
cblr-11901	244	27	of	of	ADP
cblr-11901	244	28	exchanges	exchange	NOUN
cblr-11901	244	29	to	to	PART
cblr-11901	244	30	buy	buy	VERB
cblr-11901	244	31	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	244	32	,	,	PUNCT
cblr-11901	244	33	and	and	CCONJ
cblr-11901	244	34	“	"	PUNCT
cblr-11901	244	35	only	only	ADV
cblr-11901	244	36	a	a	DET
cblr-11901	244	37	couple	couple	NOUN
cblr-11901	244	38	that	that	PRON
cblr-11901	244	39	matter	matter	NOUN
cblr-11901	244	40	in	in	ADP
cblr-11901	244	41	terms	term	NOUN
cblr-11901	244	42	of	of	ADP
cblr-11901	244	43	volume	volume	NOUN
cblr-11901	244	44	”	"	PUNCT
cblr-11901	244	45	)	)	PUNCT
cblr-11901	244	46	.	.	PUNCT
cblr-11901	245	1	76	76	NUM
cblr-11901	245	2	for	for	ADP
cblr-11901	245	3	years	year	NOUN
cblr-11901	245	4	following	follow	VERB
cblr-11901	245	5	the	the	DET
cblr-11901	245	6	creation	creation	NOUN
cblr-11901	245	7	of	of	ADP
cblr-11901	245	8	bitcoin	bitcoin	NOUN
cblr-11901	245	9	,	,	PUNCT
cblr-11901	245	10	trading	trading	NOUN
cblr-11901	245	11	in	in	ADP
cblr-11901	245	12	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	245	13	required	require	VERB
cblr-11901	245	14	some	some	DET
cblr-11901	245	15	degree	degree	NOUN
cblr-11901	245	16	of	of	ADP
cblr-11901	245	17	technological	technological	ADJ
cblr-11901	245	18	expertise	expertise	NOUN
cblr-11901	245	19	to	to	PART
cblr-11901	245	20	access	access	VERB
cblr-11901	245	21	this	this	DET
cblr-11901	245	22	market	market	NOUN
cblr-11901	245	23	and	and	CCONJ
cblr-11901	245	24	generally	generally	ADV
cblr-11901	245	25	lacked	lack	VERB
cblr-11901	245	26	liquidity	liquidity	NOUN
cblr-11901	245	27	,	,	PUNCT
cblr-11901	245	28	increasing	increase	VERB
cblr-11901	245	29	transaction	transaction	NOUN
cblr-11901	245	30	costs	cost	NOUN
cblr-11901	245	31	.	.	PUNCT
cblr-11901	246	1	platforms	platform	NOUN
cblr-11901	246	2	like	like	ADP
cblr-11901	246	3	coinbase	coinbase	PROPN
cblr-11901	246	4	have	have	AUX
cblr-11901	246	5	reduced	reduce	VERB
cblr-11901	246	6	this	this	DET
cblr-11901	246	7	barrier	barrier	NOUN
cblr-11901	246	8	to	to	ADP
cblr-11901	246	9	entry	entry	NOUN
cblr-11901	246	10	and	and	CCONJ
cblr-11901	246	11	made	make	VERB
cblr-11901	246	12	trading	trading	NOUN
cblr-11901	246	13	in	in	ADP
cblr-11901	246	14	cryptocurrency	cryptocurrency	NOUN
cblr-11901	246	15	mainstream	mainstream	NOUN
cblr-11901	246	16	.	.	PUNCT
cblr-11901	247	1	see	see	VERB
cblr-11901	247	2	generally	generally	ADV
cblr-11901	247	3	charlie	charlie	PROPN
cblr-11901	247	4	wells	wells	PROPN
cblr-11901	247	5	,	,	PUNCT
cblr-11901	247	6	how	how	SCONJ
cblr-11901	247	7	to	to	PART
cblr-11901	247	8	buy	buy	VERB
cblr-11901	247	9	bitcoin	bitcoin	NOUN
cblr-11901	247	10	:	:	PUNCT
cblr-11901	247	11	a	a	DET
cblr-11901	247	12	guide	guide	NOUN
cblr-11901	247	13	to	to	ADP
cblr-11901	247	14	investing	invest	VERB
cblr-11901	247	15	in	in	ADP
cblr-11901	247	16	the	the	DET
cblr-11901	247	17	cryptocurrency	cryptocurrency	NOUN
cblr-11901	247	18	,	,	PUNCT
cblr-11901	247	19	bloomberg	bloomberg	PROPN
cblr-11901	247	20	(	(	PUNCT
cblr-11901	247	21	dec	dec	PROPN
cblr-11901	247	22	.	.	PROPN
cblr-11901	247	23	2	2	NUM
cblr-11901	247	24	,	,	PUNCT
cblr-11901	247	25	2020	2020	NUM
cblr-11901	247	26	)	)	PUNCT
cblr-11901	247	27	,	,	PUNCT
cblr-11901	247	28	https://www.bloomberg.com/news/articles/2020-12-02/how-to-buybitcoin-btc-beginners-guide-to-investing-in-thecryptocurrency?srnd=cryptocurrencies	https://www.bloomberg.com/news/articles/2020-12-02/how-to-buybitcoin-btc-beginners-guide-to-investing-in-thecryptocurrency?srnd=cryptocurrencie	VERB
cblr-11901	248	1	[	[	X
cblr-11901	248	2	https://perma.cc/h34p-zkhk	https://perma.cc/h34p-zkhk	ADP
cblr-11901	248	3	]	]	PUNCT
cblr-11901	248	4	.	.	PUNCT
cblr-11901	249	1	no	no	INTJ
cblr-11901	249	2	.	.	NOUN
cblr-11901	249	3	1	1	NUM
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cblr-11901	249	5	regulating	regulate	VERB
cblr-11901	249	6	democratized	democratized	ADJ
cblr-11901	249	7	finance	finance	NOUN
cblr-11901	249	8	505	505	NUM
cblr-11901	249	9	uncertainty	uncertainty	NOUN
cblr-11901	249	10	as	as	ADP
cblr-11901	249	11	to	to	ADP
cblr-11901	249	12	their	their	PRON
cblr-11901	249	13	status	status	NOUN
cblr-11901	249	14	as	as	ADP
cblr-11901	249	15	securities	security	NOUN
cblr-11901	249	16	,	,	PUNCT
cblr-11901	249	17	banks	bank	NOUN
cblr-11901	249	18	or	or	CCONJ
cblr-11901	249	19	other	other	ADJ
cblr-11901	249	20	regulated	regulated	ADJ
cblr-11901	249	21	products	product	NOUN
cblr-11901	249	22	or	or	CCONJ
cblr-11901	249	23	entities.77	entities.77	NOUN
cblr-11901	249	24	proponents	proponent	NOUN
cblr-11901	249	25	argued	argue	VERB
cblr-11901	249	26	that	that	SCONJ
cblr-11901	249	27	widespread	widespread	ADJ
cblr-11901	249	28	adoption	adoption	NOUN
cblr-11901	249	29	of	of	ADP
cblr-11901	249	30	these	these	DET
cblr-11901	249	31	assets	asset	NOUN
cblr-11901	249	32	had	have	VERB
cblr-11901	249	33	the	the	DET
cblr-11901	249	34	potential	potential	NOUN
cblr-11901	249	35	to	to	PART
cblr-11901	249	36	greatly	greatly	ADV
cblr-11901	249	37	reduce	reduce	VERB
cblr-11901	249	38	transaction	transaction	NOUN
cblr-11901	249	39	costs	cost	NOUN
cblr-11901	249	40	and	and	CCONJ
cblr-11901	249	41	frictions	friction	NOUN
cblr-11901	249	42	in	in	ADP
cblr-11901	249	43	a	a	DET
cblr-11901	249	44	variety	variety	NOUN
cblr-11901	249	45	of	of	ADP
cblr-11901	249	46	financial	financial	ADJ
cblr-11901	249	47	markets	market	NOUN
cblr-11901	249	48	and	and	CCONJ
cblr-11901	249	49	services.78	services.78	ADV
cblr-11901	249	50	however	however	ADV
cblr-11901	249	51	,	,	PUNCT
cblr-11901	249	52	critics	critic	NOUN
cblr-11901	249	53	raised	raise	VERB
cblr-11901	249	54	doubts	doubt	NOUN
cblr-11901	249	55	about	about	ADP
cblr-11901	249	56	the	the	DET
cblr-11901	249	57	products	product	NOUN
cblr-11901	249	58	’	'	PUNCT
cblr-11901	249	59	utility	utility	NOUN
cblr-11901	249	60	and	and	CCONJ
cblr-11901	249	61	the	the	DET
cblr-11901	249	62	potential	potential	NOUN
cblr-11901	249	63	for	for	ADP
cblr-11901	249	64	fraud	fraud	NOUN
cblr-11901	249	65	,	,	PUNCT
cblr-11901	249	66	especially	especially	ADV
cblr-11901	249	67	given	give	VERB
cblr-11901	249	68	the	the	DET
cblr-11901	249	69	uncertainty	uncertainty	NOUN
cblr-11901	249	70	around	around	ADP
cblr-11901	249	71	existing	exist	VERB
cblr-11901	249	72	regulatory	regulatory	ADJ
cblr-11901	249	73	requirements.79	requirements.79	NOUN
cblr-11901	249	74	eventually	eventually	ADV
cblr-11901	249	75	,	,	PUNCT
cblr-11901	249	76	these	these	DET
cblr-11901	249	77	assets	asset	NOUN
cblr-11901	249	78	’	'	PUNCT
cblr-11901	249	79	growth	growth	NOUN
cblr-11901	249	80	in	in	ADP
cblr-11901	249	81	value	value	NOUN
cblr-11901	249	82	,	,	PUNCT
cblr-11901	249	83	increased	increase	VERB
cblr-11901	249	84	adoption	adoption	NOUN
cblr-11901	249	85	among	among	ADP
cblr-11901	249	86	market	market	NOUN
cblr-11901	249	87	participants	participant	NOUN
cblr-11901	249	88	,	,	PUNCT
cblr-11901	249	89	and	and	CCONJ
cblr-11901	249	90	integration	integration	NOUN
cblr-11901	249	91	into	into	ADP
cblr-11901	249	92	the	the	DET
cblr-11901	249	93	mainstream	mainstream	ADJ
cblr-11901	249	94	financial	financial	ADJ
cblr-11901	249	95	system	system	NOUN
cblr-11901	249	96	drew	draw	VERB
cblr-11901	249	97	increased	increase	VERB
cblr-11901	249	98	scrutiny	scrutiny	NOUN
cblr-11901	249	99	from	from	ADP
cblr-11901	249	100	regulators.80	regulators.80	NOUN
cblr-11901	249	101	once	once	SCONJ
cblr-11901	249	102	the	the	DET
cblr-11901	249	103	value	value	NOUN
cblr-11901	249	104	of	of	ADP
cblr-11901	249	105	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	249	106	fell	fall	VERB
cblr-11901	249	107	beginning	begin	VERB
cblr-11901	249	108	in	in	ADP
cblr-11901	249	109	early	early	ADJ
cblr-11901	249	110	2022	2022	NUM
cblr-11901	249	111	and	and	CCONJ
cblr-11901	249	112	prominent	prominent	ADJ
cblr-11901	249	113	cryptocurrency	cryptocurrency	NOUN
cblr-11901	249	114	products	product	NOUN
cblr-11901	249	115	and	and	CCONJ
cblr-11901	249	116	exchanges	exchange	NOUN
cblr-11901	249	117	collapsed	collapse	VERB
cblr-11901	249	118	,	,	PUNCT
cblr-11901	249	119	this	this	DET
cblr-11901	249	120	regulatory	regulatory	ADJ
cblr-11901	249	121	scrutiny	scrutiny	NOUN
cblr-11901	249	122	increased	increase	VERB
cblr-11901	249	123	significantly.81	significantly.81	PROPN
cblr-11901	249	124	some	some	PRON
cblr-11901	249	125	criticized	criticize	VERB
cblr-11901	249	126	regulators	regulator	NOUN
cblr-11901	249	127	for	for	ADP
cblr-11901	249	128	failing	fail	VERB
cblr-11901	249	129	to	to	PART
cblr-11901	249	130	do	do	VERB
cblr-11901	249	131	77	77	NUM
cblr-11901	249	132	see	see	VERB
cblr-11901	249	133	infra	infra	NOUN
cblr-11901	249	134	section	section	NOUN
cblr-11901	249	135	iii.a.2	iii.a.2	PROPN
cblr-11901	249	136	.	.	PUNCT
cblr-11901	250	1	78	78	NUM
cblr-11901	250	2	prasad	prasad	NOUN
cblr-11901	250	3	,	,	PUNCT
cblr-11901	250	4	supra	supra	PROPN
cblr-11901	250	5	note	note	NOUN
cblr-11901	250	6	1	1	NUM
cblr-11901	250	7	,	,	PUNCT
cblr-11901	250	8	at	at	ADP
cblr-11901	250	9	8–9	8–9	NUM
cblr-11901	250	10	,	,	PUNCT
cblr-11901	250	11	18–20	18–20	NUM
cblr-11901	250	12	.	.	NOUN
cblr-11901	250	13	79	79	NUM
cblr-11901	250	14	see	see	VERB
cblr-11901	250	15	,	,	PUNCT
cblr-11901	250	16	e.g.	e.g.	ADV
cblr-11901	250	17	,	,	PUNCT
cblr-11901	250	18	eswar	eswar	NOUN
cblr-11901	250	19	prasad	prasad	NOUN
cblr-11901	250	20	,	,	PUNCT
cblr-11901	250	21	five	five	NUM
cblr-11901	250	22	myths	myth	NOUN
cblr-11901	250	23	about	about	ADP
cblr-11901	250	24	cryptocurrency	cryptocurrency	NOUN
cblr-11901	250	25	,	,	PUNCT
cblr-11901	250	26	brookings	brookings	PROPN
cblr-11901	250	27	(	(	PUNCT
cblr-11901	250	28	may	may	PROPN
cblr-11901	250	29	24	24	NUM
cblr-11901	250	30	,	,	PUNCT
cblr-11901	250	31	2021	2021	NUM
cblr-11901	250	32	)	)	PUNCT
cblr-11901	251	1	https://www.brookings.edu/opinions/five-mythsabout-cryptocurrency/	https://www.brookings.edu/opinions/five-mythsabout-cryptocurrency/	NOUN
cblr-11901	252	1	[	[	X
cblr-11901	252	2	https://perma.cc/fth4-rdq3	https://perma.cc/fth4-rdq3	X
cblr-11901	252	3	]	]	X
cblr-11901	252	4	(	(	PUNCT
cblr-11901	252	5	arguing	argue	VERB
cblr-11901	252	6	that	that	SCONJ
cblr-11901	252	7	bitcoin	bitcoin	NOUN
cblr-11901	252	8	is	be	AUX
cblr-11901	252	9	not	not	PART
cblr-11901	252	10	efficient	efficient	ADJ
cblr-11901	252	11	for	for	ADP
cblr-11901	252	12	transactions	transaction	NOUN
cblr-11901	252	13	and	and	CCONJ
cblr-11901	252	14	is	be	AUX
cblr-11901	252	15	essentially	essentially	ADV
cblr-11901	252	16	just	just	ADV
cblr-11901	252	17	a	a	DET
cblr-11901	252	18	speculative	speculative	ADJ
cblr-11901	252	19	asset	asset	NOUN
cblr-11901	252	20	)	)	PUNCT
cblr-11901	252	21	;	;	PUNCT
cblr-11901	252	22	sheelah	sheelah	PROPN
cblr-11901	252	23	kolhatkar	kolhatkar	PROPN
cblr-11901	252	24	,	,	PUNCT
cblr-11901	252	25	the	the	DET
cblr-11901	252	26	challenges	challenge	NOUN
cblr-11901	252	27	of	of	ADP
cblr-11901	252	28	regulating	regulate	VERB
cblr-11901	252	29	cryptocurrency	cryptocurrency	NOUN
cblr-11901	252	30	,	,	PUNCT
cblr-11901	252	31	new	new	ADJ
cblr-11901	252	32	yorker	yorker	PROPN
cblr-11901	252	33	(	(	PUNCT
cblr-11901	252	34	oct	oct	PROPN
cblr-11901	252	35	.	.	PROPN
cblr-11901	252	36	6	6	NUM
cblr-11901	252	37	,	,	PUNCT
cblr-11901	252	38	2021	2021	NUM
cblr-11901	252	39	)	)	PUNCT
cblr-11901	252	40	,	,	PUNCT
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cblr-11901	252	42	[	[	X
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cblr-11901	252	45	.	.	PUNCT
cblr-11901	252	46	80	80	NUM
cblr-11901	252	47	see	see	VERB
cblr-11901	252	48	e.g.	e.g.	ADV
cblr-11901	252	49	,	,	PUNCT
cblr-11901	252	50	emily	emily	PROPN
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cblr-11901	252	52	,	,	PUNCT
cblr-11901	252	53	banks	bank	NOUN
cblr-11901	252	54	tried	try	VERB
cblr-11901	252	55	to	to	PART
cblr-11901	252	56	kill	kill	VERB
cblr-11901	252	57	crypto	crypto	NOUN
cblr-11901	252	58	and	and	CCONJ
cblr-11901	252	59	failed	fail	VERB
cblr-11901	252	60	.	.	PUNCT
cblr-11901	253	1	now	now	ADV
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cblr-11901	253	4	embracing	embrace	VERB
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cblr-11901	253	6	(	(	PUNCT
cblr-11901	253	7	slowly	slowly	ADV
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cblr-11901	253	9	,	,	PUNCT
cblr-11901	253	10	n.y	n.y	PROPN
cblr-11901	253	11	.	.	PROPN
cblr-11901	253	12	times	times	PROPN
cblr-11901	253	13	(	(	PUNCT
cblr-11901	253	14	nov	nov	PROPN
cblr-11901	253	15	.	.	PROPN
cblr-11901	253	16	1	1	NUM
cblr-11901	253	17	,	,	PUNCT
cblr-11901	253	18	2021	2021	NUM
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cblr-11901	253	20	,	,	PUNCT
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cblr-11901	253	25	;	;	PUNCT
cblr-11901	253	26	matthew	matthew	PROPN
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cblr-11901	253	30	’s	’	VERB
cblr-11901	253	31	how	how	SCONJ
cblr-11901	253	32	to	to	PART
cblr-11901	253	33	tell	tell	VERB
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cblr-11901	253	35	difference	difference	NOUN
cblr-11901	253	36	between	between	ADP
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cblr-11901	253	40	,	,	PUNCT
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cblr-11901	253	42	(	(	PUNCT
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cblr-11901	253	44	9	9	NUM
cblr-11901	253	45	,	,	PUNCT
cblr-11901	253	46	2021	2021	NUM
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cblr-11901	253	48	,	,	PUNCT
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cblr-11901	254	1	[	[	X
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cblr-11901	255	3	,	,	PUNCT
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cblr-11901	255	19	(	(	PUNCT
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cblr-11901	256	1	[	[	X
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cblr-11901	256	4	;	;	PUNCT
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cblr-11901	256	6	woriskey	woriskey	PROPN
cblr-11901	256	7	&	&	CCONJ
cblr-11901	256	8	tory	tory	PROPN
cblr-11901	256	9	newmyer	newmyer	PROPN
cblr-11901	256	10	,	,	PUNCT
cblr-11901	256	11	ftx	ftx	PROPN
cblr-11901	256	12	crpyto	crpyto	VERB
cblr-11901	256	13	implosion	implosion	NOUN
cblr-11901	256	14	focuses	focus	VERB
cblr-11901	256	15	scrutiny	scrutiny	NOUN
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cblr-11901	256	20	,	,	PUNCT
cblr-11901	256	21	wash	wash	NOUN
cblr-11901	256	22	.	.	PUNCT
cblr-11901	257	1	post	post	NOUN
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cblr-11901	258	1	[	[	X
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cblr-11901	258	8	law	law	PROPN
cblr-11901	258	9	review	review	NOUN
cblr-11901	258	10	[	[	X
cblr-11901	258	11	vol	vol	NOUN
cblr-11901	258	12	.	.	PUNCT
cblr-11901	258	13	2023	2023	NUM
cblr-11901	258	14	more	more	ADJ
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cblr-11901	258	17	the	the	DET
cblr-11901	258	18	safety	safety	NOUN
cblr-11901	258	19	of	of	ADP
cblr-11901	258	20	customer	customer	NOUN
cblr-11901	258	21	assets	asset	NOUN
cblr-11901	258	22	prior	prior	ADV
cblr-11901	258	23	to	to	ADP
cblr-11901	258	24	the	the	DET
cblr-11901	258	25	failure	failure	NOUN
cblr-11901	258	26	of	of	ADP
cblr-11901	258	27	prominent	prominent	ADJ
cblr-11901	258	28	products	product	NOUN
cblr-11901	258	29	and	and	CCONJ
cblr-11901	258	30	exchanges.82	exchanges.82	VERB
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cblr-11901	258	34	as	as	ADP
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cblr-11901	258	36	,	,	PUNCT
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cblr-11901	258	50	sec	sec	PROPN
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cblr-11901	258	55	regulators	regulator	NOUN
cblr-11901	258	56	to	to	PART
cblr-11901	258	57	claim	claim	VERB
cblr-11901	258	58	jurisdiction	jurisdiction	NOUN
cblr-11901	258	59	over	over	ADP
cblr-11901	258	60	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	258	61	with	with	ADP
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cblr-11901	258	64	stating	state	VERB
cblr-11901	258	65	that	that	SCONJ
cblr-11901	258	66	as	as	ADP
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cblr-11901	258	68	and	and	CCONJ
cblr-11901	258	69	technology	technology	NOUN
cblr-11901	258	70	change	change	NOUN
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cblr-11901	258	75	“	"	PUNCT
cblr-11901	258	76	rules	rule	NOUN
cblr-11901	258	77	have	have	VERB
cblr-11901	258	78	to	to	PART
cblr-11901	258	79	change	change	VERB
cblr-11901	258	80	along	along	ADP
cblr-11901	258	81	with	with	ADP
cblr-11901	258	82	them	they	PRON
cblr-11901	258	83	.	.	PUNCT
cblr-11901	259	1	”84	”84	NOUN
cblr-11901	260	1	but	but	CCONJ
cblr-11901	260	2	even	even	ADV
cblr-11901	260	3	the	the	DET
cblr-11901	260	4	agency	agency	NOUN
cblr-11901	260	5	did	do	AUX
cblr-11901	260	6	not	not	PART
cblr-11901	260	7	claim	claim	VERB
cblr-11901	260	8	that	that	SCONJ
cblr-11901	260	9	all	all	DET
cblr-11901	260	10	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	260	11	were	be	AUX
cblr-11901	260	12	securities.85	securities.85	NOUN
cblr-11901	260	13	after	after	ADP
cblr-11901	260	14	years	year	NOUN
cblr-11901	260	15	stating	state	VERB
cblr-11901	260	16	it	it	PRON
cblr-11901	260	17	had	have	VERB
cblr-11901	260	18	authority	authority	NOUN
cblr-11901	260	19	over	over	ADP
cblr-11901	260	20	these	these	DET
cblr-11901	260	21	assets	asset	NOUN
cblr-11901	260	22	,	,	PUNCT
cblr-11901	260	23	the	the	DET
cblr-11901	260	24	agency	agency	NOUN
cblr-11901	260	25	has	have	AUX
cblr-11901	260	26	more	more	ADV
cblr-11901	260	27	recently	recently	ADV
cblr-11901	260	28	brought	bring	VERB
cblr-11901	260	29	significant	significant	ADJ
cblr-11901	260	30	enforcement	enforcement	NOUN
cblr-11901	260	31	actions	action	NOUN
cblr-11901	260	32	against	against	ADP
cblr-11901	260	33	participants	participant	NOUN
cblr-11901	260	34	in	in	ADP
cblr-11901	260	35	the	the	DET
cblr-11901	260	36	cryptocurrency	cryptocurrency	NOUN
cblr-11901	260	37	markets.86	markets.86	NOUN
cblr-11901	260	38	82	82	NUM
cblr-11901	260	39	see	see	VERB
cblr-11901	260	40	howard	howard	PROPN
cblr-11901	260	41	fischer	fischer	PROPN
cblr-11901	260	42	,	,	PUNCT
cblr-11901	260	43	no	no	DET
cblr-11901	260	44	one	one	NOUN
cblr-11901	260	45	stopped	stop	VERB
cblr-11901	260	46	the	the	DET
cblr-11901	260	47	crypto	crypto	NOUN
cblr-11901	260	48	meltdown	meltdown	NOUN
cblr-11901	260	49	.	.	PUNCT
cblr-11901	261	1	are	be	AUX
cblr-11901	261	2	government	government	NOUN
cblr-11901	261	3	enforcers	enforcer	NOUN
cblr-11901	261	4	to	to	PART
cblr-11901	261	5	blame	blame	VERB
cblr-11901	261	6	?	?	PUNCT
cblr-11901	261	7	,	,	PUNCT
cblr-11901	261	8	barron	barron	PROPN
cblr-11901	261	9	’s	’s	PART
cblr-11901	261	10	(	(	PUNCT
cblr-11901	261	11	dec	dec	PROPN
cblr-11901	261	12	.	.	PROPN
cblr-11901	261	13	20	20	NUM
cblr-11901	261	14	,	,	PUNCT
cblr-11901	261	15	2022	2022	NUM
cblr-11901	261	16	)	)	PUNCT
cblr-11901	261	17	,	,	PUNCT
cblr-11901	261	18	https://www.barrons.com/articles/crypto-meltdown-sec-gensler-ftx51671557238	https://www.barrons.com/articles/crypto-meltdown-sec-gensler-ftx51671557238	PRON
cblr-11901	261	19	[	[	X
cblr-11901	261	20	https://perma.cc/fhf3-8a6	https://perma.cc/fhf3-8a6	NOUN
cblr-11901	261	21	m	m	PRON
cblr-11901	261	22	]	]	X
cblr-11901	261	23	.	.	PUNCT
cblr-11901	262	1	83	83	NUM
cblr-11901	262	2	see	see	VERB
cblr-11901	262	3	,	,	PUNCT
cblr-11901	262	4	e.g.	e.g.	ADV
cblr-11901	262	5	,	,	PUNCT
cblr-11901	262	6	david	david	PROPN
cblr-11901	262	7	yaffe	yaffe	PROPN
cblr-11901	262	8	-	-	PUNCT
cblr-11901	262	9	bellany	bellany	NOUN
cblr-11901	262	10	,	,	PUNCT
cblr-11901	262	11	inside	inside	ADP
cblr-11901	262	12	a	a	DET
cblr-11901	262	13	crypto	crypto	NOUN
cblr-11901	262	14	nemesis	nemesis	NOUN
cblr-11901	262	15	’	'	PUNCT
cblr-11901	262	16	campaign	campaign	NOUN
cblr-11901	262	17	to	to	PART
cblr-11901	262	18	rein	rein	VERB
cblr-11901	262	19	in	in	ADP
cblr-11901	262	20	the	the	DET
cblr-11901	262	21	industry	industry	NOUN
cblr-11901	262	22	,	,	PUNCT
cblr-11901	262	23	n.y	n.y	PROPN
cblr-11901	262	24	.	.	PROPN
cblr-11901	262	25	times	times	PROPN
cblr-11901	262	26	(	(	PUNCT
cblr-11901	262	27	nov	nov	PROPN
cblr-11901	262	28	.	.	PROPN
cblr-11901	262	29	21	21	NUM
cblr-11901	262	30	,	,	PUNCT
cblr-11901	262	31	2022	2022	NUM
cblr-11901	262	32	)	)	PUNCT
cblr-11901	262	33	,	,	PUNCT
cblr-11901	262	34	https://www.nytimes.com/2022/11/21/technology/gary-gensler-cryptosec.html	https://www.nytimes.com/2022/11/21/technology/gary-gensler-cryptosec.html	ADP
cblr-11901	262	35	[	[	X
cblr-11901	262	36	https://perma.cc/ya7b-5b6u	https://perma.cc/ya7b-5b6u	NOUN
cblr-11901	262	37	]	]	X
cblr-11901	262	38	.	.	PUNCT
cblr-11901	263	1	84	84	NUM
cblr-11901	263	2	david	david	PROPN
cblr-11901	263	3	gura	gura	PROPN
cblr-11901	263	4	,	,	PUNCT
cblr-11901	263	5	why	why	SCONJ
cblr-11901	263	6	wall	wall	PROPN
cblr-11901	263	7	street	street	PROPN
cblr-11901	263	8	’s	’s	PART
cblr-11901	263	9	top	top	ADJ
cblr-11901	263	10	cop	cop	NOUN
cblr-11901	263	11	thinks	think	VERB
cblr-11901	263	12	it	it	PRON
cblr-11901	263	13	’s	’	VERB
cblr-11901	263	14	time	time	NOUN
cblr-11901	263	15	to	to	PART
cblr-11901	263	16	get	get	VERB
cblr-11901	263	17	tough	tough	ADJ
cblr-11901	263	18	,	,	PUNCT
cblr-11901	263	19	npr	npr	PROPN
cblr-11901	263	20	(	(	PUNCT
cblr-11901	263	21	dec	dec	PROPN
cblr-11901	263	22	.	.	PROPN
cblr-11901	263	23	19	19	NUM
cblr-11901	263	24	,	,	PUNCT
cblr-11901	263	25	2021	2021	NUM
cblr-11901	263	26	)	)	PUNCT
cblr-11901	263	27	,	,	PUNCT
cblr-11901	263	28	https://www.npr.org/2021/12/19/1063573184/wall-streets-sec-gary-genslercryptocurrencies-bitcoin-spac	https://www.npr.org/2021/12/19/1063573184/wall-streets-sec-gary-genslercryptocurrencies-bitcoin-spac	X
cblr-11901	264	1	[	[	X
cblr-11901	264	2	https://perma.cc/r97m-59zr	https://perma.cc/r97m-59zr	X
cblr-11901	264	3	]	]	X
cblr-11901	264	4	.	.	PUNCT
cblr-11901	265	1	in	in	ADP
cblr-11901	265	2	this	this	DET
cblr-11901	265	3	period	period	NOUN
cblr-11901	265	4	,	,	PUNCT
cblr-11901	265	5	the	the	DET
cblr-11901	265	6	sec	sec	PROPN
cblr-11901	265	7	had	have	AUX
cblr-11901	265	8	taken	take	VERB
cblr-11901	265	9	a	a	DET
cblr-11901	265	10	number	number	NOUN
cblr-11901	265	11	of	of	ADP
cblr-11901	265	12	enforcement	enforcement	NOUN
cblr-11901	265	13	actions	action	NOUN
cblr-11901	265	14	against	against	ADP
cblr-11901	265	15	cryptocurrency	cryptocurrency	NOUN
cblr-11901	265	16	sellers	seller	NOUN
cblr-11901	265	17	and	and	CCONJ
cblr-11901	265	18	issuers	issuer	NOUN
cblr-11901	265	19	.	.	PUNCT
cblr-11901	266	1	simona	simona	PROPN
cblr-11901	266	2	mola	mola	PROPN
cblr-11901	266	3	,	,	PUNCT
cblr-11901	266	4	sec	sec	PROPN
cblr-11901	266	5	cryptocurrency	cryptocurrency	NOUN
cblr-11901	266	6	enforcement	enforcement	NOUN
cblr-11901	266	7	:	:	PUNCT
cblr-11901	266	8	q3	q3	NOUN
cblr-11901	266	9	2021	2021	NUM
cblr-11901	266	10	update	update	NOUN
cblr-11901	266	11	,	,	PUNCT
cblr-11901	266	12	cornerstone	cornerstone	NOUN
cblr-11901	266	13	research	research	NOUN
cblr-11901	266	14	(	(	PUNCT
cblr-11901	266	15	2021	2021	NUM
cblr-11901	266	16	)	)	PUNCT
cblr-11901	266	17	,	,	PUNCT
cblr-11901	266	18	https://www.cornerstone.com/publications/reports/sec-cryptocurrencyenforcement-q3-2021-update	https://www.cornerstone.com/publications/reports/sec-cryptocurrencyenforcement-q3-2021-update	VERB
cblr-11901	266	19	,	,	PUNCT
cblr-11901	266	20	[	[	X
cblr-11901	266	21	https://perma.cc/f9q5-84zp	https://perma.cc/f9q5-84zp	X
cblr-11901	266	22	]	]	PUNCT
cblr-11901	266	23	.	.	PUNCT
cblr-11901	266	24	85	85	NUM
cblr-11901	266	25	the	the	DET
cblr-11901	266	26	agency	agency	NOUN
cblr-11901	266	27	noted	note	VERB
cblr-11901	266	28	that	that	SCONJ
cblr-11901	266	29	the	the	DET
cblr-11901	266	30	analysis	analysis	NOUN
cblr-11901	266	31	to	to	PART
cblr-11901	266	32	determine	determine	VERB
cblr-11901	266	33	whether	whether	SCONJ
cblr-11901	266	34	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	266	35	are	be	AUX
cblr-11901	266	36	assets	asset	NOUN
cblr-11901	266	37	is	be	AUX
cblr-11901	266	38	fact	fact	NOUN
cblr-11901	266	39	-	-	PUNCT
cblr-11901	266	40	intensive	intensive	ADJ
cblr-11901	266	41	and	and	CCONJ
cblr-11901	266	42	has	have	AUX
cblr-11901	266	43	published	publish	VERB
cblr-11901	266	44	guidance	guidance	NOUN
cblr-11901	266	45	to	to	PART
cblr-11901	266	46	aid	aid	VERB
cblr-11901	266	47	courts	court	NOUN
cblr-11901	266	48	and	and	CCONJ
cblr-11901	266	49	private	private	ADJ
cblr-11901	266	50	parties	party	NOUN
cblr-11901	266	51	in	in	ADP
cblr-11901	266	52	this	this	DET
cblr-11901	266	53	analysis	analysis	NOUN
cblr-11901	266	54	.	.	PUNCT
cblr-11901	267	1	sec	sec	PROPN
cblr-11901	267	2	,	,	PUNCT
cblr-11901	267	3	framework	framework	NOUN
cblr-11901	267	4	for	for	ADP
cblr-11901	267	5	investment	investment	NOUN
cblr-11901	267	6	contract	contract	NOUN
cblr-11901	267	7	analysis	analysis	NOUN
cblr-11901	267	8	of	of	ADP
cblr-11901	267	9	digital	digital	ADJ
cblr-11901	267	10	assets	asset	NOUN
cblr-11901	267	11	(	(	PUNCT
cblr-11901	267	12	2019	2019	NUM
cblr-11901	267	13	)	)	PUNCT
cblr-11901	267	14	,	,	PUNCT
cblr-11901	267	15	132	132	NUM
cblr-11901	267	16	harv	harv	NOUN
cblr-11901	267	17	.	.	PUNCT
cblr-11901	268	1	l.	l.	PROPN
cblr-11901	268	2	rev	rev	PROPN
cblr-11901	268	3	.	.	PROPN
cblr-11901	268	4	2418	2418	NUM
cblr-11901	268	5	(	(	PUNCT
cblr-11901	268	6	2019	2019	NUM
cblr-11901	268	7	)	)	PUNCT
cblr-11901	268	8	.	.	PUNCT
cblr-11901	269	1	86	86	NUM
cblr-11901	269	2	see	see	VERB
cblr-11901	269	3	,	,	PUNCT
cblr-11901	269	4	e.g.	e.g.	ADV
cblr-11901	269	5	,	,	PUNCT
cblr-11901	269	6	press	press	NOUN
cblr-11901	269	7	release	release	NOUN
cblr-11901	269	8	,	,	PUNCT
cblr-11901	269	9	sec	sec	PROPN
cblr-11901	269	10	charges	charge	VERB
cblr-11901	269	11	samuel	samuel	PROPN
cblr-11901	269	12	bankman	bankman	NOUN
cblr-11901	269	13	-	-	PUNCT
cblr-11901	269	14	fried	fry	VERB
cblr-11901	269	15	with	with	ADP
cblr-11901	269	16	defrauding	defraud	VERB
cblr-11901	269	17	investors	investor	NOUN
cblr-11901	269	18	in	in	ADP
cblr-11901	269	19	crypto	crypto	NOUN
cblr-11901	269	20	asset	asset	NOUN
cblr-11901	269	21	trading	trading	NOUN
cblr-11901	269	22	platform	platform	NOUN
cblr-11901	269	23	ftx	ftx	NOUN
cblr-11901	269	24	(	(	PUNCT
cblr-11901	269	25	dec	dec	PROPN
cblr-11901	269	26	.	.	PROPN
cblr-11901	269	27	13	13	NUM
cblr-11901	269	28	,	,	PUNCT
cblr-11901	269	29	2022	2022	NUM
cblr-11901	269	30	)	)	PUNCT
cblr-11901	269	31	,	,	PUNCT
cblr-11901	270	1	https://www.sec.gov/news/press-release/2022-219	https://www.sec.gov/news/press-release/2022-219	NOUN
cblr-11901	270	2	[	[	X
cblr-11901	270	3	https://perma.cc/db3x-q9er	https://perma.cc/db3x-q9er	X
cblr-11901	270	4	]	]	X
cblr-11901	270	5	;	;	PUNCT
cblr-11901	270	6	press	press	NOUN
cblr-11901	270	7	release	release	NOUN
cblr-11901	270	8	,	,	PUNCT
cblr-11901	270	9	sec	sec	PROPN
cblr-11901	270	10	charges	charge	NOUN
cblr-11901	270	11	genesis	genesis	NOUN
cblr-11901	270	12	and	and	CCONJ
cblr-11901	270	13	https://www.cornerstone.com/publications/reports/sec-cryptocurrency-enforcement-q3-2021-update	https://www.cornerstone.com/publications/reports/sec-cryptocurrency-enforcement-q3-2021-update	ADJ
cblr-11901	270	14	https://www.cornerstone.com/publications/reports/sec-cryptocurrency-enforcement-q3-2021-update	https://www.cornerstone.com/publications/reports/sec-cryptocurrency-enforcement-q3-2021-update	NOUN
cblr-11901	270	15	no	no	NOUN
cblr-11901	270	16	.	.	NOUN
cblr-11901	270	17	1	1	NUM
cblr-11901	270	18	]	]	PUNCT
cblr-11901	270	19	regulating	regulate	VERB
cblr-11901	270	20	democratized	democratized	ADJ
cblr-11901	270	21	finance	finance	NOUN
cblr-11901	270	22	507	507	NUM
cblr-11901	270	23	despite	despite	SCONJ
cblr-11901	270	24	claims	claim	NOUN
cblr-11901	270	25	of	of	ADP
cblr-11901	270	26	authority	authority	NOUN
cblr-11901	270	27	,	,	PUNCT
cblr-11901	270	28	however	however	ADV
cblr-11901	270	29	,	,	PUNCT
cblr-11901	270	30	classification	classification	NOUN
cblr-11901	270	31	difficulties	difficulty	NOUN
cblr-11901	270	32	continued	continue	VERB
cblr-11901	270	33	due	due	ADP
cblr-11901	270	34	to	to	ADP
cblr-11901	270	35	the	the	DET
cblr-11901	270	36	wide	wide	ADJ
cblr-11901	270	37	variety	variety	NOUN
cblr-11901	270	38	of	of	ADP
cblr-11901	270	39	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	270	40	as	as	ADV
cblr-11901	270	41	well	well	ADV
cblr-11901	270	42	as	as	ADP
cblr-11901	270	43	conflicting	conflicting	ADJ
cblr-11901	270	44	interpretations	interpretation	NOUN
cblr-11901	270	45	of	of	ADP
cblr-11901	270	46	the	the	DET
cblr-11901	270	47	risks	risk	NOUN
cblr-11901	270	48	and	and	CCONJ
cblr-11901	270	49	purposes	purpose	NOUN
cblr-11901	270	50	of	of	ADP
cblr-11901	270	51	these	these	DET
cblr-11901	270	52	new	new	ADJ
cblr-11901	270	53	financial	financial	ADJ
cblr-11901	270	54	products	product	NOUN
cblr-11901	270	55	fit	fit	ADJ
cblr-11901	270	56	into	into	ADP
cblr-11901	270	57	existing	exist	VERB
cblr-11901	270	58	regulatory	regulatory	ADJ
cblr-11901	270	59	schemes	scheme	NOUN
cblr-11901	270	60	.	.	PUNCT
cblr-11901	271	1	regulators	regulator	NOUN
cblr-11901	271	2	and	and	CCONJ
cblr-11901	271	3	scholars	scholar	NOUN
cblr-11901	271	4	have	have	AUX
cblr-11901	271	5	classified	classify	VERB
cblr-11901	271	6	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	271	7	under	under	ADP
cblr-11901	271	8	a	a	DET
cblr-11901	271	9	number	number	NOUN
cblr-11901	271	10	of	of	ADP
cblr-11901	271	11	regulatory	regulatory	ADJ
cblr-11901	271	12	umbrellas	umbrella	NOUN
cblr-11901	271	13	,	,	PUNCT
cblr-11901	271	14	including	include	VERB
cblr-11901	271	15	those	those	PRON
cblr-11901	271	16	designed	design	VERB
cblr-11901	271	17	for	for	ADP
cblr-11901	271	18	securities,87	securities,87	PROPN
cblr-11901	271	19	commodities,88	commodities,88	NOUN
cblr-11901	271	20	or	or	CCONJ
cblr-11901	271	21	banks.89	banks.89	NOUN
cblr-11901	271	22	even	even	ADV
cblr-11901	271	23	when	when	SCONJ
cblr-11901	271	24	considering	consider	VERB
cblr-11901	271	25	the	the	DET
cblr-11901	271	26	same	same	ADJ
cblr-11901	271	27	cryptocurrency	cryptocurrency	NOUN
cblr-11901	271	28	,	,	PUNCT
cblr-11901	271	29	regulators	regulator	NOUN
cblr-11901	271	30	came	come	VERB
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cblr-11901	271	32	different	different	ADJ
cblr-11901	271	33	conclusions.90	conclusions.90	PROPN
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cblr-11901	271	35	for	for	ADP
cblr-11901	271	36	the	the	DET
cblr-11901	271	37	unregistered	unregistered	ADJ
cblr-11901	271	38	offer	offer	NOUN
cblr-11901	271	39	and	and	CCONJ
cblr-11901	271	40	sale	sale	NOUN
cblr-11901	271	41	of	of	ADP
cblr-11901	271	42	crypto	crypto	ADJ
cblr-11901	271	43	asset	asset	NOUN
cblr-11901	271	44	securities	security	NOUN
cblr-11901	271	45	through	through	ADP
cblr-11901	271	46	the	the	DET
cblr-11901	271	47	gemini	gemini	PROPN
cblr-11901	271	48	earn	earn	PROPN
cblr-11901	271	49	lending	lending	NOUN
cblr-11901	271	50	program	program	NOUN
cblr-11901	271	51	(	(	PUNCT
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cblr-11901	271	53	.	.	PROPN
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cblr-11901	271	55	,	,	PUNCT
cblr-11901	271	56	2023	2023	NUM
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cblr-11901	271	58	,	,	PUNCT
cblr-11901	271	59	https://www.sec.gov/news/press-release/2023-7	https://www.sec.gov/news/press-release/2023-7	PROPN
cblr-11901	271	60	[	[	X
cblr-11901	271	61	https://perma.cc/qv3999re	https://perma.cc/qv3999re	X
cblr-11901	271	62	]	]	PUNCT
cblr-11901	271	63	.	.	PUNCT
cblr-11901	272	1	87	87	NUM
cblr-11901	272	2	todd	todd	PROPN
cblr-11901	272	3	ehret	ehret	PROPN
cblr-11901	272	4	,	,	PUNCT
cblr-11901	272	5	us	us	PROPN
cblr-11901	272	6	crypto	crypto	NOUN
cblr-11901	272	7	framework	framework	NOUN
cblr-11901	272	8	begins	begin	VERB
cblr-11901	272	9	to	to	PART
cblr-11901	272	10	evolve	evolve	VERB
cblr-11901	272	11	:	:	PUNCT
cblr-11901	272	12	a	a	DET
cblr-11901	272	13	special	special	ADJ
cblr-11901	272	14	report	report	NOUN
cblr-11901	272	15	update	update	NOUN
cblr-11901	272	16	,	,	PUNCT
cblr-11901	272	17	reuters	reuters	PROPN
cblr-11901	272	18	(	(	PUNCT
cblr-11901	272	19	oct	oct	PROPN
cblr-11901	272	20	.	.	PROPN
cblr-11901	272	21	22	22	NUM
cblr-11901	272	22	,	,	PUNCT
cblr-11901	272	23	2021	2021	NUM
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cblr-11901	272	25	,	,	PUNCT
cblr-11901	272	26	https://www.reuters.com/legal/transactional/us-crypto-framework-beginsevolve-special-report-update-2021-10-22/	https://www.reuters.com/legal/transactional/us-crypto-framework-beginsevolve-special-report-update-2021-10-22/	ADJ
cblr-11901	272	27	[	[	X
cblr-11901	272	28	https://perma.cc/d8qu-q4	https://perma.cc/d8qu-q4	NOUN
cblr-11901	272	29	yd	yd	NOUN
cblr-11901	272	30	]	]	PUNCT
cblr-11901	272	31	.	.	PUNCT
cblr-11901	272	32	88	88	NUM
cblr-11901	272	33	ephrat	ephrat	NOUN
cblr-11901	272	34	livni	livni	PROPN
cblr-11901	272	35	,	,	PUNCT
cblr-11901	272	36	biden	biden	PROPN
cblr-11901	272	37	and	and	CCONJ
cblr-11901	272	38	trump	trump	VERB
cblr-11901	272	39	s.e.c	s.e.c	NOUN
cblr-11901	272	40	.	.	PUNCT
cblr-11901	273	1	chiefs	chief	NOUN
cblr-11901	273	2	trade	trade	VERB
cblr-11901	273	3	tips	tip	NOUN
cblr-11901	273	4	on	on	ADP
cblr-11901	273	5	how	how	SCONJ
cblr-11901	273	6	to	to	PART
cblr-11901	273	7	regulate	regulate	VERB
cblr-11901	273	8	crypto	crypto	NOUN
cblr-11901	273	9	,	,	PUNCT
cblr-11901	273	10	n.y	n.y	PROPN
cblr-11901	273	11	.	.	PROPN
cblr-11901	273	12	times	times	PROPN
cblr-11901	273	13	(	(	PUNCT
cblr-11901	273	14	dec	dec	PROPN
cblr-11901	273	15	.	.	PROPN
cblr-11901	273	16	2	2	NUM
cblr-11901	273	17	,	,	PUNCT
cblr-11901	273	18	2021	2021	NUM
cblr-11901	273	19	)	)	PUNCT
cblr-11901	273	20	,	,	PUNCT
cblr-11901	273	21	https://www.nytimes.com/2021/12/02/business/dealbook/crypto-trumpbiden.html	https://www.nytimes.com/2021/12/02/business/dealbook/crypto-trumpbiden.html	PROPN
cblr-11901	274	1	[	[	X
cblr-11901	274	2	https://perma.cc/j7xt-4u3	https://perma.cc/j7xt-4u3	PROPN
cblr-11901	274	3	t	t	X
cblr-11901	274	4	]	]	PUNCT
cblr-11901	274	5	(	(	PUNCT
cblr-11901	274	6	“	"	PUNCT
cblr-11901	274	7	the	the	DET
cblr-11901	274	8	original	original	ADJ
cblr-11901	274	9	bitcoin	bitcoin	NOUN
cblr-11901	274	10	,	,	PUNCT
cblr-11901	274	11	the	the	DET
cblr-11901	274	12	original	original	ADJ
cblr-11901	274	13	cryptocurrency	cryptocurrency	NOUN
cblr-11901	274	14	.	.	PUNCT
cblr-11901	274	15	.	.	PUNCT
cblr-11901	275	1	.	.	PUNCT
cblr-11901	276	1	is	be	AUX
cblr-11901	276	2	considered	consider	VERB
cblr-11901	276	3	a	a	DET
cblr-11901	276	4	commodity	commodity	NOUN
cblr-11901	276	5	in	in	ADP
cblr-11901	276	6	the	the	DET
cblr-11901	276	7	united	united	PROPN
cblr-11901	276	8	states	states	PROPN
cblr-11901	276	9	because	because	SCONJ
cblr-11901	276	10	there	there	PRON
cblr-11901	276	11	is	be	VERB
cblr-11901	276	12	no	no	DET
cblr-11901	276	13	single	single	ADJ
cblr-11901	276	14	individual	individual	NOUN
cblr-11901	276	15	or	or	CCONJ
cblr-11901	276	16	entity	entity	NOUN
cblr-11901	276	17	minting	mint	VERB
cblr-11901	276	18	the	the	DET
cblr-11901	276	19	tokens	token	NOUN
cblr-11901	276	20	.	.	PUNCT
cblr-11901	276	21	”	"	PUNCT
cblr-11901	276	22	)	)	PUNCT
cblr-11901	276	23	.	.	PUNCT
cblr-11901	277	1	the	the	DET
cblr-11901	277	2	cftc	cftc	PROPN
cblr-11901	277	3	interpreted	interpret	VERB
cblr-11901	277	4	commodities	commodity	NOUN
cblr-11901	277	5	to	to	PART
cblr-11901	277	6	include	include	VERB
cblr-11901	277	7	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	277	8	.	.	PUNCT
cblr-11901	278	1	see	see	VERB
cblr-11901	278	2	,	,	PUNCT
cblr-11901	278	3	e.g.	e.g.	ADV
cblr-11901	278	4	,	,	PUNCT
cblr-11901	278	5	commodity	commodity	NOUN
cblr-11901	278	6	futures	future	NOUN
cblr-11901	278	7	trading	trading	NOUN
cblr-11901	278	8	comm’n	comm’n	NOUN
cblr-11901	279	1	v.	v.	ADP
cblr-11901	279	2	mcdonnell	mcdonnell	PROPN
cblr-11901	279	3	,	,	PUNCT
cblr-11901	279	4	287	287	NUM
cblr-11901	279	5	f.	f.	PROPN
cblr-11901	279	6	supp	supp	PROPN
cblr-11901	279	7	.	.	PUNCT
cblr-11901	280	1	3d	3d	NUM
cblr-11901	280	2	213	213	NUM
cblr-11901	280	3	,	,	PUNCT
cblr-11901	280	4	223–24	223–24	PROPN
cblr-11901	280	5	(	(	PUNCT
cblr-11901	280	6	e.d.n.y	e.d.n.y	PROPN
cblr-11901	280	7	.	.	PROPN
cblr-11901	280	8	2018	2018	NUM
cblr-11901	280	9	)	)	PUNCT
cblr-11901	280	10	;	;	PUNCT
cblr-11901	280	11	digital	digital	ADJ
cblr-11901	280	12	assets	asset	NOUN
cblr-11901	280	13	primer	primer	NOUN
cblr-11901	280	14	,	,	PUNCT
cblr-11901	280	15	cftc	cftc	PROPN
cblr-11901	280	16	24	24	NUM
cblr-11901	280	17	(	(	PUNCT
cblr-11901	280	18	december	december	PROPN
cblr-11901	280	19	2020	2020	NUM
cblr-11901	280	20	)	)	PUNCT
cblr-11901	280	21	,	,	PUNCT
cblr-11901	280	22	https://www.cftc.gov/digitalassets/index.htm	https://www.cftc.gov/digitalassets/index.htm	X
cblr-11901	281	1	[	[	X
cblr-11901	281	2	https://perma.cc/g2yjpmhe	https://perma.cc/g2yjpmhe	X
cblr-11901	281	3	]	]	X
cblr-11901	281	4	.	.	PUNCT
cblr-11901	281	5	89	89	NUM
cblr-11901	282	1	some	some	DET
cblr-11901	282	2	regulators	regulator	NOUN
cblr-11901	282	3	and	and	CCONJ
cblr-11901	282	4	scholars	scholar	NOUN
cblr-11901	282	5	argue	argue	VERB
cblr-11901	282	6	that	that	SCONJ
cblr-11901	282	7	stablecoin	stablecoin	NOUN
cblr-11901	282	8	-	-	PUNCT
cblr-11901	282	9	issuers	issuer	NOUN
cblr-11901	282	10	are	be	AUX
cblr-11901	282	11	essentially	essentially	ADV
cblr-11901	282	12	banks	bank	NOUN
cblr-11901	282	13	given	give	VERB
cblr-11901	282	14	their	their	PRON
cblr-11901	282	15	products	product	NOUN
cblr-11901	282	16	are	be	AUX
cblr-11901	282	17	essentially	essentially	ADV
cblr-11901	282	18	deposits	deposit	NOUN
cblr-11901	282	19	under	under	ADP
cblr-11901	282	20	the	the	DET
cblr-11901	282	21	glass	glass	NOUN
cblr-11901	282	22	-	-	PUNCT
cblr-11901	282	23	steagall	steagall	PROPN
cblr-11901	282	24	act	act	PROPN
cblr-11901	282	25	.	.	PUNCT
cblr-11901	283	1	howell	howell	PROPN
cblr-11901	283	2	e.	e.	PROPN
cblr-11901	283	3	jackson	jackson	PROPN
cblr-11901	283	4	&	&	CCONJ
cblr-11901	283	5	morgan	morgan	PROPN
cblr-11901	283	6	ricks	ricks	PROPN
cblr-11901	283	7	,	,	PUNCT
cblr-11901	283	8	locating	locate	VERB
cblr-11901	283	9	stablecoins	stablecoin	NOUN
cblr-11901	283	10	within	within	ADP
cblr-11901	283	11	the	the	DET
cblr-11901	283	12	regulatory	regulatory	ADJ
cblr-11901	283	13	perimeter	perimeter	NOUN
cblr-11901	283	14	,	,	PUNCT
cblr-11901	283	15	harv	harv	PROPN
cblr-11901	283	16	.	.	PUNCT
cblr-11901	284	1	l.	l.	PROPN
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cblr-11901	284	3	.	.	PROPN
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cblr-11901	284	5	on	on	ADP
cblr-11901	284	6	corp	corp	PROPN
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cblr-11901	284	8	governance	governance	PROPN
cblr-11901	284	9	(	(	PUNCT
cblr-11901	284	10	aug	aug	PROPN
cblr-11901	284	11	.	.	PROPN
cblr-11901	284	12	5	5	NUM
cblr-11901	284	13	,	,	PUNCT
cblr-11901	284	14	2021	2021	NUM
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cblr-11901	284	16	,	,	PUNCT
cblr-11901	285	1	https://corpgov.law.harvard.edu/2021/08/05/locating-stablecoins-withinthe-regulatory-perimeter/	https://corpgov.law.harvard.edu/2021/08/05/locating-stablecoins-withinthe-regulatory-perimeter/	PROPN
cblr-11901	286	1	[	[	X
cblr-11901	286	2	https://perma.cc/t2jc-kxcx	https://perma.cc/t2jc-kxcx	PROPN
cblr-11901	286	3	]	]	PUNCT
cblr-11901	286	4	;	;	PUNCT
cblr-11901	286	5	michael	michael	PROPN
cblr-11901	286	6	p.	p.	PROPN
cblr-11901	286	7	regan	regan	PROPN
cblr-11901	286	8	&	&	CCONJ
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cblr-11901	286	11	,	,	PUNCT
cblr-11901	286	12	regulators	regulator	NOUN
cblr-11901	286	13	want	want	VERB
cblr-11901	286	14	to	to	PART
cblr-11901	286	15	push	push	VERB
cblr-11901	286	16	crypto	crypto	NOUN
cblr-11901	286	17	’s	’s	PART
cblr-11901	286	18	shadow	shadow	NOUN
cblr-11901	286	19	bankers	banker	NOUN
cblr-11901	286	20	into	into	ADP
cblr-11901	286	21	the	the	DET
cblr-11901	286	22	light	light	NOUN
cblr-11901	286	23	,	,	PUNCT
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cblr-11901	286	25	(	(	PUNCT
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cblr-11901	286	28	2	2	NUM
cblr-11901	286	29	,	,	PUNCT
cblr-11901	286	30	2021	2021	NUM
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cblr-11901	286	32	,	,	PUNCT
cblr-11901	286	33	https://www.bloomberg.com/news/articles/2021-11-02/regulators-want-topush-crypto-s-shadow-bankers-into-the-light?srnd=cryptocurrencies	https://www.bloomberg.com/news/articles/2021-11-02/regulators-want-topush-crypto-s-shadow-bankers-into-the-light?srnd=cryptocurrencie	NOUN
cblr-11901	287	1	[	[	X
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cblr-11901	288	1	90	90	NUM
cblr-11901	288	2	for	for	ADP
cblr-11901	288	3	instance	instance	NOUN
cblr-11901	288	4	,	,	PUNCT
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cblr-11901	288	6	has	have	AUX
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cblr-11901	288	9	as	as	ADP
cblr-11901	288	10	both	both	CCONJ
cblr-11901	288	11	a	a	DET
cblr-11901	288	12	commodity	commodity	NOUN
cblr-11901	288	13	or	or	CCONJ
cblr-11901	288	14	a	a	DET
cblr-11901	288	15	security	security	NOUN
cblr-11901	288	16	.	.	PUNCT
cblr-11901	289	1	tom	tom	PROPN
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cblr-11901	289	3	,	,	PUNCT
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cblr-11901	289	6	a	a	DET
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cblr-11901	289	8	?	?	PUNCT
cblr-11901	290	1	a	a	DET
cblr-11901	290	2	commodity	commodity	NOUN
cblr-11901	290	3	?	?	PUNCT
cblr-11901	291	1	bitcoin	bitcoin	PROPN
cblr-11901	291	2	has	have	VERB
cblr-11901	291	3	an	an	DET
cblr-11901	291	4	identity	identity	NOUN
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cblr-11901	291	6	,	,	PUNCT
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cblr-11901	291	15	2:08am	2:08am	NUM
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cblr-11901	291	17	,	,	PUNCT
cblr-11901	291	18	508	508	NUM
cblr-11901	291	19	columbia	columbia	PROPN
cblr-11901	291	20	business	business	NOUN
cblr-11901	291	21	law	law	NOUN
cblr-11901	291	22	review	review	NOUN
cblr-11901	291	23	[	[	X
cblr-11901	291	24	vol	vol	NOUN
cblr-11901	291	25	.	.	PUNCT
cblr-11901	291	26	2023	2023	NUM
cblr-11901	291	27	some	some	DET
cblr-11901	291	28	cryptocurrency	cryptocurrency	NOUN
cblr-11901	291	29	market	market	NOUN
cblr-11901	291	30	participants	participant	NOUN
cblr-11901	291	31	haven	haven	NOUN
cblr-11901	291	32	taken	take	VERB
cblr-11901	291	33	steps	step	NOUN
cblr-11901	291	34	to	to	PART
cblr-11901	291	35	reduce	reduce	VERB
cblr-11901	291	36	regulatory	regulatory	ADJ
cblr-11901	291	37	uncertainty	uncertainty	NOUN
cblr-11901	291	38	.	.	PUNCT
cblr-11901	292	1	most	most	ADV
cblr-11901	292	2	prominently	prominently	ADV
cblr-11901	292	3	,	,	PUNCT
cblr-11901	292	4	coinbase	coinbase	PROPN
cblr-11901	292	5	,	,	PUNCT
cblr-11901	292	6	among	among	ADP
cblr-11901	292	7	the	the	DET
cblr-11901	292	8	most	most	ADV
cblr-11901	292	9	prominent	prominent	ADJ
cblr-11901	292	10	cryptocurrency	cryptocurrency	NOUN
cblr-11901	292	11	exchanges	exchange	NOUN
cblr-11901	292	12	,	,	PUNCT
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cblr-11901	292	14	a	a	DET
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cblr-11901	292	16	-	-	PUNCT
cblr-11901	292	17	based	base	VERB
cblr-11901	292	18	scoring	scoring	NOUN
cblr-11901	292	19	model	model	NOUN
cblr-11901	292	20	to	to	PART
cblr-11901	292	21	determine	determine	VERB
cblr-11901	292	22	whether	whether	SCONJ
cblr-11901	292	23	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	292	24	are	be	AUX
cblr-11901	292	25	securities.91	securities.91	NOUN
cblr-11901	292	26	however	however	ADV
cblr-11901	292	27	,	,	PUNCT
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cblr-11901	292	29	model	model	NOUN
cblr-11901	292	30	was	be	AUX
cblr-11901	292	31	based	base	VERB
cblr-11901	292	32	on	on	ADP
cblr-11901	292	33	its	its	PRON
cblr-11901	292	34	own	own	ADJ
cblr-11901	292	35	interpretations	interpretation	NOUN
cblr-11901	292	36	of	of	ADP
cblr-11901	292	37	the	the	DET
cblr-11901	292	38	law	law	NOUN
cblr-11901	292	39	in	in	ADP
cblr-11901	292	40	the	the	DET
cblr-11901	292	41	absence	absence	NOUN
cblr-11901	292	42	of	of	ADP
cblr-11901	292	43	clear	clear	ADJ
cblr-11901	292	44	guidance	guidance	NOUN
cblr-11901	292	45	on	on	ADP
cblr-11901	292	46	whether	whether	SCONJ
cblr-11901	292	47	these	these	DET
cblr-11901	292	48	assets	asset	NOUN
cblr-11901	292	49	were	be	AUX
cblr-11901	292	50	“	"	PUNCT
cblr-11901	292	51	securities	security	NOUN
cblr-11901	292	52	.	.	PUNCT
cblr-11901	293	1	”92	”92	ADJ
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cblr-11901	293	3	also	also	ADV
cblr-11901	293	4	came	come	VERB
cblr-11901	293	5	to	to	ADP
cblr-11901	293	6	different	different	ADJ
cblr-11901	293	7	conclusions	conclusion	NOUN
cblr-11901	293	8	about	about	ADP
cblr-11901	293	9	these	these	DET
cblr-11901	293	10	assets	asset	NOUN
cblr-11901	293	11	’	'	PUNCT
cblr-11901	293	12	status	status	NOUN
cblr-11901	293	13	as	as	ADP
cblr-11901	293	14	securities.93	securities.93	PROPN
cblr-11901	293	15	the	the	DET
cblr-11901	293	16	debate	debate	NOUN
cblr-11901	293	17	about	about	ADP
cblr-11901	293	18	regulation	regulation	NOUN
cblr-11901	293	19	of	of	ADP
cblr-11901	293	20	“	"	PUNCT
cblr-11901	293	21	stablecoins	stablecoin	NOUN
cblr-11901	293	22	”	"	PUNCT
cblr-11901	293	23	illustrates	illustrate	VERB
cblr-11901	293	24	part	part	NOUN
cblr-11901	293	25	of	of	ADP
cblr-11901	293	26	the	the	DET
cblr-11901	293	27	debate	debate	NOUN
cblr-11901	293	28	and	and	CCONJ
cblr-11901	293	29	uncertainty	uncertainty	NOUN
cblr-11901	293	30	around	around	ADP
cblr-11901	293	31	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	293	32	’	'	PUNCT
cblr-11901	293	33	regulation	regulation	NOUN
cblr-11901	293	34	.	.	PUNCT
cblr-11901	294	1	unlike	unlike	ADP
cblr-11901	294	2	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	294	3	like	like	ADP
cblr-11901	294	4	bitcoin	bitcoin	NOUN
cblr-11901	294	5	,	,	PUNCT
cblr-11901	294	6	stablecoins	stablecoin	NOUN
cblr-11901	294	7	may	may	AUX
cblr-11901	294	8	be	be	AUX
cblr-11901	294	9	backed	back	VERB
cblr-11901	294	10	by	by	ADP
cblr-11901	294	11	traditional	traditional	ADJ
cblr-11901	294	12	financial	financial	ADJ
cblr-11901	294	13	assets	asset	NOUN
cblr-11901	294	14	,	,	PUNCT
cblr-11901	294	15	giving	give	VERB
cblr-11901	294	16	them	they	PRON
cblr-11901	294	17	a	a	DET
cblr-11901	294	18	theoretically	theoretically	ADV
cblr-11901	294	19	more	more	ADJ
cblr-11901	294	20	“	"	PUNCT
cblr-11901	294	21	stable	stable	ADJ
cblr-11901	294	22	”	"	PUNCT
cblr-11901	294	23	value.94	value.94	NOUN
cblr-11901	294	24	in	in	ADP
cblr-11901	294	25	theory	theory	NOUN
cblr-11901	294	26	,	,	PUNCT
cblr-11901	294	27	the	the	DET
cblr-11901	294	28	coin	coin	NOUN
cblr-11901	294	29	’s	’s	PART
cblr-11901	294	30	value	value	NOUN
cblr-11901	294	31	is	be	AUX
cblr-11901	294	32	worth	worth	ADJ
cblr-11901	294	33	the	the	DET
cblr-11901	294	34	amount	amount	NOUN
cblr-11901	294	35	of	of	ADP
cblr-11901	294	36	reserves	reserve	NOUN
cblr-11901	294	37	backing	back	VERB
cblr-11901	294	38	up	up	ADP
cblr-11901	294	39	its	its	PRON
cblr-11901	294	40	value	value	NOUN
cblr-11901	294	41	rather	rather	ADV
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cblr-11901	295	1	[	[	X
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cblr-11901	295	3	]	]	PUNCT
cblr-11901	295	4	.	.	PUNCT
cblr-11901	296	1	stablecoins	stablecoin	NOUN
cblr-11901	296	2	have	have	AUX
cblr-11901	296	3	been	be	AUX
cblr-11901	296	4	classified	classify	VERB
cblr-11901	296	5	as	as	ADP
cblr-11901	296	6	both	both	CCONJ
cblr-11901	296	7	a	a	DET
cblr-11901	296	8	security	security	NOUN
cblr-11901	296	9	and	and	CCONJ
cblr-11901	296	10	a	a	DET
cblr-11901	296	11	deposit	deposit	NOUN
cblr-11901	296	12	-	-	PUNCT
cblr-11901	296	13	like	like	ADJ
cblr-11901	296	14	asset	asset	NOUN
cblr-11901	296	15	.	.	PUNCT
cblr-11901	297	1	jesse	jesse	PROPN
cblr-11901	297	2	hamilton	hamilton	PROPN
cblr-11901	297	3	,	,	PUNCT
cblr-11901	297	4	treasury	treasury	PROPN
cblr-11901	297	5	is	be	AUX
cblr-11901	297	6	pushing	push	VERB
cblr-11901	297	7	to	to	PART
cblr-11901	297	8	impose	impose	VERB
cblr-11901	297	9	bank	bank	NOUN
cblr-11901	297	10	-	-	PUNCT
cblr-11901	297	11	like	like	ADJ
cblr-11901	297	12	rules	rule	NOUN
cblr-11901	297	13	on	on	ADP
cblr-11901	297	14	stablecoins	stablecoin	NOUN
cblr-11901	297	15	,	,	PUNCT
cblr-11901	297	16	bloomberg	bloomberg	PROPN
cblr-11901	297	17	(	(	PUNCT
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cblr-11901	297	19	.	.	PROPN
cblr-11901	297	20	1	1	NUM
cblr-11901	297	21	,	,	PUNCT
cblr-11901	297	22	2021	2021	NUM
cblr-11901	297	23	,	,	PUNCT
cblr-11901	297	24	2:19	2:19	NUM
cblr-11901	297	25	pm	pm	NOUN
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cblr-11901	297	28	[	[	X
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cblr-11901	297	31	.	.	PUNCT
cblr-11901	298	1	91	91	NUM
cblr-11901	298	2	coinbase	coinbase	PROPN
cblr-11901	298	3	global	global	PROPN
cblr-11901	298	4	,	,	PUNCT
cblr-11901	298	5	inc	inc	PROPN
cblr-11901	298	6	.	.	PROPN
cblr-11901	298	7	,	,	PUNCT
cblr-11901	298	8	prospectus	prospectus	NOUN
cblr-11901	298	9	(	(	PUNCT
cblr-11901	298	10	form	form	VERB
cblr-11901	298	11	s-1	s-1	NOUN
cblr-11901	298	12	registration	registration	NOUN
cblr-11901	298	13	statement	statement	NOUN
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cblr-11901	298	15	29	29	NUM
cblr-11901	298	16	-	-	SYM
cblr-11901	298	17	30	30	NUM
cblr-11901	298	18	,	,	PUNCT
cblr-11901	298	19	150	150	NUM
cblr-11901	298	20	(	(	PUNCT
cblr-11901	298	21	feb	feb	X
cblr-11901	298	22	.	.	PROPN
cblr-11901	298	23	25	25	NUM
cblr-11901	298	24	,	,	PUNCT
cblr-11901	298	25	2021	2021	NUM
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cblr-11901	299	2	nikhilesh	nikhilesh	NOUN
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cblr-11901	299	4	,	,	PUNCT
cblr-11901	299	5	coinbase	coinbase	NOUN
cblr-11901	299	6	-	-	PUNCT
cblr-11901	299	7	led	lead	VERB
cblr-11901	299	8	crypto	crypto	NOUN
cblr-11901	299	9	ratings	rating	NOUN
cblr-11901	299	10	council	council	NOUN
cblr-11901	299	11	draws	draw	VERB
cblr-11901	299	12	skepticism	skepticism	NOUN
cblr-11901	299	13	from	from	ADP
cblr-11901	299	14	legal	legal	ADJ
cblr-11901	299	15	experts	expert	NOUN
cblr-11901	299	16	,	,	PUNCT
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cblr-11901	299	18	(	(	PUNCT
cblr-11901	299	19	oct	oct	PROPN
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cblr-11901	299	21	3	3	NUM
cblr-11901	299	22	,	,	PUNCT
cblr-11901	299	23	2019	2019	NUM
cblr-11901	299	24	,	,	PUNCT
cblr-11901	299	25	10:40	10:40	NUM
cblr-11901	299	26	am	am	NOUN
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cblr-11901	299	28	,	,	PUNCT
cblr-11901	299	29	https://www.coindesk.com/markets/2019/10/03/coinbase-led-crypto-ratingscouncil-draws-skepticism-from-legal-experts/	https://www.coindesk.com/markets/2019/10/03/coinbase-led-crypto-ratingscouncil-draws-skepticism-from-legal-experts/	PROPN
cblr-11901	300	1	[	[	X
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cblr-11901	300	4	.	.	PUNCT
cblr-11901	301	1	93	93	NUM
cblr-11901	301	2	see	see	VERB
cblr-11901	301	3	,	,	PUNCT
cblr-11901	301	4	e.g.	e.g.	ADV
cblr-11901	301	5	,	,	PUNCT
cblr-11901	301	6	federal	federal	ADJ
cblr-11901	301	7	jury	jury	NOUN
cblr-11901	301	8	finds	find	VERB
cblr-11901	301	9	cryptocurrency	cryptocurrency	NOUN
cblr-11901	301	10	products	product	NOUN
cblr-11901	301	11	not	not	PART
cblr-11901	301	12	securities	security	NOUN
cblr-11901	301	13	in	in	ADP
cblr-11901	301	14	landmark	landmark	PROPN
cblr-11901	301	15	verdict	verdict	NOUN
cblr-11901	301	16	,	,	PUNCT
cblr-11901	301	17	(	(	PUNCT
cblr-11901	301	18	nov	nov	PROPN
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cblr-11901	302	1	[	[	X
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cblr-11901	302	4	(	(	PUNCT
cblr-11901	302	5	finding	find	VERB
cblr-11901	302	6	that	that	SCONJ
cblr-11901	302	7	products	product	NOUN
cblr-11901	302	8	were	be	AUX
cblr-11901	302	9	not	not	PART
cblr-11901	302	10	securities	security	NOUN
cblr-11901	302	11	under	under	ADP
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cblr-11901	302	14	uniform	uniform	PROPN
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cblr-11901	303	4	a	a	DET
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cblr-11901	303	11	assets	asset	NOUN
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cblr-11901	304	6	”	"	PUNCT
cblr-11901	304	7	than	than	ADP
cblr-11901	304	8	others	other	NOUN
cblr-11901	304	9	based	base	VERB
cblr-11901	304	10	on	on	ADP
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cblr-11901	304	12	assets	asset	NOUN
cblr-11901	304	13	back	back	ADV
cblr-11901	304	14	their	their	PRON
cblr-11901	304	15	stable	stable	ADJ
cblr-11901	304	16	value	value	NOUN
cblr-11901	304	17	,	,	PUNCT
cblr-11901	304	18	as	as	SCONJ
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cblr-11901	305	3	,	,	PUNCT
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cblr-11901	305	5	$	$	SYM
cblr-11901	305	6	60	60	NUM
cblr-11901	305	7	billion	billion	NUM
cblr-11901	305	8	in	in	ADP
cblr-11901	305	9	terra	terra	NOUN
cblr-11901	305	10	coins	coin	NOUN
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cblr-11901	305	12	up	up	ADP
cblr-11901	305	13	in	in	ADP
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cblr-11901	305	15	smoke	smoke	NOUN
cblr-11901	305	16	,	,	PUNCT
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cblr-11901	305	21	,	,	PUNCT
cblr-11901	305	22	2022	2022	NUM
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cblr-11901	305	24	,	,	PUNCT
cblr-11901	305	25	https://www.bloomberg.com/graphics/2022-crypto-luna-terrastablecoin-explainer/	https://www.bloomberg.com/graphics/2022-crypto-luna-terrastablecoin-explainer/	X
cblr-11901	306	1	[	[	X
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cblr-11901	307	1	no	no	INTJ
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cblr-11901	307	5	regulating	regulate	VERB
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cblr-11901	307	7	finance	finance	NOUN
cblr-11901	307	8	509	509	NUM
cblr-11901	307	9	than	than	ADP
cblr-11901	307	10	prices	price	NOUN
cblr-11901	307	11	determined	determine	VERB
cblr-11901	307	12	by	by	ADP
cblr-11901	307	13	market	market	NOUN
cblr-11901	307	14	supply	supply	NOUN
cblr-11901	307	15	and	and	CCONJ
cblr-11901	307	16	demand	demand	NOUN
cblr-11901	307	17	,	,	PUNCT
cblr-11901	307	18	with	with	ADP
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cblr-11901	307	30	types	type	NOUN
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cblr-11901	307	33	assets	asset	NOUN
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cblr-11901	308	11	“	"	PUNCT
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cblr-11901	308	13	,	,	PUNCT
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cblr-11901	308	24	,	,	PUNCT
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cblr-11901	308	28	.	.	PUNCT
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cblr-11901	309	2	others	other	NOUN
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cblr-11901	309	6	were	be	AUX
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cblr-11901	309	24	increased	increase	VERB
cblr-11901	309	25	in	in	ADP
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cblr-11901	312	4	-	-	PUNCT
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cblr-11901	312	14	underlying	underlie	VERB
cblr-11901	312	15	stablecoins	stablecoin	NOUN
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cblr-11901	313	4	(	(	PUNCT
cblr-11901	313	5	reviewing	review	VERB
cblr-11901	313	6	the	the	DET
cblr-11901	313	7	technology	technology	NOUN
cblr-11901	313	8	as	as	ADV
cblr-11901	313	9	well	well	ADV
cblr-11901	313	10	as	as	ADP
cblr-11901	313	11	the	the	DET
cblr-11901	313	12	risks	risk	NOUN
cblr-11901	313	13	related	relate	VERB
cblr-11901	313	14	to	to	ADP
cblr-11901	313	15	stablecoins	stablecoin	NOUN
cblr-11901	313	16	)	)	PUNCT
cblr-11901	313	17	.	.	PUNCT
cblr-11901	314	1	96	96	NUM
cblr-11901	314	2	chair	chair	NOUN
cblr-11901	314	3	gary	gary	NOUN
cblr-11901	314	4	gensler	gensler	NOUN
cblr-11901	314	5	,	,	PUNCT
cblr-11901	314	6	statement	statement	NOUN
cblr-11901	314	7	on	on	ADP
cblr-11901	314	8	president	president	PROPN
cblr-11901	314	9	’s	’s	PART
cblr-11901	314	10	working	working	PROPN
cblr-11901	314	11	group	group	NOUN
cblr-11901	314	12	report	report	NOUN
cblr-11901	314	13	on	on	ADP
cblr-11901	314	14	stablecoins	stablecoin	NOUN
cblr-11901	314	15	,	,	PUNCT
cblr-11901	314	16	sec	sec	PROPN
cblr-11901	314	17	(	(	PUNCT
cblr-11901	314	18	nov	nov	PROPN
cblr-11901	314	19	.	.	PROPN
cblr-11901	314	20	1	1	NUM
cblr-11901	314	21	,	,	PUNCT
cblr-11901	314	22	2021	2021	NUM
cblr-11901	314	23	)	)	PUNCT
cblr-11901	314	24	https://www.sec.gov/news/statement/gensler-statement-presidentsworking-group-report-stablecoins-110121	https://www.sec.gov/news/statement/gensler-statement-presidentsworking-group-report-stablecoins-110121	VERB
cblr-11901	315	1	[	[	X
cblr-11901	315	2	https://perma.cc/7ngd-pwgb	https://perma.cc/7ngd-pwgb	X
cblr-11901	315	3	]	]	X
cblr-11901	315	4	.	.	PUNCT
cblr-11901	316	1	97	97	NUM
cblr-11901	316	2	see	see	VERB
cblr-11901	316	3	,	,	PUNCT
cblr-11901	316	4	e.g.	e.g.	ADV
cblr-11901	316	5	,	,	PUNCT
cblr-11901	316	6	arthur	arthur	PROPN
cblr-11901	316	7	wilmarth	wilmarth	PROPN
cblr-11901	316	8	,	,	PUNCT
cblr-11901	316	9	jr	jr	PROPN
cblr-11901	316	10	.	.	PROPN
cblr-11901	316	11	,	,	PUNCT
cblr-11901	316	12	it	it	PRON
cblr-11901	316	13	’s	’	VERB
cblr-11901	316	14	time	time	NOUN
cblr-11901	316	15	to	to	PART
cblr-11901	316	16	regulate	regulate	VERB
cblr-11901	316	17	stablecoins	stablecoin	NOUN
cblr-11901	316	18	as	as	ADP
cblr-11901	316	19	deposits	deposit	NOUN
cblr-11901	316	20	and	and	CCONJ
cblr-11901	316	21	require	require	VERB
cblr-11901	316	22	their	their	PRON
cblr-11901	316	23	issuers	issuer	NOUN
cblr-11901	316	24	to	to	PART
cblr-11901	316	25	be	be	AUX
cblr-11901	316	26	fdic	fdic	ADJ
cblr-11901	316	27	-	-	PUNCT
cblr-11901	316	28	insured	insure	VERB
cblr-11901	316	29	banks	bank	NOUN
cblr-11901	316	30	,	,	PUNCT
cblr-11901	316	31	cls	cls	NOUN
cblr-11901	316	32	blue	blue	ADJ
cblr-11901	316	33	sky	sky	NOUN
cblr-11901	316	34	blog	blog	NOUN
cblr-11901	316	35	(	(	PUNCT
cblr-11901	316	36	jan	jan	PROPN
cblr-11901	316	37	.	.	PROPN
cblr-11901	316	38	17	17	NUM
cblr-11901	316	39	,	,	PUNCT
cblr-11901	316	40	2002	2002	NUM
cblr-11901	316	41	)	)	PUNCT
cblr-11901	316	42	,	,	PUNCT
cblr-11901	316	43	https://clsbluesky.law.columbia.edu/2022/01/17/its-time-to-regulatestablecoins-as-deposits-and-require-their-issuers-to-be-fdic-insured-banks/	https://clsbluesky.law.columbia.edu/2022/01/17/its-time-to-regulatestablecoins-as-deposits-and-require-their-issuers-to-be-fdic-insured-banks/	PROPN
cblr-11901	317	1	[	[	X
cblr-11901	317	2	https://perma.cc/63tp-gj6	https://perma.cc/63tp-gj6	ADP
cblr-11901	317	3	g	g	X
cblr-11901	317	4	]	]	X
cblr-11901	317	5	.	.	PUNCT
cblr-11901	318	1	when	when	SCONJ
cblr-11901	318	2	terrausd	terrausd	PROPN
cblr-11901	318	3	,	,	PUNCT
cblr-11901	318	4	among	among	ADP
cblr-11901	318	5	the	the	DET
cblr-11901	318	6	most	most	ADV
cblr-11901	318	7	prominent	prominent	ADJ
cblr-11901	318	8	stablecoins	stablecoin	NOUN
cblr-11901	318	9	,	,	PUNCT
cblr-11901	318	10	collapsed	collapse	VERB
cblr-11901	318	11	following	follow	VERB
cblr-11901	318	12	what	what	PRON
cblr-11901	318	13	looked	look	VERB
cblr-11901	318	14	to	to	ADP
cblr-11901	318	15	many	many	ADJ
cblr-11901	318	16	like	like	ADP
cblr-11901	318	17	a	a	DET
cblr-11901	318	18	bank	bank	NOUN
cblr-11901	318	19	run	run	VERB
cblr-11901	318	20	in	in	ADP
cblr-11901	318	21	the	the	DET
cblr-11901	318	22	summer	summer	NOUN
cblr-11901	318	23	of	of	ADP
cblr-11901	318	24	2022	2022	NUM
cblr-11901	318	25	,	,	PUNCT
cblr-11901	318	26	the	the	DET
cblr-11901	318	27	calls	call	NOUN
cblr-11901	318	28	to	to	PART
cblr-11901	318	29	apply	apply	VERB
cblr-11901	318	30	banking	banking	NOUN
cblr-11901	318	31	regulations	regulation	NOUN
cblr-11901	318	32	increased	increase	VERB
cblr-11901	318	33	.	.	PUNCT
cblr-11901	319	1	see	see	VERB
cblr-11901	319	2	shen	shen	PROPN
cblr-11901	319	3	,	,	PUNCT
cblr-11901	319	4	supra	supra	PROPN
cblr-11901	319	5	note	note	PROPN
cblr-11901	319	6	94	94	NUM
cblr-11901	319	7	.	.	PUNCT
cblr-11901	320	1	98	98	NUM
cblr-11901	320	2	see	see	VERB
cblr-11901	320	3	,	,	PUNCT
cblr-11901	320	4	e.g.	e.g.	ADV
cblr-11901	320	5	,	,	PUNCT
cblr-11901	320	6	dave	dave	PROPN
cblr-11901	320	7	michaels	michaels	PROPN
cblr-11901	320	8	,	,	PUNCT
cblr-11901	320	9	sec	sec	PROPN
cblr-11901	320	10	faces	face	VERB
cblr-11901	320	11	calls	call	NOUN
cblr-11901	320	12	to	to	PART
cblr-11901	320	13	boost	boost	VERB
cblr-11901	320	14	crypto	crypto	ADJ
cblr-11901	320	15	-	-	NOUN
cblr-11901	320	16	exchange	exchange	NOUN
cblr-11901	320	17	enforcement	enforcement	NOUN
cblr-11901	320	18	after	after	ADP
cblr-11901	320	19	ftx	ftx	NOUN
cblr-11901	320	20	collapse	collapse	NOUN
cblr-11901	320	21	,	,	PUNCT
cblr-11901	320	22	wall	wall	PROPN
cblr-11901	320	23	st	st	PROPN
cblr-11901	320	24	.	.	PROPN
cblr-11901	320	25	j.	j.	PROPN
cblr-11901	320	26	(	(	PUNCT
cblr-11901	320	27	dec	dec	PROPN
cblr-11901	320	28	.	.	PROPN
cblr-11901	320	29	8	8	NUM
cblr-11901	320	30	,	,	PUNCT
cblr-11901	320	31	2022	2022	NUM
cblr-11901	320	32	)	)	PUNCT
cblr-11901	320	33	,	,	PUNCT
cblr-11901	320	34	https://www.wsj.com/articles/sec-faces-calls-to-boost-crypto-exchangeenforcement-after-ftx-collapse-11670474070	https://www.wsj.com/articles/sec-faces-calls-to-boost-crypto-exchangeenforcement-after-ftx-collapse-11670474070	X
cblr-11901	321	1	[	[	X
cblr-11901	321	2	https://perma.cc/h2x72epf	https://perma.cc/h2x72epf	X
cblr-11901	321	3	]	]	X
cblr-11901	321	4	.	.	PUNCT
cblr-11901	322	1	https://www.sec.gov/news/statement/gensler-statement-presidents-working-group-report-stablecoins-110121	https://www.sec.gov/news/statement/gensler-statement-presidents-working-group-report-stablecoins-110121	PROPN
cblr-11901	322	2	https://www.sec.gov/news/statement/gensler-statement-presidents-working-group-report-stablecoins-110121	https://www.sec.gov/news/statement/gensler-statement-presidents-working-group-report-stablecoins-110121	PROPN
cblr-11901	322	3	510	510	NUM
cblr-11901	322	4	columbia	columbia	PROPN
cblr-11901	322	5	business	business	NOUN
cblr-11901	322	6	law	law	PROPN
cblr-11901	322	7	review	review	NOUN
cblr-11901	322	8	[	[	X
cblr-11901	322	9	vol	vol	NOUN
cblr-11901	322	10	.	.	PUNCT
cblr-11901	322	11	2023	2023	NUM
cblr-11901	322	12	market	market	NOUN
cblr-11901	322	13	access	access	NOUN
cblr-11901	322	14	online	online	ADJ
cblr-11901	322	15	retail	retail	ADJ
cblr-11901	322	16	broker	broker	NOUN
cblr-11901	322	17	-	-	PUNCT
cblr-11901	322	18	dealers	dealer	NOUN
cblr-11901	322	19	have	have	AUX
cblr-11901	322	20	existed	exist	VERB
cblr-11901	322	21	since	since	SCONJ
cblr-11901	322	22	the	the	DET
cblr-11901	322	23	1990s	1990s	NUM
cblr-11901	322	24	,	,	PUNCT
cblr-11901	322	25	but	but	CCONJ
cblr-11901	322	26	these	these	DET
cblr-11901	322	27	entities	entity	NOUN
cblr-11901	322	28	’	'	PUNCT
cblr-11901	322	29	business	business	NOUN
cblr-11901	322	30	models	model	NOUN
cblr-11901	322	31	have	have	AUX
cblr-11901	322	32	changed	change	VERB
cblr-11901	322	33	significantly	significantly	ADV
cblr-11901	322	34	in	in	ADP
cblr-11901	322	35	the	the	DET
cblr-11901	322	36	past	past	ADJ
cblr-11901	322	37	decade.99	decade.99	NOUN
cblr-11901	322	38	these	these	DET
cblr-11901	322	39	developments	development	NOUN
cblr-11901	322	40	have	have	AUX
cblr-11901	322	41	re	re	VERB
cblr-11901	322	42	-	-	VERB
cblr-11901	322	43	shaped	shape	VERB
cblr-11901	322	44	how	how	SCONJ
cblr-11901	322	45	retail	retail	ADJ
cblr-11901	322	46	investors	investor	NOUN
cblr-11901	322	47	access	access	VERB
cblr-11901	322	48	financial	financial	ADJ
cblr-11901	322	49	markets	market	NOUN
cblr-11901	322	50	.	.	PUNCT
cblr-11901	323	1	robinhood	robinhood	PROPN
cblr-11901	323	2	,	,	PUNCT
cblr-11901	323	3	founded	found	VERB
cblr-11901	323	4	in	in	ADP
cblr-11901	323	5	2013	2013	NUM
cblr-11901	323	6	,	,	PUNCT
cblr-11901	323	7	has	have	AUX
cblr-11901	323	8	been	be	AUX
cblr-11901	323	9	essential	essential	ADJ
cblr-11901	323	10	to	to	ADP
cblr-11901	323	11	these	these	DET
cblr-11901	323	12	changes.100	changes.100	PROPN
cblr-11901	323	13	prior	prior	ADV
cblr-11901	323	14	to	to	ADP
cblr-11901	323	15	robinhood	robinhood	PROPN
cblr-11901	323	16	,	,	PUNCT
cblr-11901	323	17	the	the	DET
cblr-11901	323	18	established	establish	VERB
cblr-11901	323	19	business	business	NOUN
cblr-11901	323	20	model	model	NOUN
cblr-11901	323	21	for	for	ADP
cblr-11901	323	22	online	online	ADJ
cblr-11901	323	23	retail	retail	ADJ
cblr-11901	323	24	broker	broker	NOUN
cblr-11901	323	25	-	-	PUNCT
cblr-11901	323	26	dealers	dealer	NOUN
cblr-11901	323	27	was	be	AUX
cblr-11901	323	28	to	to	PART
cblr-11901	323	29	generate	generate	VERB
cblr-11901	323	30	revenue	revenue	NOUN
cblr-11901	323	31	through	through	ADP
cblr-11901	323	32	two	two	NUM
cblr-11901	323	33	primary	primary	ADJ
cblr-11901	323	34	methods	method	NOUN
cblr-11901	323	35	:	:	PUNCT
cblr-11901	323	36	charging	charge	VERB
cblr-11901	323	37	commissions	commission	NOUN
cblr-11901	323	38	on	on	ADP
cblr-11901	323	39	trades	trade	NOUN
cblr-11901	323	40	and	and	CCONJ
cblr-11901	323	41	payment	payment	NOUN
cblr-11901	323	42	-	-	PUNCT
cblr-11901	323	43	for	for	ADP
cblr-11901	323	44	-	-	PUNCT
cblr-11901	323	45	order	order	NOUN
cblr-11901	323	46	flow	flow	NOUN
cblr-11901	323	47	(	(	PUNCT
cblr-11901	323	48	pfof).101	pfof).101	PROPN
cblr-11901	323	49	robinhood	robinhood	PROPN
cblr-11901	323	50	upended	upend	VERB
cblr-11901	323	51	this	this	DET
cblr-11901	323	52	model	model	NOUN
cblr-11901	323	53	by	by	ADP
cblr-11901	323	54	eliminating	eliminate	VERB
cblr-11901	323	55	commission	commission	NOUN
cblr-11901	323	56	fees	fee	NOUN
cblr-11901	323	57	,	,	PUNCT
cblr-11901	323	58	choosing	choose	VERB
cblr-11901	323	59	to	to	PART
cblr-11901	323	60	generate	generate	VERB
cblr-11901	323	61	almost	almost	ADV
cblr-11901	323	62	all	all	PRON
cblr-11901	323	63	of	of	ADP
cblr-11901	323	64	its	its	PRON
cblr-11901	323	65	revenues	revenue	NOUN
cblr-11901	323	66	from	from	ADP
cblr-11901	323	67	pfof.102	pfof.102	NOUN
cblr-11901	323	68	the	the	DET
cblr-11901	323	69	mechanics	mechanic	NOUN
cblr-11901	323	70	of	of	ADP
cblr-11901	323	71	pfof	pfof	NOUN
cblr-11901	323	72	are	be	AUX
cblr-11901	323	73	complex,103	complex,103	NOUN
cblr-11901	323	74	but	but	CCONJ
cblr-11901	323	75	essentially	essentially	ADV
cblr-11901	323	76	involve	involve	VERB
cblr-11901	323	77	routing	route	VERB
cblr-11901	323	78	trades	trade	NOUN
cblr-11901	323	79	from	from	ADP
cblr-11901	323	80	a	a	DET
cblr-11901	323	81	broker	broker	NOUN
cblr-11901	323	82	-	-	PUNCT
cblr-11901	323	83	dealer	dealer	NOUN
cblr-11901	323	84	’s	’s	PART
cblr-11901	323	85	clients	client	NOUN
cblr-11901	323	86	to	to	ADP
cblr-11901	323	87	high	high	ADJ
cblr-11901	323	88	-	-	PUNCT
cblr-11901	323	89	frequency	frequency	NOUN
cblr-11901	323	90	traders	trader	NOUN
cblr-11901	323	91	(	(	PUNCT
cblr-11901	323	92	hfts),104	hfts),104	PROPN
cblr-11901	323	93	also	also	ADV
cblr-11901	323	94	called	call	VERB
cblr-11901	323	95	“	"	PUNCT
cblr-11901	323	96	internalizers	internalizer	NOUN
cblr-11901	323	97	,	,	PUNCT
cblr-11901	323	98	”	"	PUNCT
cblr-11901	323	99	in	in	ADP
cblr-11901	323	100	exchange	exchange	NOUN
cblr-11901	323	101	for	for	ADP
cblr-11901	323	102	99	99	NUM
cblr-11901	323	103	fed	fed	PROPN
cblr-11901	323	104	.	.	PUNCT
cblr-11901	324	1	rsrv	rsrv	PROPN
cblr-11901	324	2	.	.	PUNCT
cblr-11901	325	1	sys	sys	PROPN
cblr-11901	325	2	.	.	PROPN
cblr-11901	325	3	,	,	PUNCT
cblr-11901	325	4	financial	financial	ADJ
cblr-11901	325	5	stability	stability	NOUN
cblr-11901	325	6	report	report	NOUN
cblr-11901	325	7	18	18	NUM
cblr-11901	325	8	(	(	PUNCT
cblr-11901	325	9	nov	nov	PROPN
cblr-11901	325	10	.	.	PROPN
cblr-11901	325	11	2021	2021	NUM
cblr-11901	325	12	)	)	PUNCT
cblr-11901	325	13	,	,	PUNCT
cblr-11901	325	14	https://www.federalreserve.gov/publications/files/financial-stability-report20211108.pdf	https://www.federalreserve.gov/publications/files/financial-stability-report20211108.pdf	PROPN
cblr-11901	326	1	[	[	X
cblr-11901	326	2	https://perma.cc/jma5-x5np	https://perma.cc/jma5-x5np	NOUN
cblr-11901	326	3	]	]	X
cblr-11901	326	4	.	.	PUNCT
cblr-11901	327	1	100	100	NUM
cblr-11901	327	2	for	for	ADP
cblr-11901	327	3	instance	instance	NOUN
cblr-11901	327	4	,	,	PUNCT
cblr-11901	327	5	charles	charles	PROPN
cblr-11901	327	6	schwab	schwab	PROPN
cblr-11901	327	7	in	in	ADP
cblr-11901	327	8	october	october	PROPN
cblr-11901	327	9	2019	2019	NUM
cblr-11901	327	10	became	become	VERB
cblr-11901	327	11	the	the	DET
cblr-11901	327	12	first	first	ADJ
cblr-11901	327	13	large	large	ADJ
cblr-11901	327	14	traditional	traditional	ADJ
cblr-11901	327	15	broker	broker	NOUN
cblr-11901	327	16	to	to	PART
cblr-11901	327	17	announce	announce	VERB
cblr-11901	327	18	it	it	PRON
cblr-11901	327	19	was	be	AUX
cblr-11901	327	20	eliminating	eliminate	VERB
cblr-11901	327	21	broker	broker	NOUN
cblr-11901	327	22	-	-	PUNCT
cblr-11901	327	23	fees	fee	NOUN
cblr-11901	327	24	in	in	ADP
cblr-11901	327	25	reaction	reaction	NOUN
cblr-11901	327	26	to	to	ADP
cblr-11901	327	27	competition	competition	NOUN
cblr-11901	327	28	from	from	ADP
cblr-11901	327	29	newer	new	ADJ
cblr-11901	327	30	institutions	institution	NOUN
cblr-11901	327	31	such	such	ADJ
cblr-11901	327	32	as	as	ADP
cblr-11901	327	33	robinhood	robinhood	PROPN
cblr-11901	327	34	.	.	PUNCT
cblr-11901	328	1	john	john	PROPN
cblr-11901	328	2	gittelsohn	gittelsohn	PROPN
cblr-11901	328	3	&	&	CCONJ
cblr-11901	328	4	annie	annie	PROPN
cblr-11901	328	5	massa	massa	PROPN
cblr-11901	328	6	,	,	PUNCT
cblr-11901	328	7	schwab	schwab	PROPN
cblr-11901	328	8	triggers	trigger	VERB
cblr-11901	328	9	online	online	ADJ
cblr-11901	328	10	-	-	PUNCT
cblr-11901	328	11	broker	broker	NOUN
cblr-11901	328	12	bloodbath	bloodbath	NOUN
cblr-11901	328	13	as	as	SCONJ
cblr-11901	328	14	price	price	NOUN
cblr-11901	328	15	war	war	NOUN
cblr-11901	328	16	deepens	deepen	VERB
cblr-11901	328	17	,	,	PUNCT
cblr-11901	328	18	bloomberg	bloomberg	PROPN
cblr-11901	328	19	(	(	PUNCT
cblr-11901	328	20	october	october	PROPN
cblr-11901	328	21	1	1	NUM
cblr-11901	328	22	,	,	PUNCT
cblr-11901	328	23	2019	2019	NUM
cblr-11901	328	24	)	)	PUNCT
cblr-11901	328	25	,	,	PUNCT
cblr-11901	328	26	https://www.bloomberg.com/news/articles/2019-10-01/charles-schwab-toend-online-stock-etf-and-optionscommissions?sref=mnrqrjq9?srnd=storythread-qhigset1um0w01	https://www.bloomberg.com/news/articles/2019-10-01/charles-schwab-toend-online-stock-etf-and-optionscommissions?sref=mnrqrjq9?srnd=storythread-qhigset1um0w01	NOUN
cblr-11901	329	1	[	[	X
cblr-11901	329	2	https://perma.cc/pjh9-j226	https://perma.cc/pjh9-j226	X
cblr-11901	329	3	]	]	X
cblr-11901	329	4	;	;	PUNCT
cblr-11901	329	5	fed	fed	PROPN
cblr-11901	329	6	.	.	PUNCT
cblr-11901	329	7	rsrv	rsrv	PROPN
cblr-11901	329	8	.	.	PUNCT
cblr-11901	330	1	,	,	PUNCT
cblr-11901	330	2	supra	supra	PROPN
cblr-11901	330	3	note	note	VERB
cblr-11901	330	4	107	107	NUM
cblr-11901	330	5	at	at	ADP
cblr-11901	330	6	19	19	NUM
cblr-11901	330	7	.	.	PUNCT
cblr-11901	331	1	101	101	NUM
cblr-11901	331	2	gary	gary	PROPN
cblr-11901	331	3	shorter	short	ADJ
cblr-11901	331	4	,	,	PUNCT
cblr-11901	331	5	cong	cong	NOUN
cblr-11901	331	6	.	.	PUNCT
cblr-11901	332	1	rsch	rsch	PROPN
cblr-11901	332	2	.	.	PUNCT
cblr-11901	333	1	serv	serv	PROPN
cblr-11901	333	2	.	.	PROPN
cblr-11901	333	3	,	,	PUNCT
cblr-11901	333	4	crs	crs	PROPN
cblr-11901	333	5	in	in	ADP
cblr-11901	333	6	focus	focus	NOUN
cblr-11901	333	7	:	:	PUNCT
cblr-11901	334	1	if11800	if11800	PROPN
cblr-11901	334	2	,	,	PUNCT
cblr-11901	334	3	brokerdealers	brokerdealer	NOUN
cblr-11901	334	4	and	and	CCONJ
cblr-11901	334	5	payment	payment	NOUN
cblr-11901	334	6	for	for	ADP
cblr-11901	334	7	order	order	NOUN
cblr-11901	334	8	flow	flow	NOUN
cblr-11901	334	9	(	(	PUNCT
cblr-11901	334	10	2021	2021	NUM
cblr-11901	334	11	)	)	PUNCT
cblr-11901	334	12	.	.	PUNCT
cblr-11901	335	1	102	102	NUM
cblr-11901	335	2	nathaniel	nathaniel	PROPN
cblr-11901	335	3	popper	popper	PROPN
cblr-11901	335	4	,	,	PUNCT
cblr-11901	335	5	robinhood	robinhood	PROPN
cblr-11901	335	6	has	have	AUX
cblr-11901	335	7	lured	lure	VERB
cblr-11901	335	8	young	young	ADJ
cblr-11901	335	9	traders	trader	NOUN
cblr-11901	335	10	,	,	PUNCT
cblr-11901	335	11	sometimes	sometimes	ADV
cblr-11901	335	12	with	with	ADP
cblr-11901	335	13	devastating	devastating	ADJ
cblr-11901	335	14	results	result	NOUN
cblr-11901	335	15	,	,	PUNCT
cblr-11901	335	16	n.y	n.y	PROPN
cblr-11901	335	17	.	.	PROPN
cblr-11901	335	18	times	times	PROPN
cblr-11901	335	19	(	(	PUNCT
cblr-11901	335	20	july	july	PROPN
cblr-11901	335	21	8	8	NUM
cblr-11901	335	22	,	,	PUNCT
cblr-11901	335	23	2020	2020	NUM
cblr-11901	335	24	)	)	PUNCT
cblr-11901	335	25	,	,	PUNCT
cblr-11901	335	26	https://www.nytimes.com/2020/07/08/technology/robinhood-riskytrading.html	https://www.nytimes.com/2020/07/08/technology/robinhood-riskytrading.html	PROPN
cblr-11901	336	1	[	[	X
cblr-11901	336	2	https://perma.cc/rc5k-8a4n	https://perma.cc/rc5k-8a4n	X
cblr-11901	336	3	]	]	X
cblr-11901	336	4	.	.	PUNCT
cblr-11901	337	1	103	103	NUM
cblr-11901	337	2	matt	matt	PROPN
cblr-11901	337	3	levine	levine	PROPN
cblr-11901	337	4	,	,	PUNCT
cblr-11901	337	5	people	people	NOUN
cblr-11901	337	6	are	be	AUX
cblr-11901	337	7	worried	worried	ADJ
cblr-11901	337	8	about	about	ADP
cblr-11901	337	9	payment	payment	NOUN
cblr-11901	337	10	for	for	ADP
cblr-11901	337	11	order	order	NOUN
cblr-11901	337	12	flow	flow	NOUN
cblr-11901	337	13	,	,	PUNCT
cblr-11901	337	14	bloomberg	bloomberg	PROPN
cblr-11901	337	15	(	(	PUNCT
cblr-11901	337	16	february	february	PROPN
cblr-11901	337	17	5	5	NUM
cblr-11901	337	18	,	,	PUNCT
cblr-11901	337	19	2021	2021	NUM
cblr-11901	337	20	)	)	PUNCT
cblr-11901	337	21	(	(	PUNCT
cblr-11901	337	22	providing	provide	VERB
cblr-11901	337	23	a	a	DET
cblr-11901	337	24	detailed	detailed	ADJ
cblr-11901	337	25	explanation	explanation	NOUN
cblr-11901	337	26	about	about	ADP
cblr-11901	337	27	the	the	DET
cblr-11901	337	28	economics	economic	NOUN
cblr-11901	337	29	of	of	ADP
cblr-11901	337	30	pfof	pfof	PROPN
cblr-11901	337	31	)	)	PUNCT
cblr-11901	337	32	,	,	PUNCT
cblr-11901	337	33	https://www.bloomberg.com/opinion/articles/2021-0205/robinhood-gamestop-saga-pressures-payment-for-order-flow	https://www.bloomberg.com/opinion/articles/2021-0205/robinhood-gamestop-saga-pressures-payment-for-order-flow	PROPN
cblr-11901	338	1	[	[	X
cblr-11901	338	2	https://perma.cc/uwu5-3z5	https://perma.cc/uwu5-3z5	NOUN
cblr-11901	338	3	g	g	NOUN
cblr-11901	338	4	]	]	PUNCT
cblr-11901	338	5	.	.	PUNCT
cblr-11901	339	1	104	104	NUM
cblr-11901	339	2	the	the	DET
cblr-11901	339	3	sec	sec	PROPN
cblr-11901	339	4	has	have	AUX
cblr-11901	339	5	noted	note	VERB
cblr-11901	339	6	that	that	SCONJ
cblr-11901	339	7	“	"	PUNCT
cblr-11901	339	8	high	high	ADJ
cblr-11901	339	9	-	-	PUNCT
cblr-11901	339	10	frequency	frequency	NOUN
cblr-11901	339	11	traders	trader	NOUN
cblr-11901	339	12	”	"	PUNCT
cblr-11901	339	13	are	be	AUX
cblr-11901	339	14	hard	hard	ADJ
cblr-11901	339	15	to	to	PART
cblr-11901	339	16	define	define	VERB
cblr-11901	339	17	but	but	CCONJ
cblr-11901	339	18	generally	generally	ADV
cblr-11901	339	19	include	include	VERB
cblr-11901	339	20	firms	firm	NOUN
cblr-11901	339	21	that	that	SCONJ
cblr-11901	339	22	,	,	PUNCT
cblr-11901	339	23	among	among	ADP
cblr-11901	339	24	other	other	ADJ
cblr-11901	339	25	things	thing	NOUN
cblr-11901	339	26	use	use	VERB
cblr-11901	339	27	“	"	PUNCT
cblr-11901	339	28	extraordinarily	extraordinarily	ADV
cblr-11901	339	29	high	high	ADJ
cblr-11901	339	30	-	-	PUNCT
cblr-11901	339	31	speed	speed	NOUN
cblr-11901	339	32	and	and	CCONJ
cblr-11901	339	33	sophisticated	sophisticated	ADJ
cblr-11901	339	34	computer	computer	NOUN
cblr-11901	339	35	programs	program	NOUN
cblr-11901	339	36	for	for	ADP
cblr-11901	339	37	generating	generating	NOUN
cblr-11901	339	38	,	,	PUNCT
cblr-11901	339	39	routing	routing	NOUN
cblr-11901	339	40	,	,	PUNCT
cblr-11901	339	41	no	no	INTJ
cblr-11901	339	42	.	.	NOUN
cblr-11901	339	43	1	1	NUM
cblr-11901	339	44	]	]	PUNCT
cblr-11901	339	45	regulating	regulate	VERB
cblr-11901	339	46	democratized	democratized	ADJ
cblr-11901	339	47	finance	finance	NOUN
cblr-11901	339	48	511	511	NUM
cblr-11901	339	49	payments	payment	NOUN
cblr-11901	339	50	for	for	ADP
cblr-11901	339	51	this	this	DET
cblr-11901	339	52	“	"	PUNCT
cblr-11901	339	53	order	order	NOUN
cblr-11901	339	54	flow	flow	NOUN
cblr-11901	339	55	.	.	PUNCT
cblr-11901	340	1	”105	”105	ADJ
cblr-11901	340	2	the	the	DET
cblr-11901	340	3	internalizer	internalizer	NOUN
cblr-11901	340	4	profits	profit	NOUN
cblr-11901	340	5	from	from	ADP
cblr-11901	340	6	the	the	DET
cblr-11901	340	7	spread	spread	NOUN
cblr-11901	340	8	when	when	SCONJ
cblr-11901	340	9	connecting	connect	VERB
cblr-11901	340	10	buyers	buyer	NOUN
cblr-11901	340	11	and	and	CCONJ
cblr-11901	340	12	sellers	seller	NOUN
cblr-11901	340	13	(	(	PUNCT
cblr-11901	340	14	the	the	DET
cblr-11901	340	15	higher	high	ADJ
cblr-11901	340	16	price	price	NOUN
cblr-11901	340	17	the	the	DET
cblr-11901	340	18	internalizer	internalizer	NOUN
cblr-11901	340	19	receives	receive	VERB
cblr-11901	340	20	from	from	ADP
cblr-11901	340	21	a	a	DET
cblr-11901	340	22	buyer	buyer	NOUN
cblr-11901	340	23	less	less	ADJ
cblr-11901	340	24	the	the	DET
cblr-11901	340	25	lower	low	ADJ
cblr-11901	340	26	price	price	NOUN
cblr-11901	340	27	the	the	DET
cblr-11901	340	28	internalizer	internalizer	NOUN
cblr-11901	340	29	pays	pay	VERB
cblr-11901	340	30	for	for	ADP
cblr-11901	340	31	the	the	DET
cblr-11901	340	32	security	security	NOUN
cblr-11901	340	33	from	from	ADP
cblr-11901	340	34	the	the	DET
cblr-11901	340	35	seller	seller	NOUN
cblr-11901	340	36	)	)	PUNCT
cblr-11901	340	37	,	,	PUNCT
cblr-11901	340	38	less	less	ADV
cblr-11901	340	39	the	the	DET
cblr-11901	340	40	payments	payment	NOUN
cblr-11901	340	41	to	to	ADP
cblr-11901	340	42	the	the	DET
cblr-11901	340	43	broker	broker	NOUN
cblr-11901	340	44	-	-	PUNCT
cblr-11901	340	45	dealer.106	dealer.106	NOUN
cblr-11901	340	46	for	for	ADP
cblr-11901	340	47	broker	broker	NOUN
cblr-11901	340	48	-	-	PUNCT
cblr-11901	340	49	dealers	dealer	NOUN
cblr-11901	340	50	to	to	PART
cblr-11901	340	51	satisfy	satisfy	VERB
cblr-11901	340	52	their	their	PRON
cblr-11901	340	53	duty	duty	NOUN
cblr-11901	340	54	of	of	ADP
cblr-11901	340	55	best	good	ADJ
cblr-11901	340	56	execution	execution	NOUN
cblr-11901	340	57	,	,	PUNCT
cblr-11901	340	58	the	the	DET
cblr-11901	340	59	internalizer	internalizer	NOUN
cblr-11901	340	60	must	must	AUX
cblr-11901	340	61	provide	provide	VERB
cblr-11901	340	62	pricing	pricing	NOUN
cblr-11901	340	63	better	well	ADV
cblr-11901	340	64	than	than	ADP
cblr-11901	340	65	prices	price	NOUN
cblr-11901	340	66	quoted	quote	VERB
cblr-11901	340	67	on	on	ADP
cblr-11901	340	68	an	an	DET
cblr-11901	340	69	exchange.107	exchange.107	PROPN
cblr-11901	340	70	thus	thus	ADV
cblr-11901	340	71	,	,	PUNCT
cblr-11901	340	72	the	the	DET
cblr-11901	340	73	savings	saving	NOUN
cblr-11901	340	74	the	the	DET
cblr-11901	340	75	hft	hft	NOUN
cblr-11901	340	76	provides	provide	VERB
cblr-11901	340	77	relative	relative	ADJ
cblr-11901	340	78	to	to	ADP
cblr-11901	340	79	an	an	DET
cblr-11901	340	80	exchange	exchange	NOUN
cblr-11901	340	81	is	be	AUX
cblr-11901	340	82	split	split	VERB
cblr-11901	340	83	between	between	ADP
cblr-11901	340	84	the	the	DET
cblr-11901	340	85	hft	hft	PROPN
cblr-11901	340	86	,	,	PUNCT
cblr-11901	340	87	robinhood	robinhood	PROPN
cblr-11901	340	88	and	and	CCONJ
cblr-11901	340	89	the	the	DET
cblr-11901	340	90	investor.108	investor.108	NOUN
cblr-11901	340	91	a	a	DET
cblr-11901	340	92	large	large	ADJ
cblr-11901	340	93	portion	portion	NOUN
cblr-11901	340	94	of	of	ADP
cblr-11901	340	95	equity	equity	NOUN
cblr-11901	340	96	trading	trading	NOUN
cblr-11901	340	97	now	now	ADV
cblr-11901	340	98	occurs	occur	VERB
cblr-11901	340	99	through	through	ADP
cblr-11901	340	100	internalizersg.109	internalizersg.109	ADJ
cblr-11901	340	101	although	although	SCONJ
cblr-11901	340	102	the	the	DET
cblr-11901	340	103	investors	investor	NOUN
cblr-11901	340	104	’	'	PUNCT
cblr-11901	340	105	trades	trade	NOUN
cblr-11901	340	106	are	be	AUX
cblr-11901	340	107	not	not	PART
cblr-11901	340	108	“	"	PUNCT
cblr-11901	340	109	free	free	ADJ
cblr-11901	340	110	,	,	PUNCT
cblr-11901	340	111	”	"	PUNCT
cblr-11901	340	112	given	give	VERB
cblr-11901	340	113	costs	cost	NOUN
cblr-11901	340	114	paid	pay	VERB
cblr-11901	340	115	to	to	ADP
cblr-11901	340	116	the	the	DET
cblr-11901	340	117	broker	broker	NOUN
cblr-11901	340	118	-	-	PUNCT
cblr-11901	340	119	dealers	dealer	NOUN
cblr-11901	340	120	and	and	CCONJ
cblr-11901	340	121	the	the	DET
cblr-11901	340	122	internalizers	internalizer	NOUN
cblr-11901	340	123	,	,	PUNCT
cblr-11901	340	124	the	the	DET
cblr-11901	340	125	transaction	transaction	NOUN
cblr-11901	340	126	cost	cost	NOUN
cblr-11901	340	127	appears	appear	VERB
cblr-11901	340	128	“	"	PUNCT
cblr-11901	340	129	free	free	ADJ
cblr-11901	340	130	”	"	PUNCT
cblr-11901	340	131	given	give	VERB
cblr-11901	340	132	the	the	DET
cblr-11901	340	133	elimination	elimination	NOUN
cblr-11901	340	134	of	of	ADP
cblr-11901	340	135	commissions.110	commissions.110	NOUN
cblr-11901	340	136	in	in	ADP
cblr-11901	340	137	addition	addition	NOUN
cblr-11901	340	138	to	to	ADP
cblr-11901	340	139	popularizing	popularize	VERB
cblr-11901	340	140	“	"	PUNCT
cblr-11901	340	141	commission	commission	NOUN
cblr-11901	340	142	-	-	PUNCT
cblr-11901	340	143	free	free	ADJ
cblr-11901	340	144	”	"	PUNCT
cblr-11901	340	145	trading	trading	NOUN
cblr-11901	340	146	,	,	PUNCT
cblr-11901	340	147	the	the	DET
cblr-11901	340	148	company	company	NOUN
cblr-11901	340	149	also	also	ADV
cblr-11901	340	150	changed	change	VERB
cblr-11901	340	151	the	the	DET
cblr-11901	340	152	model	model	NOUN
cblr-11901	340	153	for	for	ADP
cblr-11901	340	154	broker	broker	NOUN
cblr-11901	340	155	-	-	PUNCT
cblr-11901	340	156	dealers	dealer	NOUN
cblr-11901	340	157	by	by	ADP
cblr-11901	340	158	introducing	introduce	VERB
cblr-11901	340	159	fractional	fractional	ADJ
cblr-11901	340	160	shares	share	NOUN
cblr-11901	340	161	,	,	PUNCT
cblr-11901	340	162	“	"	PUNCT
cblr-11901	340	163	gamification,”111	gamification,”111	NOUN
cblr-11901	340	164	and	and	CCONJ
cblr-11901	340	165	and	and	CCONJ
cblr-11901	340	166	executing	execute	VERB
cblr-11901	340	167	orders	order	NOUN
cblr-11901	340	168	.	.	PUNCT
cblr-11901	340	169	”	"	PUNCT
cblr-11901	341	1	concept	concept	NOUN
cblr-11901	341	2	release	release	NOUN
cblr-11901	341	3	on	on	ADP
cblr-11901	341	4	equity	equity	NOUN
cblr-11901	341	5	market	market	NOUN
cblr-11901	341	6	structure	structure	NOUN
cblr-11901	341	7	,	,	PUNCT
cblr-11901	341	8	exchange	exchange	NOUN
cblr-11901	341	9	act	act	NOUN
cblr-11901	341	10	release	release	VERB
cblr-11901	341	11	no	no	NOUN
cblr-11901	341	12	.	.	NOUN
cblr-11901	341	13	34	34	NUM
cblr-11901	341	14	-	-	SYM
cblr-11901	341	15	61358	61358	NUM
cblr-11901	341	16	;	;	PUNCT
cblr-11901	341	17	file	file	VERB
cblr-11901	341	18	no	no	PROPN
cblr-11901	341	19	.	.	PUNCT
cblr-11901	342	1	s7	s7	NOUN
cblr-11901	342	2	-	-	PUNCT
cblr-11901	342	3	02	02	NUM
cblr-11901	342	4	-	-	PUNCT
cblr-11901	342	5	10	10	NUM
cblr-11901	342	6	,	,	PUNCT
cblr-11901	342	7	45	45	NUM
cblr-11901	342	8	(	(	PUNCT
cblr-11901	342	9	jan	jan	PROPN
cblr-11901	342	10	.	.	PROPN
cblr-11901	342	11	14	14	NUM
cblr-11901	342	12	,	,	PUNCT
cblr-11901	342	13	2010	2010	NUM
cblr-11901	342	14	)	)	PUNCT
cblr-11901	342	15	.	.	PUNCT
cblr-11901	343	1	the	the	DET
cblr-11901	343	2	types	type	NOUN
cblr-11901	343	3	of	of	ADP
cblr-11901	343	4	strategies	strategy	NOUN
cblr-11901	343	5	employed	employ	VERB
cblr-11901	343	6	by	by	ADP
cblr-11901	343	7	hfts	hft	NOUN
cblr-11901	343	8	varies	vary	VERB
cblr-11901	343	9	considerably	considerably	ADV
cblr-11901	343	10	.	.	PUNCT
cblr-11901	344	1	i	i	PRON
cblr-11901	344	2	d.	d.	PROPN
cblr-11901	344	3	at	at	ADP
cblr-11901	344	4	46	46	NUM
cblr-11901	344	5	.	.	PUNCT
cblr-11901	345	1	105	105	NUM
cblr-11901	345	2	levine	levine	PROPN
cblr-11901	345	3	,	,	PUNCT
cblr-11901	345	4	supra	supra	PROPN
cblr-11901	345	5	note	note	PROPN
cblr-11901	345	6	103	103	NUM
cblr-11901	345	7	.	.	NOUN
cblr-11901	345	8	106	106	NUM
cblr-11901	346	1	i	i	PRON
cblr-11901	346	2	d.	d.	PROPN
cblr-11901	346	3	107	107	NUM
cblr-11901	347	1	i	i	PRON
cblr-11901	347	2	d.	d.	PROPN
cblr-11901	347	3	108	108	NUM
cblr-11901	348	1	i	i	PRON
cblr-11901	348	2	d.	d.	PROPN
cblr-11901	348	3	109	109	NUM
cblr-11901	348	4	matt	matt	PROPN
cblr-11901	348	5	levine	levine	PROPN
cblr-11901	348	6	,	,	PUNCT
cblr-11901	348	7	opinion	opinion	NOUN
cblr-11901	348	8	:	:	PUNCT
cblr-11901	348	9	the	the	DET
cblr-11901	348	10	sec	sec	PROPN
cblr-11901	348	11	wants	want	VERB
cblr-11901	348	12	more	more	ADJ
cblr-11901	348	13	stock	stock	NOUN
cblr-11901	348	14	auctions	auction	NOUN
cblr-11901	348	15	,	,	PUNCT
cblr-11901	348	16	bloomberg	bloomberg	PROPN
cblr-11901	348	17	(	(	PUNCT
cblr-11901	348	18	dec	dec	PROPN
cblr-11901	348	19	.	.	PROPN
cblr-11901	348	20	15	15	NUM
cblr-11901	348	21	,	,	PUNCT
cblr-11901	348	22	2022	2022	NUM
cblr-11901	348	23	)	)	PUNCT
cblr-11901	348	24	https://www.bloomberg.com/opinion/articles/2022-12-15/the-sec-wantsmore-stock-auctions	https://www.bloomberg.com/opinion/articles/2022-12-15/the-sec-wantsmore-stock-auction	NOUN
cblr-11901	348	25	[	[	X
cblr-11901	348	26	https://perma.cc/sle6-ferh	https://perma.cc/sle6-ferh	X
cblr-11901	348	27	]	]	X
cblr-11901	348	28	]	]	X
cblr-11901	348	29	110	110	NUM
cblr-11901	348	30	i	i	PROPN
cblr-11901	348	31	d.	d.	PROPN
cblr-11901	348	32	111	111	NUM
cblr-11901	348	33	gamification	gamification	NOUN
cblr-11901	348	34	refers	refer	VERB
cblr-11901	348	35	to	to	ADP
cblr-11901	348	36	the	the	DET
cblr-11901	348	37	design	design	NOUN
cblr-11901	348	38	of	of	ADP
cblr-11901	348	39	the	the	DET
cblr-11901	348	40	app	app	NOUN
cblr-11901	348	41	encouraging	encourage	VERB
cblr-11901	348	42	investment	investment	NOUN
cblr-11901	348	43	by	by	ADP
cblr-11901	348	44	making	make	VERB
cblr-11901	348	45	trading	trading	NOUN
cblr-11901	348	46	easier	easy	ADJ
cblr-11901	348	47	and	and	CCONJ
cblr-11901	348	48	more	more	ADJ
cblr-11901	348	49	‘	'	PUNCT
cblr-11901	348	50	fun	fun	NOUN
cblr-11901	348	51	’	'	PUNCT
cblr-11901	348	52	and	and	CCONJ
cblr-11901	348	53	communal	communal	ADJ
cblr-11901	348	54	–	–	PUNCT
cblr-11901	348	55	making	make	VERB
cblr-11901	348	56	it	it	PRON
cblr-11901	348	57	a	a	DET
cblr-11901	348	58	more	more	ADV
cblr-11901	348	59	appealing	appealing	ADJ
cblr-11901	348	60	customer	customer	NOUN
cblr-11901	348	61	experience	experience	NOUN
cblr-11901	348	62	and	and	CCONJ
cblr-11901	348	63	encouraging	encourage	VERB
cblr-11901	348	64	trading	trading	NOUN
cblr-11901	348	65	.	.	PUNCT
cblr-11901	349	1	misyrlena	misyrlena	PROPN
cblr-11901	349	2	egkolfopoulou	egkolfopoulou	PROPN
cblr-11901	349	3	,	,	PUNCT
cblr-11901	349	4	annie	annie	PROPN
cblr-11901	349	5	massa	massa	PROPN
cblr-11901	349	6	&	&	CCONJ
cblr-11901	349	7	anders	anders	PROPN
cblr-11901	349	8	melin	melin	PROPN
cblr-11901	349	9	,	,	PUNCT
cblr-11901	349	10	how	how	SCONJ
cblr-11901	349	11	robinhood	robinhood	PROPN
cblr-11901	349	12	made	make	VERB
cblr-11901	349	13	trading	trading	NOUN
cblr-11901	349	14	easy	easy	ADJ
cblr-11901	349	15	–	–	PUNCT
cblr-11901	349	16	and	and	CCONJ
cblr-11901	349	17	maybe	maybe	ADV
cblr-11901	349	18	even	even	ADV
cblr-11901	349	19	too	too	ADV
cblr-11901	349	20	hard	hard	ADJ
cblr-11901	349	21	to	to	PART
cblr-11901	349	22	resist	resist	VERB
cblr-11901	349	23	,	,	PUNCT
cblr-11901	349	24	bloomberg	bloomberg	PROPN
cblr-11901	349	25	(	(	PUNCT
cblr-11901	349	26	apr	apr	PROPN
cblr-11901	349	27	.	.	PROPN
cblr-11901	349	28	21	21	NUM
cblr-11901	349	29	,	,	PUNCT
cblr-11901	349	30	2021	2021	NUM
cblr-11901	349	31	)	)	PUNCT
cblr-11901	349	32	,	,	PUNCT
cblr-11901	349	33	https://www.bloomberg.com/features/2021-robinhood-stock-tradingdesign/	https://www.bloomberg.com/features/2021-robinhood-stock-tradingdesign/	X
cblr-11901	350	1	[	[	X
cblr-11901	350	2	https://perma.cc/3wkx-ww52	https://perma.cc/3wkx-ww52	X
cblr-11901	350	3	]	]	X
cblr-11901	350	4	;	;	PUNCT
cblr-11901	350	5	nick	nick	PROPN
cblr-11901	350	6	gallo	gallo	PROPN
cblr-11901	350	7	,	,	PUNCT
cblr-11901	350	8	robinhood	robinhood	PROPN
cblr-11901	350	9	and	and	CCONJ
cblr-11901	350	10	the	the	DET
cblr-11901	350	11	gamification	gamification	NOUN
cblr-11901	350	12	of	of	ADP
cblr-11901	350	13	investing	investing	PROPN
cblr-11901	350	14	,	,	PUNCT
cblr-11901	350	15	finmasters	finmasters	PROPN
cblr-11901	350	16	(	(	PUNCT
cblr-11901	350	17	jun	jun	PROPN
cblr-11901	350	18	.	.	PROPN
cblr-11901	350	19	29	29	NUM
cblr-11901	350	20	,	,	PUNCT
cblr-11901	350	21	2022	2022	NUM
cblr-11901	350	22	)	)	PUNCT
cblr-11901	350	23	,	,	PUNCT
cblr-11901	350	24	https://finmasters.com/gamification-of-investing/#gref	https://finmasters.com/gamification-of-investing/#gref	PROPN
cblr-11901	350	25	[	[	X
cblr-11901	350	26	https://perma.cc/99zu-uv65	https://perma.cc/99zu-uv65	X
cblr-11901	350	27	]	]	X
cblr-11901	350	28	512	512	NUM
cblr-11901	350	29	columbia	columbia	PROPN
cblr-11901	350	30	business	business	NOUN
cblr-11901	350	31	law	law	PROPN
cblr-11901	350	32	review	review	NOUN
cblr-11901	350	33	[	[	X
cblr-11901	350	34	vol	vol	NOUN
cblr-11901	350	35	.	.	PUNCT
cblr-11901	350	36	2023	2023	NUM
cblr-11901	350	37	community	community	NOUN
cblr-11901	350	38	-	-	PUNCT
cblr-11901	350	39	building	building	NOUN
cblr-11901	350	40	features112	features112	PROPN
cblr-11901	350	41	which	which	PRON
cblr-11901	350	42	led	lead	VERB
cblr-11901	350	43	to	to	ADP
cblr-11901	350	44	increased	increase	VERB
cblr-11901	350	45	retail	retail	ADJ
cblr-11901	350	46	market	market	NOUN
cblr-11901	350	47	participation.113	participation.113	NOUN
cblr-11901	350	48	2	2	NUM
cblr-11901	350	49	.	.	PUNCT
cblr-11901	350	50	regulation	regulation	NOUN
cblr-11901	350	51	as	as	ADP
cblr-11901	350	52	broker	broker	NOUN
cblr-11901	350	53	-	-	PUNCT
cblr-11901	350	54	dealers	dealer	NOUN
cblr-11901	350	55	relative	relative	ADJ
cblr-11901	350	56	to	to	ADP
cblr-11901	350	57	the	the	DET
cblr-11901	350	58	regulation	regulation	NOUN
cblr-11901	350	59	of	of	ADP
cblr-11901	350	60	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	350	61	,	,	PUNCT
cblr-11901	350	62	there	there	PRON
cblr-11901	350	63	is	be	VERB
cblr-11901	350	64	significantly	significantly	ADV
cblr-11901	350	65	less	less	ADJ
cblr-11901	350	66	uncertainty	uncertainty	NOUN
cblr-11901	350	67	around	around	ADP
cblr-11901	350	68	the	the	DET
cblr-11901	350	69	regulation	regulation	NOUN
cblr-11901	350	70	of	of	ADP
cblr-11901	350	71	online	online	ADJ
cblr-11901	350	72	retail	retail	ADJ
cblr-11901	350	73	broker	broker	NOUN
cblr-11901	350	74	-	-	PUNCT
cblr-11901	350	75	dealers	dealer	NOUN
cblr-11901	350	76	.	.	PUNCT
cblr-11901	351	1	online	online	ADJ
cblr-11901	351	2	retail	retail	ADJ
cblr-11901	351	3	brokers	broker	NOUN
cblr-11901	351	4	are	be	AUX
cblr-11901	351	5	accepted	accept	VERB
cblr-11901	351	6	as	as	ADP
cblr-11901	351	7	broker	broker	NOUN
cblr-11901	351	8	-	-	PUNCT
cblr-11901	351	9	dealers	dealer	NOUN
cblr-11901	351	10	under	under	ADP
cblr-11901	351	11	the	the	DET
cblr-11901	351	12	exchange	exchange	NOUN
cblr-11901	351	13	act.114	act.114	NOUN
cblr-11901	351	14	there	there	PRON
cblr-11901	351	15	is	be	VERB
cblr-11901	351	16	debate	debate	NOUN
cblr-11901	351	17	,	,	PUNCT
cblr-11901	351	18	however	however	ADV
cblr-11901	351	19	,	,	PUNCT
cblr-11901	351	20	about	about	ADP
cblr-11901	351	21	whether	whether	SCONJ
cblr-11901	351	22	and	and	CCONJ
cblr-11901	351	23	how	how	SCONJ
cblr-11901	351	24	changes	change	NOUN
cblr-11901	351	25	to	to	ADP
cblr-11901	351	26	the	the	DET
cblr-11901	351	27	brokerdealers	brokerdealer	NOUN
cblr-11901	351	28	’	’	PART
cblr-11901	351	29	model	model	NOUN
cblr-11901	351	30	should	should	AUX
cblr-11901	351	31	impact	impact	VERB
cblr-11901	351	32	new	new	ADJ
cblr-11901	351	33	market	market	NOUN
cblr-11901	351	34	structure	structure	NOUN
cblr-11901	351	35	regulations.115	regulations.115	NOUN
cblr-11901	351	36	as	as	ADP
cblr-11901	351	37	pfof	pfof	PROPN
cblr-11901	351	38	has	have	AUX
cblr-11901	351	39	become	become	VERB
cblr-11901	351	40	more	more	ADV
cblr-11901	351	41	central	central	ADJ
cblr-11901	351	42	to	to	ADP
cblr-11901	351	43	online	online	ADJ
cblr-11901	351	44	retail	retail	ADJ
cblr-11901	351	45	brokers	broker	NOUN
cblr-11901	351	46	’	’	PART
cblr-11901	351	47	business	business	NOUN
cblr-11901	351	48	models	model	NOUN
cblr-11901	351	49	,	,	PUNCT
cblr-11901	351	50	criticisms	criticism	NOUN
cblr-11901	351	51	of	of	ADP
cblr-11901	351	52	the	the	DET
cblr-11901	351	53	practice	practice	NOUN
cblr-11901	351	54	increased.116	increased.116	VERB
cblr-11901	351	55	some	some	DET
cblr-11901	351	56	argue	argue	VERB
cblr-11901	351	57	that	that	SCONJ
cblr-11901	351	58	these	these	DET
cblr-11901	351	59	payments	payment	NOUN
cblr-11901	351	60	create	create	VERB
cblr-11901	351	61	a	a	DET
cblr-11901	351	62	conflict	conflict	NOUN
cblr-11901	351	63	of	of	ADP
cblr-11901	351	64	interest117	interest117	PROPN
cblr-11901	351	65	where	where	SCONJ
cblr-11901	351	66	broker	broker	NOUN
cblr-11901	351	67	-	-	PUNCT
cblr-11901	351	68	dealers	dealer	NOUN
cblr-11901	351	69	may	may	AUX
cblr-11901	351	70	display	display	VERB
cblr-11901	351	71	a	a	DET
cblr-11901	351	72	preference	preference	NOUN
cblr-11901	351	73	for	for	ADP
cblr-11901	351	74	the	the	DET
cblr-11901	351	75	large	large	ADJ
cblr-11901	351	76	institution	institution	NOUN
cblr-11901	351	77	internalizing	internalize	VERB
cblr-11901	351	78	the	the	DET
cblr-11901	351	79	trades	trade	NOUN
cblr-11901	351	80	to	to	ADP
cblr-11901	351	81	the	the	DET
cblr-11901	351	82	detriment	detriment	NOUN
cblr-11901	351	83	of	of	ADP
cblr-11901	351	84	retail	retail	ADJ
cblr-11901	351	85	112	112	NUM
cblr-11901	351	86	annie	annie	NOUN
cblr-11901	351	87	massa	massa	PROPN
cblr-11901	351	88	&	&	CCONJ
cblr-11901	351	89	tracy	tracy	PROPN
cblr-11901	351	90	alloway	alloway	PROPN
cblr-11901	351	91	,	,	PUNCT
cblr-11901	351	92	robinhood	robinhood	PROPN
cblr-11901	351	93	,	,	PUNCT
cblr-11901	351	94	meme	meme	NOUN
cblr-11901	351	95	stocks	stock	NOUN
cblr-11901	351	96	and	and	CCONJ
cblr-11901	351	97	investing	invest	VERB
cblr-11901	351	98	as	as	ADP
cblr-11901	351	99	a	a	DET
cblr-11901	351	100	game	game	NOUN
cblr-11901	351	101	:	:	PUNCT
cblr-11901	351	102	quicktake	quicktake	NOUN
cblr-11901	351	103	,	,	PUNCT
cblr-11901	351	104	bloomberg	bloomberg	PROPN
cblr-11901	351	105	law	law	NOUN
cblr-11901	351	106	(	(	PUNCT
cblr-11901	351	107	july	july	PROPN
cblr-11901	351	108	16	16	NUM
cblr-11901	351	109	,	,	PUNCT
cblr-11901	351	110	2021	2021	NUM
cblr-11901	351	111	)	)	PUNCT
cblr-11901	351	112	,	,	PUNCT
cblr-11901	351	113	https://www.bloomberglaw.com/product/blaw/document/qwalirt0g1kz	https://www.bloomberglaw.com/product/blaw/document/qwalirt0g1kz	VERB
cblr-11901	351	114	?	?	PUNCT
cblr-11901	352	1	criteria_id=26c0b4f61119e8047271dedaf01bfc90&searchguid=3f68b00aec%e2%80%a6	criteria_id=26c0b4f61119e8047271dedaf01bfc90&searchguid=3f68b00aec%e2%80%a6	NUM
cblr-11901	353	1	[	[	X
cblr-11901	353	2	https://perma.cc/u5a5-mylq	https://perma.cc/u5a5-mylq	NOUN
cblr-11901	353	3	]	]	PUNCT
cblr-11901	353	4	.	.	PUNCT
cblr-11901	354	1	113	113	NUM
cblr-11901	354	2	see	see	VERB
cblr-11901	354	3	alexander	alexander	PROPN
cblr-11901	354	4	osipovich	osipovich	PROPN
cblr-11901	354	5	,	,	PUNCT
cblr-11901	354	6	individual	individual	ADJ
cblr-11901	354	7	-	-	PUNCT
cblr-11901	354	8	investor	investor	NOUN
cblr-11901	354	9	boom	boom	NOUN
cblr-11901	354	10	reshapes	reshape	VERB
cblr-11901	354	11	u.s	u.s	PROPN
cblr-11901	354	12	.	.	PROPN
cblr-11901	354	13	stock	stock	NOUN
cblr-11901	354	14	market	market	NOUN
cblr-11901	354	15	,	,	PUNCT
cblr-11901	354	16	wall	wall	PROPN
cblr-11901	354	17	st	st	PROPN
cblr-11901	354	18	.	.	PROPN
cblr-11901	354	19	j.	j.	PROPN
cblr-11901	354	20	(	(	PUNCT
cblr-11901	354	21	aug	aug	PROPN
cblr-11901	354	22	.	.	PROPN
cblr-11901	354	23	31	31	NUM
cblr-11901	354	24	,	,	PUNCT
cblr-11901	354	25	2020	2020	NUM
cblr-11901	354	26	)	)	PUNCT
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cblr-11901	355	1	[	[	X
cblr-11901	355	2	https://perma.cc/7n7e-bf5h	https://perma.cc/7n7e-bf5h	X
cblr-11901	355	3	]	]	PUNCT
cblr-11901	355	4	.	.	PUNCT
cblr-11901	356	1	114	114	NUM
cblr-11901	356	2	siqi	siqi	PROPN
cblr-11901	356	3	wang	wang	PROPN
cblr-11901	356	4	,	,	PUNCT
cblr-11901	356	5	consumers	consumer	NOUN
cblr-11901	356	6	beware	beware	VERB
cblr-11901	356	7	:	:	PUNCT
cblr-11901	356	8	how	how	SCONJ
cblr-11901	356	9	are	be	AUX
cblr-11901	356	10	your	your	PRON
cblr-11901	356	11	favorite	favorite	ADJ
cblr-11901	356	12	“	"	PUNCT
cblr-11901	356	13	free	free	ADJ
cblr-11901	356	14	”	"	PUNCT
cblr-11901	356	15	investment	investment	NOUN
cblr-11901	356	16	apps	app	NOUN
cblr-11901	356	17	regulated	regulate	VERB
cblr-11901	356	18	?	?	PUNCT
cblr-11901	356	19	,	,	PUNCT
cblr-11901	356	20	19	19	NUM
cblr-11901	356	21	duke	duke	PROPN
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cblr-11901	356	23	&	&	CCONJ
cblr-11901	356	24	tech	tech	PROPN
cblr-11901	356	25	.	.	PUNCT
cblr-11901	357	1	rev	rev	PROPN
cblr-11901	357	2	.	.	PROPN
cblr-11901	357	3	43	43	NUM
cblr-11901	357	4	,	,	PUNCT
cblr-11901	357	5	48	48	NUM
cblr-11901	357	6	(	(	PUNCT
cblr-11901	357	7	2021	2021	NUM
cblr-11901	357	8	)	)	PUNCT
cblr-11901	357	9	;	;	PUNCT
cblr-11901	357	10	see	see	VERB
cblr-11901	357	11	also	also	ADV
cblr-11901	357	12	robinhood	robinhood	PROPN
cblr-11901	357	13	prospectus	prospectus	PROPN
cblr-11901	357	14	,	,	PUNCT
cblr-11901	357	15	supra	supra	PROPN
cblr-11901	357	16	note	note	NOUN
cblr-11901	357	17	6	6	NUM
cblr-11901	357	18	,	,	PUNCT
cblr-11901	357	19	at	at	ADP
cblr-11901	357	20	7	7	NUM
cblr-11901	357	21	(	(	PUNCT
cblr-11901	357	22	describing	describe	VERB
cblr-11901	357	23	the	the	DET
cblr-11901	357	24	robinhood	robinhood	PROPN
cblr-11901	357	25	platform	platform	PROPN
cblr-11901	357	26	and	and	CCONJ
cblr-11901	357	27	noting	note	VERB
cblr-11901	357	28	the	the	DET
cblr-11901	357	29	use	use	NOUN
cblr-11901	357	30	of	of	ADP
cblr-11901	357	31	subsidiaries	subsidiary	NOUN
cblr-11901	357	32	which	which	PRON
cblr-11901	357	33	are	be	AUX
cblr-11901	357	34	licensed	license	VERB
cblr-11901	357	35	brokerdealers	brokerdealer	NOUN
cblr-11901	357	36	)	)	PUNCT
cblr-11901	357	37	;	;	PUNCT
cblr-11901	357	38	see	see	VERB
cblr-11901	357	39	also	also	ADV
cblr-11901	357	40	in	in	ADP
cblr-11901	357	41	re	re	PROPN
cblr-11901	357	42	robinhood	robinhood	PROPN
cblr-11901	357	43	financial	financial	PROPN
cblr-11901	357	44	,	,	PUNCT
cblr-11901	357	45	llc	llc	PROPN
cblr-11901	357	46	,	,	PUNCT
cblr-11901	357	47	exchange	exchange	NOUN
cblr-11901	357	48	act	act	PROPN
cblr-11901	357	49	release	release	VERB
cblr-11901	357	50	no	no	PRON
cblr-11901	357	51	.	.	NOUN
cblr-11901	357	52	92591	92591	NUM
cblr-11901	357	53	,	,	PUNCT
cblr-11901	357	54	file	file	VERB
cblr-11901	357	55	no	no	PRON
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cblr-11901	358	1	3	3	NUM
cblr-11901	358	2	-	-	SYM
cblr-11901	358	3	20171	20171	NUM
cblr-11901	358	4	(	(	PUNCT
cblr-11901	358	5	aug	aug	PROPN
cblr-11901	358	6	.	.	PROPN
cblr-11901	358	7	6	6	NUM
cblr-11901	358	8	,	,	PUNCT
cblr-11901	358	9	2021)(describing	2021)(describe	VERB
cblr-11901	358	10	robinhood	robinhood	PROPN
cblr-11901	358	11	as	as	ADP
cblr-11901	358	12	“	"	PUNCT
cblr-11901	358	13	one	one	NUM
cblr-11901	358	14	of	of	ADP
cblr-11901	358	15	the	the	DET
cblr-11901	358	16	largest	large	ADJ
cblr-11901	358	17	broker	broker	NOUN
cblr-11901	358	18	-	-	PUNCT
cblr-11901	358	19	dealers	dealer	NOUN
cblr-11901	358	20	”	"	PUNCT
cblr-11901	358	21	)	)	PUNCT
cblr-11901	358	22	.	.	PUNCT
cblr-11901	359	1	115	115	NUM
cblr-11901	359	2	ben	ben	PROPN
cblr-11901	359	3	bain	bain	PROPN
cblr-11901	359	4	,	,	PUNCT
cblr-11901	359	5	sec	sec	PROPN
cblr-11901	359	6	chairman	chairman	NOUN
cblr-11901	359	7	proposes	propose	VERB
cblr-11901	359	8	review	review	NOUN
cblr-11901	359	9	of	of	ADP
cblr-11901	359	10	u.s	u.s	PROPN
cblr-11901	359	11	.	.	PROPN
cblr-11901	359	12	stock	stock	NOUN
cblr-11901	359	13	trading	trading	NOUN
cblr-11901	359	14	rules	rule	NOUN
cblr-11901	359	15	,	,	PUNCT
cblr-11901	359	16	bloomberg	bloomberg	PROPN
cblr-11901	359	17	law	law	NOUN
cblr-11901	359	18	(	(	PUNCT
cblr-11901	359	19	june	june	PROPN
cblr-11901	359	20	9	9	NUM
cblr-11901	359	21	,	,	PUNCT
cblr-11901	359	22	2021	2021	NUM
cblr-11901	359	23	)	)	PUNCT
cblr-11901	359	24	,	,	PUNCT
cblr-11901	359	25	https://www.bloomberglaw.com/document/quga6ldwlu6	https://www.bloomberglaw.com/document/quga6ldwlu6	PROPN
cblr-11901	359	26	g	g	PROPN
cblr-11901	359	27	[	[	X
cblr-11901	359	28	https://perma.cc/sc6b-94e4	https://perma.cc/sc6b-94e4	X
cblr-11901	359	29	]	]	X
cblr-11901	359	30	.	.	PUNCT
cblr-11901	360	1	116	116	NUM
cblr-11901	360	2	levine	levine	PROPN
cblr-11901	360	3	,	,	PUNCT
cblr-11901	360	4	supra	supra	PROPN
cblr-11901	360	5	note	note	NOUN
cblr-11901	360	6	109	109	NUM
cblr-11901	360	7	.	.	PUNCT
cblr-11901	360	8	117	117	NUM
cblr-11901	360	9	this	this	DET
cblr-11901	360	10	same	same	ADJ
cblr-11901	360	11	concern	concern	NOUN
cblr-11901	360	12	preceded	precede	VERB
cblr-11901	360	13	robinhood	robinhood	PROPN
cblr-11901	360	14	in	in	ADP
cblr-11901	360	15	suits	suit	NOUN
cblr-11901	360	16	against	against	ADP
cblr-11901	360	17	other	other	ADJ
cblr-11901	360	18	online	online	ADJ
cblr-11901	360	19	brokerage	brokerage	NOUN
cblr-11901	360	20	firms	firm	NOUN
cblr-11901	360	21	that	that	PRON
cblr-11901	360	22	utilized	utilize	VERB
cblr-11901	360	23	payment	payment	NOUN
cblr-11901	360	24	for	for	ADP
cblr-11901	360	25	order	order	NOUN
cblr-11901	360	26	flow	flow	NOUN
cblr-11901	360	27	.	.	PUNCT
cblr-11901	361	1	see	see	VERB
cblr-11901	361	2	,	,	PUNCT
cblr-11901	361	3	e.g.	e.g.	ADV
cblr-11901	361	4	,	,	PUNCT
cblr-11901	361	5	rayner	rayner	PROPN
cblr-11901	361	6	v.	v.	PROPN
cblr-11901	361	7	e*trade	e*trade	PROPN
cblr-11901	362	1	fin	fin	PROPN
cblr-11901	362	2	.	.	PUNCT
cblr-11901	362	3	corp	corp	PROPN
cblr-11901	362	4	.	.	PROPN
cblr-11901	362	5	,	,	PUNCT
cblr-11901	362	6	248	248	NUM
cblr-11901	362	7	f.	f.	PROPN
cblr-11901	362	8	supp	supp	PROPN
cblr-11901	362	9	.	.	PUNCT
cblr-11901	363	1	3d	3d	NOUN
cblr-11901	363	2	497	497	NUM
cblr-11901	363	3	,	,	PUNCT
cblr-11901	363	4	505	505	NUM
cblr-11901	363	5	(	(	PUNCT
cblr-11901	363	6	s.d.n.y	s.d.n.y	PROPN
cblr-11901	363	7	.	.	PROPN
cblr-11901	363	8	2017	2017	NUM
cblr-11901	363	9	)	)	PUNCT
cblr-11901	363	10	,	,	PUNCT
cblr-11901	363	11	aff’d	aff’d	VERB
cblr-11901	363	12	,	,	PUNCT
cblr-11901	363	13	899	899	NUM
cblr-11901	363	14	f.3d	f.3d	NUM
cblr-11901	363	15	117	117	NUM
cblr-11901	363	16	(	(	PUNCT
cblr-11901	363	17	2d	2d	NUM
cblr-11901	363	18	cir	cir	NOUN
cblr-11901	363	19	.	.	PROPN
cblr-11901	363	20	2018	2018	NUM
cblr-11901	363	21	)	)	PUNCT
cblr-11901	363	22	.	.	PUNCT
cblr-11901	364	1	no	no	INTJ
cblr-11901	364	2	.	.	NOUN
cblr-11901	364	3	1	1	NUM
cblr-11901	364	4	]	]	PUNCT
cblr-11901	364	5	regulating	regulate	VERB
cblr-11901	364	6	democratized	democratized	ADJ
cblr-11901	364	7	finance	finance	NOUN
cblr-11901	364	8	513	513	NUM
cblr-11901	364	9	customers.118	customers.118	NOUN
cblr-11901	364	10	others	other	NOUN
cblr-11901	364	11	disagree	disagree	VERB
cblr-11901	364	12	,	,	PUNCT
cblr-11901	364	13	arguing	argue	VERB
cblr-11901	364	14	that	that	SCONJ
cblr-11901	364	15	customers	customer	NOUN
cblr-11901	364	16	ultimately	ultimately	ADV
cblr-11901	364	17	benefit	benefit	VERB
cblr-11901	364	18	from	from	ADP
cblr-11901	364	19	pfof	pfof	NOUN
cblr-11901	364	20	through	through	ADP
cblr-11901	364	21	increased	increase	VERB
cblr-11901	364	22	efficiency.119	efficiency.119	PRON
cblr-11901	364	23	the	the	DET
cblr-11901	364	24	sec	sec	PROPN
cblr-11901	364	25	responded	respond	VERB
cblr-11901	364	26	to	to	ADP
cblr-11901	364	27	this	this	DET
cblr-11901	364	28	debate	debate	NOUN
cblr-11901	364	29	in	in	ADP
cblr-11901	364	30	december	december	PROPN
cblr-11901	364	31	2022	2022	NUM
cblr-11901	364	32	by	by	ADP
cblr-11901	364	33	proposing	propose	VERB
cblr-11901	364	34	a	a	DET
cblr-11901	364	35	new	new	ADJ
cblr-11901	364	36	best	good	ADJ
cblr-11901	364	37	execution	execution	NOUN
cblr-11901	364	38	rule.120	rule.120	ADP
cblr-11901	364	39	the	the	DET
cblr-11901	364	40	proposed	propose	VERB
cblr-11901	364	41	rule	rule	NOUN
cblr-11901	364	42	is	be	AUX
cblr-11901	364	43	the	the	DET
cblr-11901	364	44	latest	late	ADJ
cblr-11901	364	45	update	update	NOUN
cblr-11901	364	46	to	to	ADP
cblr-11901	364	47	the	the	DET
cblr-11901	364	48	national	national	ADJ
cblr-11901	364	49	market	market	NOUN
cblr-11901	364	50	system	system	NOUN
cblr-11901	364	51	regulations	regulation	NOUN
cblr-11901	364	52	,	,	PUNCT
cblr-11901	364	53	reviewed	review	VERB
cblr-11901	364	54	in	in	ADP
cblr-11901	364	55	section	section	NOUN
cblr-11901	364	56	ii.b	ii.b	NOUN
cblr-11901	364	57	,	,	PUNCT
cblr-11901	364	58	and	and	CCONJ
cblr-11901	364	59	would	would	AUX
cblr-11901	364	60	dramatically	dramatically	ADV
cblr-11901	364	61	alter	alter	VERB
cblr-11901	364	62	online	online	PROPN
cblr-11901	364	63	broker	broker	PROPN
cblr-11901	364	64	dealers	dealer	NOUN
cblr-11901	364	65	’	’	PART
cblr-11901	364	66	use	use	NOUN
cblr-11901	364	67	of	of	ADP
cblr-11901	364	68	pfof	pfof	NOUN
cblr-11901	364	69	,	,	PUNCT
cblr-11901	364	70	an	an	DET
cblr-11901	364	71	area	area	NOUN
cblr-11901	364	72	with	with	ADP
cblr-11901	364	73	little	little	ADJ
cblr-11901	364	74	current	current	ADJ
cblr-11901	364	75	regulation	regulation	NOUN
cblr-11901	364	76	apart	apart	ADV
cblr-11901	364	77	from	from	ADP
cblr-11901	364	78	disclosure	disclosure	NOUN
cblr-11901	364	79	requirements.121	requirements.121	VERB
cblr-11901	364	80	the	the	DET
cblr-11901	364	81	goal	goal	NOUN
cblr-11901	364	82	,	,	PUNCT
cblr-11901	364	83	as	as	ADP
cblr-11901	364	84	with	with	ADP
cblr-11901	364	85	other	other	ADJ
cblr-11901	364	86	national	national	ADJ
cblr-11901	364	87	market	market	NOUN
cblr-11901	364	88	system	system	NOUN
cblr-11901	364	89	regulations	regulation	NOUN
cblr-11901	364	90	,	,	PUNCT
cblr-11901	364	91	is	be	AUX
cblr-11901	364	92	to	to	PART
cblr-11901	364	93	promote	promote	VERB
cblr-11901	364	94	fairness	fairness	NOUN
cblr-11901	364	95	and	and	CCONJ
cblr-11901	364	96	trust	trust	NOUN
cblr-11901	364	97	in	in	ADP
cblr-11901	364	98	markets	market	NOUN
cblr-11901	364	99	through	through	ADP
cblr-11901	364	100	encouraging	encourage	VERB
cblr-11901	364	101	competition	competition	NOUN
cblr-11901	364	102	and	and	CCONJ
cblr-11901	364	103	transparency	transparency	NOUN
cblr-11901	364	104	of	of	ADP
cblr-11901	364	105	customer	customer	NOUN
cblr-11901	364	106	transactions.122	transactions.122	PROPN
cblr-11901	364	107	a	a	DET
cblr-11901	364	108	key	key	ADJ
cblr-11901	364	109	proposed	propose	VERB
cblr-11901	364	110	change	change	NOUN
cblr-11901	364	111	would	would	AUX
cblr-11901	364	112	be	be	AUX
cblr-11901	364	113	to	to	PART
cblr-11901	364	114	require	require	VERB
cblr-11901	364	115	auctions	auction	NOUN
cblr-11901	364	116	among	among	ADP
cblr-11901	364	117	internalizers	internalizer	NOUN
cblr-11901	364	118	for	for	ADP
cblr-11901	364	119	customer	customer	NOUN
cblr-11901	364	120	orders	order	NOUN
cblr-11901	364	121	which	which	PRON
cblr-11901	364	122	could	could	AUX
cblr-11901	364	123	limit	limit	VERB
cblr-11901	364	124	the	the	DET
cblr-11901	364	125	payments	payment	NOUN
cblr-11901	364	126	for	for	ADP
cblr-11901	364	127	such	such	ADJ
cblr-11901	364	128	orders	order	NOUN
cblr-11901	364	129	to	to	ADP
cblr-11901	364	130	dealers	dealer	NOUN
cblr-11901	364	131	such	such	ADJ
cblr-11901	364	132	as	as	ADP
cblr-11901	364	133	robinhood.123	robinhood.123	NOUN
cblr-11901	364	134	this	this	PRON
cblr-11901	364	135	would	would	AUX
cblr-11901	364	136	aim	aim	VERB
cblr-11901	364	137	to	to	PART
cblr-11901	364	138	remove	remove	VERB
cblr-11901	364	139	the	the	DET
cblr-11901	364	140	potential	potential	NOUN
cblr-11901	364	141	for	for	ADP
cblr-11901	364	142	a	a	DET
cblr-11901	364	143	conflict	conflict	NOUN
cblr-11901	364	144	of	of	ADP
cblr-11901	364	145	interest	interest	NOUN
cblr-11901	364	146	and	and	CCONJ
cblr-11901	364	147	less	less	ADJ
cblr-11901	364	148	-	-	PUNCT
cblr-11901	364	149	than	than	ADP
cblr-11901	364	150	optimal	optimal	ADJ
cblr-11901	364	151	execution	execution	NOUN
cblr-11901	364	152	for	for	ADP
cblr-11901	364	153	customer	customer	NOUN
cblr-11901	364	154	orders.124	orders.124	NOUN
cblr-11901	364	155	the	the	DET
cblr-11901	364	156	proposed	propose	VERB
cblr-11901	364	157	rule	rule	NOUN
cblr-11901	364	158	has	have	AUX
cblr-11901	364	159	been	be	AUX
cblr-11901	364	160	criticized	criticize	VERB
cblr-11901	364	161	by	by	ADP
cblr-11901	364	162	internalizers	internalizer	NOUN
cblr-11901	364	163	who	who	PRON
cblr-11901	364	164	focus	focus	VERB
cblr-11901	364	165	on	on	ADP
cblr-11901	364	166	potential	potential	ADJ
cblr-11901	364	167	harms	harm	NOUN
cblr-11901	364	168	the	the	DET
cblr-11901	364	169	regulation	regulation	NOUN
cblr-11901	364	170	may	may	AUX
cblr-11901	364	171	have	have	VERB
cblr-11901	364	172	on	on	ADP
cblr-11901	364	173	liquidity	liquidity	NOUN
cblr-11901	364	174	and	and	CCONJ
cblr-11901	364	175	retail	retail	ADJ
cblr-11901	364	176	investors.125	investors.125	NOUN
cblr-11901	364	177	in	in	ADP
cblr-11901	364	178	sum	sum	NOUN
cblr-11901	364	179	,	,	PUNCT
cblr-11901	364	180	the	the	DET
cblr-11901	364	181	change	change	NOUN
cblr-11901	364	182	in	in	ADP
cblr-11901	364	183	online	online	ADJ
cblr-11901	364	184	retail	retail	ADJ
cblr-11901	364	185	broker	broker	NOUN
cblr-11901	364	186	-	-	PUNCT
cblr-11901	364	187	dealers	dealer	NOUN
cblr-11901	364	188	’	’	PART
cblr-11901	364	189	business	business	NOUN
cblr-11901	364	190	models	model	NOUN
cblr-11901	364	191	has	have	AUX
cblr-11901	364	192	led	lead	VERB
cblr-11901	364	193	to	to	ADP
cblr-11901	364	194	calls	call	NOUN
cblr-11901	364	195	,	,	PUNCT
cblr-11901	364	196	and	and	CCONJ
cblr-11901	364	197	ultimately	ultimately	ADV
cblr-11901	364	198	a	a	DET
cblr-11901	364	199	proposal	proposal	NOUN
cblr-11901	364	200	,	,	PUNCT
cblr-11901	364	201	for	for	ADP
cblr-11901	364	202	new	new	ADJ
cblr-11901	364	203	118	118	NUM
cblr-11901	364	204	rayner	rayner	NOUN
cblr-11901	364	205	,	,	PUNCT
cblr-11901	364	206	248	248	NUM
cblr-11901	364	207	f.	f.	PROPN
cblr-11901	364	208	supp	supp	PROPN
cblr-11901	364	209	.	.	PUNCT
cblr-11901	365	1	3d	3d	PROPN
cblr-11901	365	2	at	at	ADP
cblr-11901	365	3	505	505	NUM
cblr-11901	365	4	.	.	PUNCT
cblr-11901	365	5	119	119	NUM
cblr-11901	366	1	the	the	DET
cblr-11901	366	2	perils	peril	NOUN
cblr-11901	366	3	of	of	ADP
cblr-11901	366	4	payment	payment	NOUN
cblr-11901	366	5	for	for	ADP
cblr-11901	366	6	order	order	NOUN
cblr-11901	366	7	flow	flow	NOUN
cblr-11901	366	8	,	,	PUNCT
cblr-11901	366	9	107	107	NUM
cblr-11901	366	10	harv	harv	NOUN
cblr-11901	366	11	.	.	PUNCT
cblr-11901	367	1	l.	l.	PROPN
cblr-11901	367	2	rev	rev	PROPN
cblr-11901	367	3	.	.	PROPN
cblr-11901	367	4	1675	1675	NUM
cblr-11901	367	5	,	,	PUNCT
cblr-11901	367	6	1677–78	1677–78	NUM
cblr-11901	367	7	(	(	PUNCT
cblr-11901	367	8	1994	1994	NUM
cblr-11901	367	9	)	)	PUNCT
cblr-11901	367	10	.	.	PUNCT
cblr-11901	368	1	120	120	NUM
cblr-11901	368	2	see	see	VERB
cblr-11901	368	3	regulation	regulation	NOUN
cblr-11901	368	4	best	good	ADJ
cblr-11901	368	5	execution	execution	NOUN
cblr-11901	368	6	,	,	PUNCT
cblr-11901	368	7	88	88	NUM
cblr-11901	368	8	fed	feed	VERB
cblr-11901	368	9	.	.	PUNCT
cblr-11901	369	1	reg	reg	PROPN
cblr-11901	369	2	.	.	PUNCT
cblr-11901	369	3	5440	5440	NUM
cblr-11901	369	4	(	(	PUNCT
cblr-11901	369	5	proposed	propose	VERB
cblr-11901	369	6	jan	jan	PROPN
cblr-11901	369	7	.	.	PROPN
cblr-11901	369	8	27	27	NUM
cblr-11901	369	9	,	,	PUNCT
cblr-11901	369	10	2023	2023	NUM
cblr-11901	369	11	)	)	PUNCT
cblr-11901	369	12	(	(	PUNCT
cblr-11901	369	13	to	to	PART
cblr-11901	369	14	be	be	AUX
cblr-11901	369	15	codified	codify	VERB
cblr-11901	369	16	at	at	ADP
cblr-11901	369	17	17	17	NUM
cblr-11901	369	18	c.f.r	c.f.r	NOUN
cblr-11901	369	19	.	.	PUNCT
cblr-11901	370	1	pt	pt	PROPN
cblr-11901	370	2	.	.	PROPN
cblr-11901	370	3	240	240	NUM
cblr-11901	370	4	and	and	CCONJ
cblr-11901	370	5	17	17	NUM
cblr-11901	370	6	c.f.r	c.f.r	NOUN
cblr-11901	370	7	.	.	PUNCT
cblr-11901	371	1	pt	pt	PROPN
cblr-11901	371	2	.	.	PROPN
cblr-11901	371	3	242	242	NUM
cblr-11901	371	4	)	)	PUNCT
cblr-11901	371	5	;	;	PUNCT
cblr-11901	371	6	see	see	VERB
cblr-11901	371	7	also	also	ADV
cblr-11901	371	8	press	press	NOUN
cblr-11901	371	9	release	release	NOUN
cblr-11901	371	10	,	,	PUNCT
cblr-11901	371	11	sec	sec	PROPN
cblr-11901	371	12	,	,	PUNCT
cblr-11901	371	13	sec	sec	PROPN
cblr-11901	371	14	proposes	propose	VERB
cblr-11901	371	15	regulation	regulation	NOUN
cblr-11901	371	16	best	good	ADJ
cblr-11901	371	17	execution	execution	NOUN
cblr-11901	371	18	(	(	PUNCT
cblr-11901	371	19	dec	dec	PROPN
cblr-11901	371	20	.	.	PROPN
cblr-11901	371	21	14	14	NUM
cblr-11901	371	22	,	,	PUNCT
cblr-11901	371	23	2022	2022	NUM
cblr-11901	371	24	)	)	PUNCT
cblr-11901	371	25	,	,	PUNCT
cblr-11901	371	26	https://www.sec.gov/news/press-release/2022-226	https://www.sec.gov/news/press-release/2022-226	X
cblr-11901	372	1	[	[	X
cblr-11901	372	2	https://perma.cc/g74w-kcgr	https://perma.cc/g74w-kcgr	PROPN
cblr-11901	372	3	]	]	PUNCT
cblr-11901	372	4	;	;	PUNCT
cblr-11901	372	5	lydia	lydia	PROPN
cblr-11901	372	6	beyoud	beyoud	PROPN
cblr-11901	372	7	&	&	CCONJ
cblr-11901	372	8	katherine	katherine	PROPN
cblr-11901	372	9	doherty	doherty	PROPN
cblr-11901	372	10	,	,	PUNCT
cblr-11901	372	11	wall	wall	PROPN
cblr-11901	372	12	street	street	PROPN
cblr-11901	372	13	stock	stock	PROPN
cblr-11901	372	14	trading	trading	NOUN
cblr-11901	372	15	set	set	VERB
cblr-11901	372	16	for	for	ADP
cblr-11901	372	17	overhaul	overhaul	NOUN
cblr-11901	372	18	in	in	ADP
cblr-11901	372	19	new	new	ADJ
cblr-11901	372	20	sec	sec	PROPN
cblr-11901	372	21	plan	plan	NOUN
cblr-11901	372	22	,	,	PUNCT
cblr-11901	372	23	bloomberg	bloomberg	PROPN
cblr-11901	372	24	(	(	PUNCT
cblr-11901	372	25	dec	dec	PROPN
cblr-11901	372	26	.	.	PROPN
cblr-11901	372	27	14	14	NUM
cblr-11901	372	28	,	,	PUNCT
cblr-11901	372	29	2022	2022	NUM
cblr-11901	372	30	)	)	PUNCT
cblr-11901	372	31	https://www.bloomberg.com/news/articles/2022-12-14/wall-streetstock-trading-set-for-major-overhaul-in-new-sec-plan	https://www.bloomberg.com/news/articles/2022-12-14/wall-streetstock-trading-set-for-major-overhaul-in-new-sec-plan	NOUN
cblr-11901	373	1	[	[	X
cblr-11901	373	2	https://perma.cc/ecn5-c6kz	https://perma.cc/ecn5-c6kz	ADJ
cblr-11901	373	3	]	]	X
cblr-11901	373	4	;	;	PUNCT
cblr-11901	373	5	matt	matt	PROPN
cblr-11901	373	6	levine	levine	PROPN
cblr-11901	373	7	,	,	PUNCT
cblr-11901	373	8	opinion	opinion	NOUN
cblr-11901	373	9	:	:	PUNCT
cblr-11901	373	10	the	the	DET
cblr-11901	373	11	sec	sec	PROPN
cblr-11901	373	12	wants	want	VERB
cblr-11901	373	13	more	more	ADJ
cblr-11901	373	14	stock	stock	NOUN
cblr-11901	373	15	auctions	auction	NOUN
cblr-11901	373	16	,	,	PUNCT
cblr-11901	373	17	bloomberg	bloomberg	PROPN
cblr-11901	373	18	(	(	PUNCT
cblr-11901	373	19	dec	dec	PROPN
cblr-11901	373	20	.	.	PROPN
cblr-11901	373	21	15	15	NUM
cblr-11901	373	22	,	,	PUNCT
cblr-11901	373	23	2022	2022	NUM
cblr-11901	373	24	)	)	PUNCT
cblr-11901	373	25	https://www.bloomberg.com/opinion/articles/2022-12-15/the-sec-wantsmore-stock-auctions	https://www.bloomberg.com/opinion/articles/2022-12-15/the-sec-wantsmore-stock-auction	NOUN
cblr-11901	373	26	[	[	X
cblr-11901	373	27	https://perma.cc/sle6-ferh	https://perma.cc/sle6-ferh	X
cblr-11901	373	28	]	]	X
cblr-11901	373	29	.	.	PUNCT
cblr-11901	374	1	121	121	NUM
cblr-11901	374	2	shorter	short	ADJ
cblr-11901	374	3	,	,	PUNCT
cblr-11901	374	4	cong	cong	NOUN
cblr-11901	374	5	.	.	PUNCT
cblr-11901	375	1	rsch	rsch	PROPN
cblr-11901	375	2	.	.	PUNCT
cblr-11901	376	1	serv	serv	PROPN
cblr-11901	376	2	.	.	PROPN
cblr-11901	376	3	,	,	PUNCT
cblr-11901	376	4	supra	supra	PROPN
cblr-11901	376	5	note	note	VERB
cblr-11901	376	6	101	101	NUM
cblr-11901	376	7	.	.	PUNCT
cblr-11901	377	1	122	122	NUM
cblr-11901	377	2	see	see	VERB
cblr-11901	377	3	17	17	NUM
cblr-11901	377	4	cfr	cfr	NOUN
cblr-11901	377	5	parts	part	NOUN
cblr-11901	377	6	240	240	NUM
cblr-11901	377	7	,	,	PUNCT
cblr-11901	377	8	242	242	NUM
cblr-11901	377	9	.	.	X
cblr-11901	377	10	123	123	NUM
cblr-11901	377	11	beyoud	beyoud	ADJ
cblr-11901	377	12	,	,	PUNCT
cblr-11901	377	13	supra	supra	PROPN
cblr-11901	377	14	note	note	NOUN
cblr-11901	377	15	120	120	NUM
cblr-11901	377	16	,	,	PUNCT
cblr-11901	377	17	at	at	ADP
cblr-11901	377	18	1	1	NUM
cblr-11901	377	19	.	.	X
cblr-11901	377	20	124	124	NUM
cblr-11901	377	21	see	see	VERB
cblr-11901	377	22	17	17	NUM
cblr-11901	377	23	cfr	cfr	NOUN
cblr-11901	377	24	parts	part	NOUN
cblr-11901	377	25	240	240	NUM
cblr-11901	377	26	,	,	PUNCT
cblr-11901	377	27	242	242	NUM
cblr-11901	377	28	.	.	NOUN
cblr-11901	377	29	125	125	NUM
cblr-11901	377	30	beyoud	beyoud	ADJ
cblr-11901	377	31	,	,	PUNCT
cblr-11901	377	32	supra	supra	PROPN
cblr-11901	377	33	note	note	NOUN
cblr-11901	377	34	120	120	NUM
cblr-11901	377	35	.	.	NUM
cblr-11901	377	36	514	514	NUM
cblr-11901	377	37	columbia	columbia	PROPN
cblr-11901	377	38	business	business	NOUN
cblr-11901	377	39	law	law	PROPN
cblr-11901	377	40	review	review	NOUN
cblr-11901	377	41	[	[	X
cblr-11901	377	42	vol	vol	NOUN
cblr-11901	377	43	.	.	PUNCT
cblr-11901	377	44	2023	2023	NUM
cblr-11901	377	45	regulations	regulation	NOUN
cblr-11901	377	46	that	that	PRON
cblr-11901	377	47	would	would	AUX
cblr-11901	377	48	significantly	significantly	ADV
cblr-11901	377	49	alter	alter	VERB
cblr-11901	377	50	the	the	DET
cblr-11901	377	51	existing	exist	VERB
cblr-11901	377	52	model	model	NOUN
cblr-11901	377	53	of	of	ADP
cblr-11901	377	54	these	these	DET
cblr-11901	377	55	entities.126	entities.126	NOUN
cblr-11901	377	56	unlike	unlike	ADP
cblr-11901	377	57	with	with	ADP
cblr-11901	377	58	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	377	59	,	,	PUNCT
cblr-11901	377	60	here	here	ADV
cblr-11901	377	61	,	,	PUNCT
cblr-11901	377	62	there	there	PRON
cblr-11901	377	63	is	be	VERB
cblr-11901	377	64	little	little	ADJ
cblr-11901	377	65	uncertainty	uncertainty	NOUN
cblr-11901	377	66	about	about	ADP
cblr-11901	377	67	these	these	DET
cblr-11901	377	68	entities	entity	NOUN
cblr-11901	377	69	regulatory	regulatory	ADJ
cblr-11901	377	70	structure	structure	NOUN
cblr-11901	377	71	.	.	PUNCT
cblr-11901	378	1	instead	instead	ADV
cblr-11901	378	2	,	,	PUNCT
cblr-11901	378	3	regulators	regulator	NOUN
cblr-11901	378	4	have	have	AUX
cblr-11901	378	5	continued	continue	VERB
cblr-11901	378	6	to	to	PART
cblr-11901	378	7	apply	apply	VERB
cblr-11901	378	8	existing	exist	VERB
cblr-11901	378	9	regulations	regulation	NOUN
cblr-11901	378	10	to	to	ADP
cblr-11901	378	11	these	these	DET
cblr-11901	378	12	entities	entity	NOUN
cblr-11901	378	13	while	while	SCONJ
cblr-11901	378	14	hoping	hope	VERB
cblr-11901	378	15	to	to	PART
cblr-11901	378	16	alter	alter	VERB
cblr-11901	378	17	the	the	DET
cblr-11901	378	18	framework	framework	NOUN
cblr-11901	378	19	to	to	PART
cblr-11901	378	20	improve	improve	VERB
cblr-11901	378	21	conditions	condition	NOUN
cblr-11901	378	22	for	for	ADP
cblr-11901	378	23	retail	retail	ADJ
cblr-11901	378	24	investors	investor	NOUN
cblr-11901	378	25	.	.	PUNCT
cblr-11901	379	1	c.	c.	NOUN
cblr-11901	379	2	challenges	challenge	NOUN
cblr-11901	379	3	when	when	SCONJ
cblr-11901	379	4	regulating	regulate	VERB
cblr-11901	379	5	fintech	fintech	NOUN
cblr-11901	379	6	fintech	fintech	NOUN
cblr-11901	379	7	presents	present	VERB
cblr-11901	379	8	new	new	ADJ
cblr-11901	379	9	challenges	challenge	NOUN
cblr-11901	379	10	for	for	ADP
cblr-11901	379	11	financial	financial	ADJ
cblr-11901	379	12	regulators	regulator	NOUN
cblr-11901	379	13	.	.	PUNCT
cblr-11901	380	1	while	while	SCONJ
cblr-11901	380	2	some	some	DET
cblr-11901	380	3	challenges	challenge	NOUN
cblr-11901	380	4	are	be	AUX
cblr-11901	380	5	inherent	inherent	ADJ
cblr-11901	380	6	in	in	ADP
cblr-11901	380	7	the	the	DET
cblr-11901	380	8	regulation	regulation	NOUN
cblr-11901	380	9	of	of	ADP
cblr-11901	380	10	financial	financial	ADJ
cblr-11901	380	11	markets	market	NOUN
cblr-11901	380	12	,	,	PUNCT
cblr-11901	380	13	others	other	NOUN
cblr-11901	380	14	are	be	AUX
cblr-11901	380	15	unique	unique	ADJ
cblr-11901	380	16	or	or	CCONJ
cblr-11901	380	17	exacerbated	exacerbate	VERB
cblr-11901	380	18	by	by	ADP
cblr-11901	380	19	fintech	fintech	NOUN
cblr-11901	380	20	’s	’s	PART
cblr-11901	380	21	pace	pace	NOUN
cblr-11901	380	22	of	of	ADP
cblr-11901	380	23	innovation	innovation	NOUN
cblr-11901	380	24	and	and	CCONJ
cblr-11901	380	25	idiosyncratic	idiosyncratic	ADJ
cblr-11901	380	26	risks	risk	NOUN
cblr-11901	380	27	.	.	PUNCT
cblr-11901	381	1	three	three	NUM
cblr-11901	381	2	of	of	ADP
cblr-11901	381	3	these	these	DET
cblr-11901	381	4	unique	unique	ADJ
cblr-11901	381	5	challenges	challenge	NOUN
cblr-11901	381	6	are	be	AUX
cblr-11901	381	7	particularly	particularly	ADV
cblr-11901	381	8	relevant	relevant	ADJ
cblr-11901	381	9	to	to	ADP
cblr-11901	381	10	the	the	DET
cblr-11901	381	11	regulation	regulation	NOUN
cblr-11901	381	12	of	of	ADP
cblr-11901	381	13	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	381	14	and	and	CCONJ
cblr-11901	381	15	online	online	ADJ
cblr-11901	381	16	retail	retail	ADJ
cblr-11901	381	17	brokerdealers	brokerdealer	NOUN
cblr-11901	381	18	.	.	PUNCT
cblr-11901	382	1	first	first	ADV
cblr-11901	382	2	,	,	PUNCT
cblr-11901	382	3	fintech	fintech	NOUN
cblr-11901	382	4	increases	increase	VERB
cblr-11901	382	5	complexity	complexity	NOUN
cblr-11901	382	6	of	of	ADP
cblr-11901	382	7	financial	financial	ADJ
cblr-11901	382	8	markets	market	NOUN
cblr-11901	382	9	by	by	ADP
cblr-11901	382	10	requiring	require	VERB
cblr-11901	382	11	regulators	regulator	NOUN
cblr-11901	382	12	to	to	PART
cblr-11901	382	13	understand	understand	VERB
cblr-11901	382	14	both	both	CCONJ
cblr-11901	382	15	financial	financial	ADJ
cblr-11901	382	16	and	and	CCONJ
cblr-11901	382	17	nonfinancial	nonfinancial	ADJ
cblr-11901	382	18	risks	risk	NOUN
cblr-11901	382	19	of	of	ADP
cblr-11901	382	20	fintech	fintech	NOUN
cblr-11901	382	21	products	product	NOUN
cblr-11901	382	22	or	or	CCONJ
cblr-11901	382	23	entities	entity	NOUN
cblr-11901	382	24	.	.	PUNCT
cblr-11901	383	1	professors	professor	NOUN
cblr-11901	383	2	dan	dan	PROPN
cblr-11901	383	3	awrey	awrey	PROPN
cblr-11901	383	4	and	and	CCONJ
cblr-11901	383	5	kathryn	kathryn	PROPN
cblr-11901	383	6	judge	judge	PROPN
cblr-11901	383	7	have	have	AUX
cblr-11901	383	8	reviewed	review	VERB
cblr-11901	383	9	the	the	DET
cblr-11901	383	10	inherent	inherent	ADJ
cblr-11901	383	11	difficulty	difficulty	NOUN
cblr-11901	383	12	in	in	ADP
cblr-11901	383	13	regulating	regulate	VERB
cblr-11901	383	14	financial	financial	ADJ
cblr-11901	383	15	markets	market	NOUN
cblr-11901	383	16	given	give	VERB
cblr-11901	383	17	their	their	PRON
cblr-11901	383	18	dynamism	dynamism	NOUN
cblr-11901	383	19	and	and	CCONJ
cblr-11901	383	20	complexity	complexity	NOUN
cblr-11901	383	21	,	,	PUNCT
cblr-11901	383	22	making	make	VERB
cblr-11901	383	23	it	it	PRON
cblr-11901	383	24	difficult	difficult	ADJ
cblr-11901	383	25	to	to	PART
cblr-11901	383	26	collect	collect	VERB
cblr-11901	383	27	information	information	NOUN
cblr-11901	383	28	necessary	necessary	ADJ
cblr-11901	383	29	to	to	PART
cblr-11901	383	30	inform	inform	VERB
cblr-11901	383	31	regulations.127	regulations.127	NOUN
cblr-11901	383	32	fintech	fintech	NOUN
cblr-11901	383	33	exacerbates	exacerbate	VERB
cblr-11901	383	34	these	these	DET
cblr-11901	383	35	problems	problem	NOUN
cblr-11901	383	36	by	by	ADP
cblr-11901	383	37	increasing	increase	VERB
cblr-11901	383	38	dynamism	dynamism	NOUN
cblr-11901	383	39	through	through	ADP
cblr-11901	383	40	technological	technological	ADJ
cblr-11901	383	41	innovations	innovation	NOUN
cblr-11901	383	42	,	,	PUNCT
cblr-11901	383	43	and	and	CCONJ
cblr-11901	383	44	by	by	ADP
cblr-11901	383	45	adding	add	VERB
cblr-11901	383	46	technological	technological	ADJ
cblr-11901	383	47	complexities	complexity	NOUN
cblr-11901	383	48	to	to	ADP
cblr-11901	383	49	financial	financial	ADJ
cblr-11901	383	50	complexities.128	complexities.128	NOUN
cblr-11901	383	51	for	for	ADP
cblr-11901	383	52	instance	instance	NOUN
cblr-11901	383	53	,	,	PUNCT
cblr-11901	383	54	stablecoins	stablecoin	NOUN
cblr-11901	383	55	combine	combine	VERB
cblr-11901	383	56	technological	technological	ADJ
cblr-11901	383	57	concerns	concern	NOUN
cblr-11901	383	58	related	relate	VERB
cblr-11901	383	59	to	to	ADP
cblr-11901	383	60	privacy	privacy	NOUN
cblr-11901	383	61	and	and	CCONJ
cblr-11901	383	62	infrastructure	infrastructure	NOUN
cblr-11901	383	63	with	with	ADP
cblr-11901	383	64	financial	financial	ADJ
cblr-11901	383	65	stability	stability	NOUN
cblr-11901	383	66	risks	risk	NOUN
cblr-11901	383	67	relating	relate	VERB
cblr-11901	383	68	to	to	ADP
cblr-11901	383	69	126	126	NUM
cblr-11901	383	70	see	see	NOUN
cblr-11901	383	71	,	,	PUNCT
cblr-11901	383	72	e.g.	e.g.	ADV
cblr-11901	383	73	,	,	PUNCT
cblr-11901	383	74	bain	bain	NOUN
cblr-11901	383	75	,	,	PUNCT
cblr-11901	383	76	supra	supra	PROPN
cblr-11901	383	77	note	note	NOUN
cblr-11901	383	78	115	115	NUM
cblr-11901	383	79	;	;	PUNCT
cblr-11901	383	80	andrew	andrew	PROPN
cblr-11901	383	81	ross	ross	PROPN
cblr-11901	383	82	sorkin	sorkin	PROPN
cblr-11901	383	83	et	et	PROPN
cblr-11901	383	84	al	al	PROPN
cblr-11901	383	85	.	.	PROPN
cblr-11901	383	86	,	,	PUNCT
cblr-11901	383	87	the	the	DET
cblr-11901	383	88	s.e.c	s.e.c	NOUN
cblr-11901	383	89	.	.	PUNCT
cblr-11901	384	1	weighs	weigh	NOUN
cblr-11901	384	2	in	in	ADP
cblr-11901	384	3	on	on	ADP
cblr-11901	384	4	meme	meme	NOUN
cblr-11901	384	5	-	-	PUNCT
cblr-11901	384	6	stock	stock	NOUN
cblr-11901	384	7	mania	mania	NOUN
cblr-11901	384	8	,	,	PUNCT
cblr-11901	384	9	dealbook	dealbook	VERB
cblr-11901	384	10	newsletter	newsletter	NOUN
cblr-11901	384	11	,	,	PUNCT
cblr-11901	384	12	n.y	n.y	PROPN
cblr-11901	384	13	.	.	PROPN
cblr-11901	384	14	times	times	PROPN
cblr-11901	384	15	(	(	PUNCT
cblr-11901	384	16	nov	nov	PROPN
cblr-11901	384	17	.	.	PROPN
cblr-11901	384	18	3	3	NUM
cblr-11901	384	19	,	,	PUNCT
cblr-11901	384	20	2021	2021	NUM
cblr-11901	384	21	)	)	PUNCT
cblr-11901	384	22	,	,	PUNCT
cblr-11901	384	23	https://www.nytimes.com/2021/10/19/business/dealbook/gamestop-memestocks-report.html	https://www.nytimes.com/2021/10/19/business/dealbook/gamestop-memestocks-report.html	X
cblr-11901	385	1	[	[	X
cblr-11901	385	2	https://perma.cc/4hgd-34gt	https://perma.cc/4hgd-34gt	NUM
cblr-11901	385	3	]	]	X
cblr-11901	385	4	.	.	PUNCT
cblr-11901	386	1	127	127	NUM
cblr-11901	386	2	dan	dan	PROPN
cblr-11901	386	3	awrey	awrey	PROPN
cblr-11901	386	4	&	&	CCONJ
cblr-11901	386	5	kathryn	kathryn	PROPN
cblr-11901	386	6	judge	judge	PROPN
cblr-11901	386	7	,	,	PUNCT
cblr-11901	386	8	why	why	SCONJ
cblr-11901	386	9	financial	financial	ADJ
cblr-11901	386	10	regulation	regulation	NOUN
cblr-11901	386	11	keeps	keep	VERB
cblr-11901	386	12	falling	fall	VERB
cblr-11901	386	13	short	short	ADJ
cblr-11901	386	14	(	(	PUNCT
cblr-11901	386	15	european	european	PROPN
cblr-11901	386	16	corp	corp	PROPN
cblr-11901	386	17	.	.	PROPN
cblr-11901	386	18	governance	governance	PROPN
cblr-11901	386	19	inst	inst	PROPN
cblr-11901	386	20	.	.	PUNCT
cblr-11901	386	21	working	working	NOUN
cblr-11901	386	22	paper	paper	NOUN
cblr-11901	386	23	no	no	INTJ
cblr-11901	386	24	.	.	PROPN
cblr-11901	386	25	494/2020	494/2020	NUM
cblr-11901	386	26	,	,	PUNCT
cblr-11901	386	27	2020	2020	NUM
cblr-11901	386	28	)	)	PUNCT
cblr-11901	386	29	,	,	PUNCT
cblr-11901	386	30	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3530056	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3530056	PUNCT
cblr-11901	386	31	[	[	X
cblr-11901	386	32	https://perma.cc/6mcv-jx6d	https://perma.cc/6mcv-jx6d	NOUN
cblr-11901	386	33	]	]	X
cblr-11901	386	34	.	.	PUNCT
cblr-11901	387	1	128	128	NUM
cblr-11901	387	2	saule	saule	PROPN
cblr-11901	387	3	omarova	omarova	PROPN
cblr-11901	387	4	,	,	PUNCT
cblr-11901	387	5	technology	technology	NOUN
cblr-11901	387	6	v.	v.	ADP
cblr-11901	387	7	technocracy	technocracy	NOUN
cblr-11901	387	8	:	:	PUNCT
cblr-11901	387	9	fintech	fintech	NOUN
cblr-11901	387	10	as	as	ADP
cblr-11901	387	11	a	a	DET
cblr-11901	387	12	regulatory	regulatory	ADJ
cblr-11901	387	13	challenge	challenge	NOUN
cblr-11901	387	14	,	,	PUNCT
cblr-11901	387	15	107	107	NUM
cblr-11901	387	16	(	(	PUNCT
cblr-11901	387	17	cornell	cornell	PROPN
cblr-11901	387	18	l.	l.	PROPN
cblr-11901	387	19	sch	sch	PROPN
cblr-11901	387	20	.	.	PUNCT
cblr-11901	388	1	research	research	NOUN
cblr-11901	388	2	paper	paper	PROPN
cblr-11901	388	3	no	no	INTJ
cblr-11901	388	4	.	.	PROPN
cblr-11901	389	1	20	20	NUM
cblr-11901	389	2	-	-	SYM
cblr-11901	389	3	14	14	NUM
cblr-11901	389	4	,	,	PUNCT
cblr-11901	389	5	july	july	PROPN
cblr-11901	389	6	2020	2020	NUM
cblr-11901	389	7	)	)	PUNCT
cblr-11901	389	8	.	.	PUNCT
cblr-11901	390	1	no	no	INTJ
cblr-11901	391	1	.	.	NOUN
cblr-11901	391	2	1	1	NUM
cblr-11901	391	3	]	]	PUNCT
cblr-11901	391	4	regulating	regulate	VERB
cblr-11901	391	5	democratized	democratized	ADJ
cblr-11901	391	6	finance	finance	NOUN
cblr-11901	391	7	515	515	NUM
cblr-11901	391	8	liquidity	liquidity	NOUN
cblr-11901	391	9	and	and	CCONJ
cblr-11901	391	10	solvency.129	solvency.129	NOUN
cblr-11901	391	11	the	the	DET
cblr-11901	391	12	need	need	NOUN
cblr-11901	391	13	to	to	PART
cblr-11901	391	14	be	be	AUX
cblr-11901	391	15	attentive	attentive	ADJ
cblr-11901	391	16	to	to	ADP
cblr-11901	391	17	both	both	CCONJ
cblr-11901	391	18	financial	financial	ADJ
cblr-11901	391	19	and	and	CCONJ
cblr-11901	391	20	technological	technological	ADJ
cblr-11901	391	21	concerns	concern	NOUN
cblr-11901	391	22	requires	require	VERB
cblr-11901	391	23	expertise	expertise	NOUN
cblr-11901	391	24	in	in	ADP
cblr-11901	391	25	a	a	DET
cblr-11901	391	26	variety	variety	NOUN
cblr-11901	391	27	of	of	ADP
cblr-11901	391	28	areas	area	NOUN
cblr-11901	391	29	,	,	PUNCT
cblr-11901	391	30	not	not	PART
cblr-11901	391	31	solely	solely	ADV
cblr-11901	391	32	financial	financial	ADJ
cblr-11901	391	33	markets	market	NOUN
cblr-11901	391	34	and	and	CCONJ
cblr-11901	391	35	products	product	NOUN
cblr-11901	391	36	.	.	PUNCT
cblr-11901	392	1	second	second	ADJ
cblr-11901	392	2	,	,	PUNCT
cblr-11901	392	3	interested	interested	ADJ
cblr-11901	392	4	parties	party	NOUN
cblr-11901	392	5	may	may	AUX
cblr-11901	392	6	play	play	VERB
cblr-11901	392	7	an	an	DET
cblr-11901	392	8	outsized	outsized	ADJ
cblr-11901	392	9	role	role	NOUN
cblr-11901	392	10	in	in	ADP
cblr-11901	392	11	shaping	shape	VERB
cblr-11901	392	12	new	new	ADJ
cblr-11901	392	13	regulations	regulation	NOUN
cblr-11901	392	14	for	for	ADP
cblr-11901	392	15	innovative	innovative	ADJ
cblr-11901	392	16	products	product	NOUN
cblr-11901	392	17	.	.	PUNCT
cblr-11901	393	1	historically	historically	ADV
cblr-11901	393	2	,	,	PUNCT
cblr-11901	393	3	when	when	SCONJ
cblr-11901	393	4	regulators	regulator	NOUN
cblr-11901	393	5	propose	propose	VERB
cblr-11901	393	6	new	new	ADJ
cblr-11901	393	7	frameworks	framework	NOUN
cblr-11901	393	8	,	,	PUNCT
cblr-11901	393	9	private	private	ADJ
cblr-11901	393	10	entities	entity	NOUN
cblr-11901	393	11	have	have	AUX
cblr-11901	393	12	raised	raise	VERB
cblr-11901	393	13	concerns	concern	NOUN
cblr-11901	393	14	that	that	SCONJ
cblr-11901	393	15	new	new	ADJ
cblr-11901	393	16	regulations	regulation	NOUN
cblr-11901	393	17	could	could	AUX
cblr-11901	393	18	damage	damage	VERB
cblr-11901	393	19	financial	financial	ADJ
cblr-11901	393	20	markets	market	NOUN
cblr-11901	393	21	by	by	ADP
cblr-11901	393	22	creating	create	VERB
cblr-11901	393	23	uncertainty,130	uncertainty,130	PROPN
cblr-11901	393	24	de	de	ADJ
cblr-11901	393	25	-	-	ADJ
cblr-11901	393	26	stabilizing	stabilizing	ADJ
cblr-11901	393	27	markets,131	markets,131	PROPN
cblr-11901	393	28	being	be	AUX
cblr-11901	393	29	ill	ill	ADV
cblr-11901	393	30	-	-	PUNCT
cblr-11901	393	31	suited	suit	VERB
cblr-11901	393	32	to	to	ADP
cblr-11901	393	33	new	new	ADJ
cblr-11901	393	34	products	product	NOUN
cblr-11901	393	35	,	,	PUNCT
cblr-11901	393	36	132	132	NUM
cblr-11901	393	37	or	or	CCONJ
cblr-11901	393	38	preventing	prevent	VERB
cblr-11901	393	39	innovation.133	innovation.133	PROPN
cblr-11901	393	40	private	private	ADJ
cblr-11901	393	41	influence	influence	NOUN
cblr-11901	393	42	shaping	shape	VERB
cblr-11901	393	43	regulations	regulation	NOUN
cblr-11901	393	44	has	have	AUX
cblr-11901	393	45	existed	exist	VERB
cblr-11901	393	46	since	since	SCONJ
cblr-11901	393	47	the	the	DET
cblr-11901	393	48	beginning	beginning	NOUN
cblr-11901	393	49	of	of	ADP
cblr-11901	393	50	modern	modern	ADJ
cblr-11901	393	51	financial	financial	ADJ
cblr-11901	393	52	regulation	regulation	NOUN
cblr-11901	393	53	with	with	ADP
cblr-11901	393	54	private	private	ADJ
cblr-11901	393	55	entities	entity	NOUN
cblr-11901	393	56	attempting	attempt	VERB
cblr-11901	393	57	to	to	PART
cblr-11901	393	58	influence	influence	VERB
cblr-11901	393	59	congress	congress	PROPN
cblr-11901	393	60	prior	prior	ADV
cblr-11901	393	61	to	to	ADP
cblr-11901	393	62	its	its	PRON
cblr-11901	393	63	passage	passage	NOUN
cblr-11901	393	64	of	of	ADP
cblr-11901	393	65	the	the	DET
cblr-11901	393	66	securities	security	NOUN
cblr-11901	393	67	act	act	NOUN
cblr-11901	393	68	and	and	CCONJ
cblr-11901	393	69	the	the	DET
cblr-11901	393	70	exchange	exchange	NOUN
cblr-11901	393	71	act	act	NOUN
cblr-11901	393	72	in	in	ADP
cblr-11901	393	73	the	the	DET
cblr-11901	393	74	1930s.134	1930s.134	PROPN
cblr-11901	393	75	a	a	DET
cblr-11901	393	76	similar	similar	ADJ
cblr-11901	393	77	dynamic	dynamic	NOUN
cblr-11901	393	78	occurred	occur	VERB
cblr-11901	393	79	during	during	ADP
cblr-11901	393	80	the	the	DET
cblr-11901	393	81	rise	rise	NOUN
cblr-11901	393	82	of	of	ADP
cblr-11901	393	83	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	393	84	,	,	PUNCT
cblr-11901	393	85	with	with	ADP
cblr-11901	393	86	interested	interested	ADJ
cblr-11901	393	87	parties	party	NOUN
cblr-11901	393	88	attempting	attempt	VERB
cblr-11901	393	89	to	to	PART
cblr-11901	393	90	influence	influence	VERB
cblr-11901	393	91	regulatory	regulatory	ADJ
cblr-11901	393	92	actions135	actions135	PROPN
cblr-11901	393	93	and	and	CCONJ
cblr-11901	393	94	promoting	promote	VERB
cblr-11901	393	95	approaches	approach	NOUN
cblr-11901	393	96	129	129	NUM
cblr-11901	393	97	neha	neha	NOUN
cblr-11901	393	98	narula	narula	NOUN
cblr-11901	393	99	,	,	PUNCT
cblr-11901	393	100	the	the	DET
cblr-11901	393	101	technology	technology	NOUN
cblr-11901	393	102	underlying	underlie	VERB
cblr-11901	393	103	stablecoins	stablecoin	NOUN
cblr-11901	393	104	,	,	PUNCT
cblr-11901	393	105	neha	neha	NOUN
cblr-11901	393	106	’s	’s	PART
cblr-11901	393	107	writings	writing	NOUN
cblr-11901	393	108	,	,	PUNCT
cblr-11901	393	109	(	(	PUNCT
cblr-11901	393	110	sept	sept	PROPN
cblr-11901	393	111	.	.	PROPN
cblr-11901	393	112	23	23	NUM
cblr-11901	393	113	,	,	PUNCT
cblr-11901	393	114	2021	2021	NUM
cblr-11901	393	115	)	)	PUNCT
cblr-11901	393	116	,	,	PUNCT
cblr-11901	393	117	https://nehanarula.org/2021/09/23/stablecoins.html	https://nehanarula.org/2021/09/23/stablecoins.html	X
cblr-11901	394	1	[	[	X
cblr-11901	394	2	https://perma.cc/fs4n-qzfs	https://perma.cc/fs4n-qzfs	ADP
cblr-11901	394	3	]	]	PUNCT
cblr-11901	394	4	.	.	PUNCT
cblr-11901	394	5	130	130	NUM
cblr-11901	394	6	seligman	seligman	NOUN
cblr-11901	394	7	,	,	PUNCT
cblr-11901	394	8	supra	supra	PROPN
cblr-11901	394	9	note	note	PROPN
cblr-11901	394	10	10	10	NUM
cblr-11901	394	11	,	,	PUNCT
cblr-11901	394	12	at	at	ADP
cblr-11901	394	13	501	501	NUM
cblr-11901	394	14	.	.	PUNCT
cblr-11901	395	1	131	131	NUM
cblr-11901	396	1	i	i	PRON
cblr-11901	396	2	d.	d.	PROPN
cblr-11901	396	3	132	132	NUM
cblr-11901	396	4	see	see	VERB
cblr-11901	396	5	coffee	coffee	NOUN
cblr-11901	396	6	et	et	PROPN
cblr-11901	396	7	al	al	PROPN
cblr-11901	396	8	.	.	PROPN
cblr-11901	396	9	,	,	PUNCT
cblr-11901	396	10	supra	supra	PROPN
cblr-11901	396	11	note	note	PROPN
cblr-11901	396	12	14	14	NUM
cblr-11901	396	13	,	,	PUNCT
cblr-11901	396	14	at	at	ADP
cblr-11901	396	15	325–26	325–26	PROPN
cblr-11901	396	16	(	(	PUNCT
cblr-11901	396	17	reviewing	review	VERB
cblr-11901	396	18	that	that	SCONJ
cblr-11901	396	19	market	market	NOUN
cblr-11901	396	20	participants	participant	NOUN
cblr-11901	396	21	pushed	push	VERB
cblr-11901	396	22	back	back	ADV
cblr-11901	396	23	against	against	ADP
cblr-11901	396	24	a	a	DET
cblr-11901	396	25	broad	broad	ADJ
cblr-11901	396	26	interpretation	interpretation	NOUN
cblr-11901	396	27	of	of	ADP
cblr-11901	396	28	‘	'	PUNCT
cblr-11901	396	29	security	security	NOUN
cblr-11901	396	30	’	'	PUNCT
cblr-11901	396	31	when	when	SCONJ
cblr-11901	396	32	there	there	PRON
cblr-11901	396	33	was	be	VERB
cblr-11901	396	34	consideration	consideration	NOUN
cblr-11901	396	35	that	that	SCONJ
cblr-11901	396	36	certificates	certificate	NOUN
cblr-11901	396	37	of	of	ADP
cblr-11901	396	38	deposit	deposit	NOUN
cblr-11901	396	39	fit	fit	VERB
cblr-11901	396	40	the	the	DET
cblr-11901	396	41	definition	definition	NOUN
cblr-11901	396	42	in	in	ADP
cblr-11901	396	43	the	the	DET
cblr-11901	396	44	1980s	1980s	NUM
cblr-11901	396	45	)	)	PUNCT
cblr-11901	396	46	.	.	PUNCT
cblr-11901	397	1	133	133	NUM
cblr-11901	397	2	prior	prior	ADV
cblr-11901	397	3	to	to	ADP
cblr-11901	397	4	the	the	DET
cblr-11901	397	5	1975	1975	NUM
cblr-11901	397	6	amendments	amendment	NOUN
cblr-11901	397	7	giving	give	VERB
cblr-11901	397	8	authority	authority	NOUN
cblr-11901	397	9	to	to	ADP
cblr-11901	397	10	the	the	DET
cblr-11901	397	11	sec	sec	PROPN
cblr-11901	397	12	to	to	PART
cblr-11901	397	13	create	create	VERB
cblr-11901	397	14	the	the	DET
cblr-11901	397	15	national	national	ADJ
cblr-11901	397	16	market	market	NOUN
cblr-11901	397	17	system	system	NOUN
cblr-11901	397	18	was	be	AUX
cblr-11901	397	19	,	,	PUNCT
cblr-11901	397	20	exchanges	exchange	NOUN
cblr-11901	397	21	argued	argue	VERB
cblr-11901	397	22	for	for	ADP
cblr-11901	397	23	separate	separate	ADJ
cblr-11901	397	24	proposals	proposal	NOUN
cblr-11901	397	25	more	more	ADV
cblr-11901	397	26	beneficial	beneficial	ADJ
cblr-11901	397	27	to	to	ADP
cblr-11901	397	28	existing	exist	VERB
cblr-11901	397	29	players	player	NOUN
cblr-11901	397	30	.	.	PUNCT
cblr-11901	398	1	seligman	seligman	PROPN
cblr-11901	398	2	,	,	PUNCT
cblr-11901	398	3	supra	supra	PROPN
cblr-11901	398	4	note	note	PROPN
cblr-11901	398	5	10	10	NUM
cblr-11901	398	6	,	,	PUNCT
cblr-11901	398	7	at	at	ADP
cblr-11901	398	8	497–98	497–98	NUM
cblr-11901	398	9	.	.	PUNCT
cblr-11901	399	1	134	134	NUM
cblr-11901	399	2	leaders	leader	NOUN
cblr-11901	399	3	from	from	ADP
cblr-11901	399	4	the	the	DET
cblr-11901	399	5	nyse	nyse	PROPN
cblr-11901	399	6	,	,	PUNCT
cblr-11901	399	7	the	the	DET
cblr-11901	399	8	country	country	NOUN
cblr-11901	399	9	’s	’s	PART
cblr-11901	399	10	largest	large	ADJ
cblr-11901	399	11	exchange	exchange	NOUN
cblr-11901	399	12	,	,	PUNCT
cblr-11901	399	13	argued	argue	VERB
cblr-11901	399	14	strongly	strongly	ADV
cblr-11901	399	15	against	against	ADP
cblr-11901	399	16	any	any	DET
cblr-11901	399	17	regulation	regulation	NOUN
cblr-11901	399	18	,	,	PUNCT
cblr-11901	399	19	stressing	stress	VERB
cblr-11901	399	20	the	the	DET
cblr-11901	399	21	benefits	benefit	NOUN
cblr-11901	399	22	the	the	DET
cblr-11901	399	23	exchange	exchange	NOUN
cblr-11901	399	24	provided	provide	VERB
cblr-11901	399	25	to	to	ADP
cblr-11901	399	26	society	society	NOUN
cblr-11901	399	27	and	and	CCONJ
cblr-11901	399	28	arguing	argue	VERB
cblr-11901	399	29	that	that	SCONJ
cblr-11901	399	30	regulation	regulation	NOUN
cblr-11901	399	31	would	would	AUX
cblr-11901	399	32	negatively	negatively	ADV
cblr-11901	399	33	impact	impact	VERB
cblr-11901	399	34	markets	market	NOUN
cblr-11901	399	35	.	.	PUNCT
cblr-11901	400	1	seligman	seligman	PROPN
cblr-11901	400	2	,	,	PUNCT
cblr-11901	400	3	supra	supra	PROPN
cblr-11901	400	4	note	note	PROPN
cblr-11901	400	5	10	10	NUM
cblr-11901	400	6	,	,	PUNCT
cblr-11901	400	7	at	at	ADP
cblr-11901	400	8	73	73	NUM
cblr-11901	400	9	,	,	PUNCT
cblr-11901	400	10	75	75	NUM
cblr-11901	400	11	,	,	PUNCT
cblr-11901	400	12	88	88	NUM
cblr-11901	400	13	.	.	PUNCT
cblr-11901	401	1	although	although	SCONJ
cblr-11901	401	2	there	there	PRON
cblr-11901	401	3	were	be	VERB
cblr-11901	401	4	other	other	ADJ
cblr-11901	401	5	exchanges	exchange	NOUN
cblr-11901	401	6	around	around	ADP
cblr-11901	401	7	the	the	DET
cblr-11901	401	8	country	country	NOUN
cblr-11901	401	9	,	,	PUNCT
cblr-11901	401	10	the	the	DET
cblr-11901	401	11	nyse	nyse	PROPN
cblr-11901	401	12	was	be	AUX
cblr-11901	401	13	referred	refer	VERB
cblr-11901	401	14	to	to	ADP
cblr-11901	401	15	as	as	ADP
cblr-11901	401	16	‘	'	PUNCT
cblr-11901	401	17	the	the	DET
cblr-11901	401	18	exchange	exchange	NOUN
cblr-11901	401	19	”	"	PUNCT
cblr-11901	401	20	and	and	CCONJ
cblr-11901	401	21	accounted	account	VERB
cblr-11901	401	22	for	for	ADP
cblr-11901	401	23	as	as	ADV
cblr-11901	401	24	much	much	ADJ
cblr-11901	401	25	as	as	ADP
cblr-11901	401	26	seventy	seventy	NUM
cblr-11901	401	27	-	-	PUNCT
cblr-11901	401	28	five	five	NUM
cblr-11901	401	29	percent	percent	NOUN
cblr-11901	401	30	of	of	ADP
cblr-11901	401	31	securities	security	NOUN
cblr-11901	401	32	transactions	transaction	NOUN
cblr-11901	401	33	by	by	ADP
cblr-11901	401	34	1932	1932	NUM
cblr-11901	401	35	.	.	PUNCT
cblr-11901	402	1	i	i	PRON
cblr-11901	402	2	d.	d.	PROPN
cblr-11901	402	3	at	at	ADP
cblr-11901	402	4	73	73	NUM
cblr-11901	402	5	.	.	PUNCT
cblr-11901	403	1	the	the	DET
cblr-11901	403	2	acts	act	NOUN
cblr-11901	403	3	ultimately	ultimately	ADV
cblr-11901	403	4	passed	pass	VERB
cblr-11901	403	5	,	,	PUNCT
cblr-11901	403	6	but	but	CCONJ
cblr-11901	403	7	lobbying	lobbying	NOUN
cblr-11901	403	8	led	lead	VERB
cblr-11901	403	9	to	to	ADP
cblr-11901	403	10	political	political	ADJ
cblr-11901	403	11	compromises	compromise	NOUN
cblr-11901	403	12	and	and	CCONJ
cblr-11901	403	13	weakening	weakening	NOUN
cblr-11901	403	14	of	of	ADP
cblr-11901	403	15	certain	certain	ADJ
cblr-11901	403	16	provisions	provision	NOUN
cblr-11901	403	17	.	.	PUNCT
cblr-11901	404	1	i	i	PRON
cblr-11901	404	2	d.	d.	PROPN
cblr-11901	404	3	at	at	ADP
cblr-11901	404	4	100	100	NUM
cblr-11901	404	5	(	(	PUNCT
cblr-11901	404	6	reviewing	review	VERB
cblr-11901	404	7	the	the	DET
cblr-11901	404	8	compromise	compromise	NOUN
cblr-11901	404	9	bill	bill	NOUN
cblr-11901	404	10	that	that	PRON
cblr-11901	404	11	ultimately	ultimately	ADV
cblr-11901	404	12	passed	pass	VERB
cblr-11901	404	13	)	)	PUNCT
cblr-11901	404	14	.	.	PUNCT
cblr-11901	405	1	135	135	NUM
cblr-11901	406	1	i	i	PRON
cblr-11901	406	2	d.	d.	PROPN
cblr-11901	406	3	516	516	NUM
cblr-11901	406	4	columbia	columbia	PROPN
cblr-11901	406	5	business	business	NOUN
cblr-11901	406	6	law	law	NOUN
cblr-11901	406	7	review	review	NOUN
cblr-11901	406	8	[	[	X
cblr-11901	406	9	vol	vol	NOUN
cblr-11901	406	10	.	.	PUNCT
cblr-11901	406	11	2023	2023	NUM
cblr-11901	406	12	favorable	favorable	ADJ
cblr-11901	406	13	to	to	ADP
cblr-11901	406	14	the	the	DET
cblr-11901	406	15	industry.136	industry.136	NOUN
cblr-11901	406	16	given	give	VERB
cblr-11901	406	17	the	the	DET
cblr-11901	406	18	difficulty	difficulty	NOUN
cblr-11901	406	19	in	in	ADP
cblr-11901	406	20	understanding	understand	VERB
cblr-11901	406	21	new	new	ADJ
cblr-11901	406	22	fintech	fintech	NOUN
cblr-11901	406	23	products	product	NOUN
cblr-11901	406	24	and	and	CCONJ
cblr-11901	406	25	developments	development	NOUN
cblr-11901	406	26	,	,	PUNCT
cblr-11901	406	27	large	large	ADJ
cblr-11901	406	28	market	market	NOUN
cblr-11901	406	29	participants	participant	NOUN
cblr-11901	406	30	may	may	AUX
cblr-11901	406	31	play	play	VERB
cblr-11901	406	32	an	an	DET
cblr-11901	406	33	outsize	outsize	ADJ
cblr-11901	406	34	role	role	NOUN
cblr-11901	406	35	in	in	ADP
cblr-11901	406	36	explaining	explain	VERB
cblr-11901	406	37	these	these	DET
cblr-11901	406	38	innovations	innovation	NOUN
cblr-11901	406	39	to	to	ADP
cblr-11901	406	40	regulators	regulator	NOUN
cblr-11901	406	41	,	,	PUNCT
cblr-11901	406	42	ultimately	ultimately	ADV
cblr-11901	406	43	influencing	influence	VERB
cblr-11901	406	44	new	new	ADJ
cblr-11901	406	45	regulatory	regulatory	ADJ
cblr-11901	406	46	structures	structure	NOUN
cblr-11901	406	47	.	.	PUNCT
cblr-11901	407	1	third	third	ADJ
cblr-11901	407	2	,	,	PUNCT
cblr-11901	407	3	agency	agency	NOUN
cblr-11901	407	4	authority	authority	NOUN
cblr-11901	407	5	to	to	PART
cblr-11901	407	6	regulate	regulate	VERB
cblr-11901	407	7	the	the	DET
cblr-11901	407	8	new	new	ADJ
cblr-11901	407	9	developments	development	NOUN
cblr-11901	407	10	may	may	AUX
cblr-11901	407	11	be	be	AUX
cblr-11901	407	12	uncertain	uncertain	ADJ
cblr-11901	407	13	.	.	PUNCT
cblr-11901	408	1	since	since	SCONJ
cblr-11901	408	2	the	the	DET
cblr-11901	408	3	creation	creation	NOUN
cblr-11901	408	4	of	of	ADP
cblr-11901	408	5	the	the	DET
cblr-11901	408	6	sec	sec	PROPN
cblr-11901	408	7	,	,	PUNCT
cblr-11901	408	8	courts	court	NOUN
cblr-11901	408	9	have	have	AUX
cblr-11901	408	10	been	be	AUX
cblr-11901	408	11	willing	willing	ADJ
cblr-11901	408	12	to	to	PART
cblr-11901	408	13	enforce	enforce	VERB
cblr-11901	408	14	limits	limit	NOUN
cblr-11901	408	15	on	on	ADP
cblr-11901	408	16	the	the	DET
cblr-11901	408	17	agency	agency	NOUN
cblr-11901	408	18	’s	’s	PART
cblr-11901	408	19	authority.137	authority.137	NOUN
cblr-11901	408	20	fintech	fintech	NOUN
cblr-11901	408	21	encompasses	encompass	VERB
cblr-11901	408	22	new	new	ADJ
cblr-11901	408	23	products	product	NOUN
cblr-11901	408	24	that	that	PRON
cblr-11901	408	25	may	may	AUX
cblr-11901	408	26	not	not	PART
cblr-11901	408	27	cleanly	cleanly	ADV
cblr-11901	408	28	fit	fit	VERB
cblr-11901	408	29	existing	exist	VERB
cblr-11901	408	30	categorizations	categorization	NOUN
cblr-11901	408	31	agencies	agency	NOUN
cblr-11901	408	32	regulate	regulate	VERB
cblr-11901	408	33	and	and	CCONJ
cblr-11901	408	34	courts	court	NOUN
cblr-11901	408	35	may	may	AUX
cblr-11901	408	36	find	find	VERB
cblr-11901	408	37	that	that	SCONJ
cblr-11901	408	38	the	the	DET
cblr-11901	408	39	sec	sec	PROPN
cblr-11901	408	40	requires	require	VERB
cblr-11901	408	41	new	new	ADJ
cblr-11901	408	42	authorization	authorization	NOUN
cblr-11901	408	43	from	from	ADP
cblr-11901	408	44	congress	congress	PROPN
cblr-11901	408	45	to	to	PART
cblr-11901	408	46	regulate	regulate	VERB
cblr-11901	408	47	these	these	DET
cblr-11901	408	48	new	new	ADJ
cblr-11901	408	49	products	product	NOUN
cblr-11901	408	50	or	or	CCONJ
cblr-11901	408	51	services.138	services.138	NOUN
cblr-11901	408	52	this	this	PRON
cblr-11901	408	53	creates	create	VERB
cblr-11901	408	54	a	a	DET
cblr-11901	408	55	scenario	scenario	NOUN
cblr-11901	408	56	where	where	SCONJ
cblr-11901	408	57	the	the	DET
cblr-11901	408	58	sec	sec	PROPN
cblr-11901	408	59	attempts	attempt	VERB
cblr-11901	408	60	to	to	PART
cblr-11901	408	61	assert	assert	VERB
cblr-11901	408	62	its	its	PRON
cblr-11901	408	63	authority	authority	NOUN
cblr-11901	408	64	over	over	ADP
cblr-11901	408	65	a	a	DET
cblr-11901	408	66	given	give	VERB
cblr-11901	408	67	innovation	innovation	NOUN
cblr-11901	408	68	by	by	ADP
cblr-11901	408	69	issuing	issue	VERB
cblr-11901	408	70	guidance	guidance	NOUN
cblr-11901	408	71	and	and	CCONJ
cblr-11901	408	72	bringing	bring	VERB
cblr-11901	408	73	enforcement	enforcement	NOUN
cblr-11901	408	74	actions	action	NOUN
cblr-11901	408	75	against	against	ADP
cblr-11901	408	76	some	some	DET
cblr-11901	408	77	market	market	NOUN
cblr-11901	408	78	participants	participant	NOUN
cblr-11901	408	79	,	,	PUNCT
cblr-11901	408	80	but	but	CCONJ
cblr-11901	408	81	doubts	doubt	NOUN
cblr-11901	408	82	persist	persist	VERB
cblr-11901	408	83	until	until	SCONJ
cblr-11901	408	84	courts	court	NOUN
cblr-11901	408	85	clarify	clarify	VERB
cblr-11901	408	86	the	the	DET
cblr-11901	408	87	perimeter	perimeter	NOUN
cblr-11901	408	88	of	of	ADP
cblr-11901	408	89	the	the	DET
cblr-11901	408	90	agency	agency	NOUN
cblr-11901	408	91	’s	’s	PART
cblr-11901	408	92	authority	authority	NOUN
cblr-11901	408	93	.	.	PUNCT
cblr-11901	409	1	this	this	DET
cblr-11901	409	2	dynamic	dynamic	NOUN
cblr-11901	409	3	occurred	occur	VERB
cblr-11901	409	4	most	most	ADV
cblr-11901	409	5	clearly	clearly	ADV
cblr-11901	409	6	in	in	ADP
cblr-11901	409	7	the	the	DET
cblr-11901	409	8	sec	sec	PROPN
cblr-11901	409	9	’s	’s	PART
cblr-11901	409	10	attempts	attempt	NOUN
cblr-11901	409	11	to	to	PART
cblr-11901	409	12	assert	assert	VERB
cblr-11901	409	13	jurisdiction	jurisdiction	NOUN
cblr-11901	409	14	over	over	ADP
cblr-11901	409	15	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	409	16	and	and	CCONJ
cblr-11901	409	17	cryptocurrency	cryptocurrency	NOUN
cblr-11901	409	18	entities.139	entities.139	ADJ
cblr-11901	409	19	ultimately	ultimately	ADV
cblr-11901	409	20	,	,	PUNCT
cblr-11901	409	21	this	this	DET
cblr-11901	409	22	uncertain	uncertain	ADJ
cblr-11901	409	23	authority	authority	NOUN
cblr-11901	409	24	may	may	AUX
cblr-11901	409	25	prevent	prevent	VERB
cblr-11901	409	26	the	the	DET
cblr-11901	409	27	agency	agency	NOUN
cblr-11901	409	28	from	from	ADP
cblr-11901	409	29	being	be	AUX
cblr-11901	409	30	able	able	ADJ
cblr-11901	409	31	to	to	PART
cblr-11901	409	32	effectively	effectively	ADV
cblr-11901	409	33	regulate	regulate	VERB
cblr-11901	409	34	markets	market	NOUN
cblr-11901	409	35	with	with	ADP
cblr-11901	409	36	new	new	ADJ
cblr-11901	409	37	products	product	NOUN
cblr-11901	409	38	or	or	CCONJ
cblr-11901	409	39	services	service	NOUN
cblr-11901	409	40	.	.	PUNCT
cblr-11901	410	1	d.	d.	PROPN
cblr-11901	410	2	the	the	DET
cblr-11901	410	3	risks	risk	NOUN
cblr-11901	410	4	of	of	ADP
cblr-11901	410	5	increased	increase	VERB
cblr-11901	410	6	market	market	NOUN
cblr-11901	410	7	access	access	NOUN
cblr-11901	410	8	fintech	fintech	NOUN
cblr-11901	410	9	has	have	AUX
cblr-11901	410	10	eliminated	eliminate	VERB
cblr-11901	410	11	many	many	ADJ
cblr-11901	410	12	barriers	barrier	NOUN
cblr-11901	410	13	of	of	ADP
cblr-11901	410	14	entry	entry	NOUN
cblr-11901	410	15	to	to	ADP
cblr-11901	410	16	financial	financial	ADJ
cblr-11901	410	17	markets	market	NOUN
cblr-11901	410	18	,	,	PUNCT
cblr-11901	410	19	enabling	enable	VERB
cblr-11901	410	20	what	what	PRON
cblr-11901	410	21	proponents	proponent	NOUN
cblr-11901	410	22	often	often	ADV
cblr-11901	410	23	refer	refer	VERB
cblr-11901	410	24	to	to	ADP
cblr-11901	410	25	as	as	ADP
cblr-11901	410	26	“	"	PUNCT
cblr-11901	410	27	democratized	democratized	ADJ
cblr-11901	410	28	finance	finance	NOUN
cblr-11901	410	29	.	.	PUNCT
cblr-11901	410	30	”	"	PUNCT
cblr-11901	411	1	a	a	DET
cblr-11901	411	2	fully	fully	ADV
cblr-11901	411	3	accessible	accessible	ADJ
cblr-11901	411	4	financial	financial	ADJ
cblr-11901	411	5	market	market	NOUN
cblr-11901	411	6	,	,	PUNCT
cblr-11901	411	7	however	however	ADV
cblr-11901	411	8	,	,	PUNCT
cblr-11901	411	9	may	may	AUX
cblr-11901	411	10	introduce	introduce	VERB
cblr-11901	411	11	idiosyncratic	idiosyncratic	ADJ
cblr-11901	411	12	risks	risk	NOUN
cblr-11901	411	13	to	to	ADP
cblr-11901	411	14	retail	retail	ADJ
cblr-11901	411	15	investors	investor	NOUN
cblr-11901	411	16	who	who	PRON
cblr-11901	411	17	are	be	AUX
cblr-11901	411	18	not	not	PART
cblr-11901	411	19	on	on	ADP
cblr-11901	411	20	a	a	DET
cblr-11901	411	21	level	level	ADJ
cblr-11901	411	22	playing	playing	NOUN
cblr-11901	411	23	field	field	NOUN
cblr-11901	411	24	with	with	ADP
cblr-11901	411	25	larger	large	ADJ
cblr-11901	411	26	institutional	institutional	ADJ
cblr-11901	411	27	investors	investor	NOUN
cblr-11901	411	28	.	.	PUNCT
cblr-11901	412	1	barriers	barrier	NOUN
cblr-11901	412	2	to	to	ADP
cblr-11901	412	3	entry	entry	NOUN
cblr-11901	412	4	have	have	AUX
cblr-11901	412	5	often	often	ADV
cblr-11901	412	6	prevented	prevent	VERB
cblr-11901	412	7	retail	retail	ADJ
cblr-11901	412	8	investors	investor	NOUN
cblr-11901	412	9	from	from	ADP
cblr-11901	412	10	competing	compete	VERB
cblr-11901	412	11	directly	directly	ADV
cblr-11901	412	12	with	with	ADP
cblr-11901	412	13	institutional	institutional	ADJ
cblr-11901	412	14	investors	investor	NOUN
cblr-11901	412	15	.	.	PUNCT
cblr-11901	413	1	136	136	NUM
cblr-11901	413	2	eric	eric	PROPN
cblr-11901	413	3	lipton	lipton	PROPN
cblr-11901	413	4	,	,	PUNCT
cblr-11901	413	5	daisuke	daisuke	PROPN
cblr-11901	413	6	wakabayashi	wakabayashi	PROPN
cblr-11901	413	7	&	&	CCONJ
cblr-11901	413	8	ephrat	ephrat	PROPN
cblr-11901	413	9	livni	livni	PROPN
cblr-11901	413	10	,	,	PUNCT
cblr-11901	413	11	big	big	ADJ
cblr-11901	413	12	hires	hire	NOUN
cblr-11901	413	13	,	,	PUNCT
cblr-11901	413	14	big	big	ADJ
cblr-11901	413	15	money	money	NOUN
cblr-11901	413	16	and	and	CCONJ
cblr-11901	413	17	a	a	DET
cblr-11901	413	18	d.c	d.c	PROPN
cblr-11901	413	19	.	.	PROPN
cblr-11901	413	20	blitz	blitz	PROPN
cblr-11901	413	21	:	:	PUNCT
cblr-11901	413	22	a	a	DET
cblr-11901	413	23	bold	bold	ADJ
cblr-11901	413	24	plan	plan	NOUN
cblr-11901	413	25	to	to	PART
cblr-11901	413	26	dominate	dominate	VERB
cblr-11901	413	27	crypto	crypto	NOUN
cblr-11901	413	28	,	,	PUNCT
cblr-11901	413	29	n.y	n.y	PROPN
cblr-11901	413	30	.	.	PROPN
cblr-11901	413	31	times	times	PROPN
cblr-11901	413	32	(	(	PUNCT
cblr-11901	413	33	oct	oct	PROPN
cblr-11901	413	34	.	.	PROPN
cblr-11901	413	35	29	29	NUM
cblr-11901	413	36	,	,	PUNCT
cblr-11901	413	37	2021	2021	NUM
cblr-11901	413	38	)	)	PUNCT
cblr-11901	413	39	,	,	PUNCT
cblr-11901	413	40	https://www.nytimes.com/2021/10/29/us/politics/andreessenhorowitz-lobbying-cryptocurrency.html	https://www.nytimes.com/2021/10/29/us/politics/andreessenhorowitz-lobbying-cryptocurrency.html	PROPN
cblr-11901	414	1	[	[	X
cblr-11901	414	2	https://perma.cc/pn9q-dth9	https://perma.cc/pn9q-dth9	NOUN
cblr-11901	414	3	]	]	X
cblr-11901	414	4	.	.	PUNCT
cblr-11901	415	1	137	137	NUM
cblr-11901	415	2	see	see	VERB
cblr-11901	415	3	supra	supra	PROPN
cblr-11901	415	4	section	section	PROPN
cblr-11901	415	5	ii.a	ii.a	PROPN
cblr-11901	415	6	.	.	PUNCT
cblr-11901	416	1	138	138	NUM
cblr-11901	417	1	i	i	PRON
cblr-11901	417	2	d.	d.	PROPN
cblr-11901	417	3	139	139	NUM
cblr-11901	417	4	supra	supra	PROPN
cblr-11901	417	5	section	section	NOUN
cblr-11901	417	6	iii.a.2	iii.a.2	PROPN
cblr-11901	417	7	.	.	PUNCT
cblr-11901	418	1	no	no	INTJ
cblr-11901	418	2	.	.	NOUN
cblr-11901	418	3	1	1	NUM
cblr-11901	418	4	]	]	PUNCT
cblr-11901	418	5	regulating	regulate	VERB
cblr-11901	418	6	democratized	democratized	ADJ
cblr-11901	418	7	finance	finance	NOUN
cblr-11901	418	8	517	517	NUM
cblr-11901	418	9	investors	investor	NOUN
cblr-11901	418	10	face	face	VERB
cblr-11901	418	11	transaction	transaction	NOUN
cblr-11901	418	12	costs	cost	NOUN
cblr-11901	418	13	including	include	VERB
cblr-11901	418	14	from	from	ADP
cblr-11901	418	15	compliance	compliance	NOUN
cblr-11901	418	16	with	with	ADP
cblr-11901	418	17	market	market	NOUN
cblr-11901	418	18	regulations	regulation	NOUN
cblr-11901	418	19	and	and	CCONJ
cblr-11901	418	20	intermediation	intermediation	NOUN
cblr-11901	418	21	costs	cost	NOUN
cblr-11901	418	22	(	(	PUNCT
cblr-11901	418	23	costs	cost	NOUN
cblr-11901	418	24	to	to	PART
cblr-11901	418	25	find	find	VERB
cblr-11901	418	26	counterparties	counterpartie	NOUN
cblr-11901	418	27	through	through	ADP
cblr-11901	418	28	market	market	NOUN
cblr-11901	418	29	makers).140	makers).140	PROPN
cblr-11901	418	30	these	these	DET
cblr-11901	418	31	costs	cost	NOUN
cblr-11901	418	32	decrease	decrease	VERB
cblr-11901	418	33	with	with	ADP
cblr-11901	418	34	scale	scale	NOUN
cblr-11901	418	35	so	so	ADV
cblr-11901	418	36	larger	large	ADJ
cblr-11901	418	37	institutions	institution	NOUN
cblr-11901	418	38	have	have	AUX
cblr-11901	418	39	traditionally	traditionally	ADV
cblr-11901	418	40	been	be	AUX
cblr-11901	418	41	better	well	ADV
cblr-11901	418	42	able	able	ADJ
cblr-11901	418	43	to	to	PART
cblr-11901	418	44	bear	bear	VERB
cblr-11901	418	45	such	such	ADJ
cblr-11901	418	46	costs	cost	NOUN
cblr-11901	418	47	than	than	ADP
cblr-11901	418	48	retail	retail	ADJ
cblr-11901	418	49	investors	investor	NOUN
cblr-11901	418	50	.	.	PUNCT
cblr-11901	419	1	larger	large	ADJ
cblr-11901	419	2	investors	investor	NOUN
cblr-11901	419	3	may	may	AUX
cblr-11901	419	4	also	also	ADV
cblr-11901	419	5	avoid	avoid	VERB
cblr-11901	419	6	or	or	CCONJ
cblr-11901	419	7	reduce	reduce	VERB
cblr-11901	419	8	such	such	ADJ
cblr-11901	419	9	costs	cost	NOUN
cblr-11901	419	10	through	through	ADP
cblr-11901	419	11	regulatory	regulatory	ADJ
cblr-11901	419	12	arbitrage.141	arbitrage.141	NOUN
cblr-11901	419	13	in	in	ADP
cblr-11901	419	14	response	response	NOUN
cblr-11901	419	15	,	,	PUNCT
cblr-11901	419	16	smaller	small	ADJ
cblr-11901	419	17	investors	investor	NOUN
cblr-11901	419	18	historically	historically	ADV
cblr-11901	419	19	reacted	react	VERB
cblr-11901	419	20	to	to	ADP
cblr-11901	419	21	this	this	DET
cblr-11901	419	22	dynamic	dynamic	NOUN
cblr-11901	419	23	by	by	ADP
cblr-11901	419	24	pooling	pool	VERB
cblr-11901	419	25	assets	asset	NOUN
cblr-11901	419	26	with	with	ADP
cblr-11901	419	27	institutional	institutional	ADJ
cblr-11901	419	28	investors	investor	NOUN
cblr-11901	419	29	to	to	PART
cblr-11901	419	30	share	share	VERB
cblr-11901	419	31	in	in	ADP
cblr-11901	419	32	some	some	DET
cblr-11901	419	33	cost	cost	NOUN
cblr-11901	419	34	savings.142	savings.142	NOUN
cblr-11901	419	35	reductions	reduction	NOUN
cblr-11901	419	36	of	of	ADP
cblr-11901	419	37	barriers	barrier	NOUN
cblr-11901	419	38	to	to	ADP
cblr-11901	419	39	market	market	NOUN
cblr-11901	419	40	access	access	NOUN
cblr-11901	419	41	,	,	PUNCT
cblr-11901	419	42	however	however	ADV
cblr-11901	419	43	,	,	PUNCT
cblr-11901	419	44	have	have	AUX
cblr-11901	419	45	led	lead	VERB
cblr-11901	419	46	retail	retail	ADJ
cblr-11901	419	47	investors	investor	NOUN
cblr-11901	419	48	in	in	ADP
cblr-11901	419	49	recent	recent	ADJ
cblr-11901	419	50	years	year	NOUN
cblr-11901	419	51	to	to	PART
cblr-11901	419	52	increase	increase	VERB
cblr-11901	419	53	their	their	PRON
cblr-11901	419	54	direct	direct	ADJ
cblr-11901	419	55	investments.143	investments.143	NOUN
cblr-11901	419	56	the	the	DET
cblr-11901	419	57	reduction	reduction	NOUN
cblr-11901	419	58	of	of	ADP
cblr-11901	419	59	barriers	barrier	NOUN
cblr-11901	419	60	to	to	ADP
cblr-11901	419	61	access	access	NOUN
cblr-11901	419	62	has	have	VERB
cblr-11901	419	63	a	a	DET
cblr-11901	419	64	clear	clear	ADJ
cblr-11901	419	65	benefit	benefit	NOUN
cblr-11901	419	66	of	of	ADP
cblr-11901	419	67	reduced	reduce	VERB
cblr-11901	419	68	costs	cost	NOUN
cblr-11901	419	69	for	for	ADP
cblr-11901	419	70	retail	retail	ADJ
cblr-11901	419	71	investors	investor	NOUN
cblr-11901	419	72	but	but	CCONJ
cblr-11901	419	73	may	may	AUX
cblr-11901	419	74	also	also	ADV
cblr-11901	419	75	present	present	VERB
cblr-11901	419	76	risks	risk	NOUN
cblr-11901	419	77	to	to	PART
cblr-11901	419	78	which	which	PRON
cblr-11901	419	79	regulators	regulator	NOUN
cblr-11901	419	80	may	may	AUX
cblr-11901	419	81	respond	respond	VERB
cblr-11901	419	82	.	.	PUNCT
cblr-11901	420	1	retail	retail	ADJ
cblr-11901	420	2	investors	investor	NOUN
cblr-11901	420	3	are	be	AUX
cblr-11901	420	4	often	often	ADV
cblr-11901	420	5	considered	consider	VERB
cblr-11901	420	6	“	"	PUNCT
cblr-11901	420	7	uninformed	uninformed	ADJ
cblr-11901	420	8	”	"	PUNCT
cblr-11901	420	9	relative	relative	ADJ
cblr-11901	420	10	to	to	ADP
cblr-11901	420	11	large	large	ADJ
cblr-11901	420	12	institutional	institutional	ADJ
cblr-11901	420	13	investors144	investors144	PROPN
cblr-11901	420	14	and	and	CCONJ
cblr-11901	420	15	react	react	VERB
cblr-11901	420	16	differently	differently	ADV
cblr-11901	420	17	to	to	PART
cblr-11901	420	18	market	market	VERB
cblr-11901	420	19	events.145	events.145	NOUN
cblr-11901	420	20	institutional	institutional	ADJ
cblr-11901	420	21	investors	investor	NOUN
cblr-11901	420	22	have	have	VERB
cblr-11901	420	23	expertise	expertise	NOUN
cblr-11901	420	24	and	and	CCONJ
cblr-11901	420	25	access	access	NOUN
cblr-11901	420	26	to	to	ADP
cblr-11901	420	27	sophisticated	sophisticated	ADJ
cblr-11901	420	28	technology	technology	NOUN
cblr-11901	420	29	to	to	PART
cblr-11901	420	30	evaluate	evaluate	VERB
cblr-11901	420	31	risk	risk	NOUN
cblr-11901	420	32	and	and	CCONJ
cblr-11901	420	33	market	market	NOUN
cblr-11901	420	34	opportunities	opportunity	NOUN
cblr-11901	420	35	that	that	PRON
cblr-11901	420	36	retail	retail	ADJ
cblr-11901	420	37	investors	investor	NOUN
cblr-11901	420	38	lack	lack	VERB
cblr-11901	420	39	.	.	PUNCT
cblr-11901	421	1	online	online	ADJ
cblr-11901	421	2	retail	retail	ADJ
cblr-11901	421	3	brokerdealers	brokerdealer	NOUN
cblr-11901	421	4	generate	generate	VERB
cblr-11901	421	5	revenue	revenue	NOUN
cblr-11901	421	6	through	through	ADP
cblr-11901	421	7	pfof	pfof	NOUN
cblr-11901	421	8	in	in	ADP
cblr-11901	421	9	part	part	NOUN
cblr-11901	421	10	because	because	SCONJ
cblr-11901	421	11	it	it	PRON
cblr-11901	421	12	directs	direct	VERB
cblr-11901	421	13	trades	trade	NOUN
cblr-11901	421	14	from	from	ADP
cblr-11901	421	15	“	"	PUNCT
cblr-11901	421	16	uninformed	uninformed	ADJ
cblr-11901	421	17	”	"	PUNCT
cblr-11901	421	18	investors	investor	NOUN
cblr-11901	421	19	to	to	ADP
cblr-11901	421	20	larger	large	ADJ
cblr-11901	421	21	institutions	institution	NOUN
cblr-11901	421	22	that	that	PRON
cblr-11901	421	23	make	make	VERB
cblr-11901	421	24	markets	market	NOUN
cblr-11901	421	25	in	in	ADP
cblr-11901	421	26	these	these	DET
cblr-11901	421	27	financial	financial	ADJ
cblr-11901	421	28	assets.146	assets.146	NOUN
cblr-11901	421	29	140	140	NUM
cblr-11901	421	30	see	see	VERB
cblr-11901	421	31	,	,	PUNCT
cblr-11901	421	32	e.g.	e.g.	ADV
cblr-11901	421	33	,	,	PUNCT
cblr-11901	421	34	fox	fox	PROPN
cblr-11901	421	35	&	&	CCONJ
cblr-11901	421	36	merrill	merrill	PROPN
cblr-11901	421	37	,	,	PUNCT
cblr-11901	421	38	supra	supra	PROPN
cblr-11901	421	39	note	note	NOUN
cblr-11901	421	40	29	29	NUM
cblr-11901	421	41	at	at	ADP
cblr-11901	421	42	33–35	33–35	NUM
cblr-11901	421	43	;	;	PUNCT
cblr-11901	421	44	chris	chris	PROPN
cblr-11901	421	45	brummer	brummer	PROPN
cblr-11901	421	46	&	&	CCONJ
cblr-11901	421	47	yesha	yesha	PROPN
cblr-11901	421	48	yadav	yadav	PROPN
cblr-11901	421	49	,	,	PUNCT
cblr-11901	421	50	fintech	fintech	NOUN
cblr-11901	421	51	and	and	CCONJ
cblr-11901	421	52	the	the	DET
cblr-11901	421	53	innovation	innovation	NOUN
cblr-11901	421	54	trilemma	trilemma	PROPN
cblr-11901	421	55	,	,	PUNCT
cblr-11901	421	56	geo	geo	PROPN
cblr-11901	421	57	.	.	PROPN
cblr-11901	421	58	l.j	l.j	PROPN
cblr-11901	421	59	.	.	PROPN
cblr-11901	421	60	235	235	NUM
cblr-11901	421	61	,	,	PUNCT
cblr-11901	421	62	242	242	NUM
cblr-11901	421	63	(	(	PUNCT
cblr-11901	421	64	2019	2019	NUM
cblr-11901	421	65	)	)	PUNCT
cblr-11901	421	66	.	.	PUNCT
cblr-11901	422	1	141	141	NUM
cblr-11901	422	2	victor	victor	NOUN
cblr-11901	422	3	fleischer	fleischer	NOUN
cblr-11901	422	4	,	,	PUNCT
cblr-11901	422	5	regulatory	regulatory	ADJ
cblr-11901	422	6	arbitrage	arbitrage	NOUN
cblr-11901	422	7	,	,	PUNCT
cblr-11901	422	8	89	89	NUM
cblr-11901	422	9	tex	tex	PROPN
cblr-11901	422	10	.	.	PROPN
cblr-11901	422	11	l.	l.	PROPN
cblr-11901	422	12	rev	rev	PROPN
cblr-11901	422	13	.	.	PROPN
cblr-11901	422	14	227	227	NUM
cblr-11901	422	15	,	,	PUNCT
cblr-11901	422	16	229	229	NUM
cblr-11901	422	17	(	(	PUNCT
cblr-11901	422	18	2010	2010	NUM
cblr-11901	422	19	)	)	PUNCT
cblr-11901	422	20	.	.	PUNCT
cblr-11901	422	21	142	142	NUM
cblr-11901	422	22	what	what	DET
cblr-11901	422	23	percentage	percentage	NOUN
cblr-11901	422	24	of	of	ADP
cblr-11901	422	25	americans	americans	PROPN
cblr-11901	422	26	own	own	VERB
cblr-11901	422	27	stock	stock	NOUN
cblr-11901	422	28	?	?	PUNCT
cblr-11901	422	29	,	,	PUNCT
cblr-11901	422	30	usa	usa	PROPN
cblr-11901	422	31	facts	fact	NOUN
cblr-11901	422	32	(	(	PUNCT
cblr-11901	422	33	mar	mar	PROPN
cblr-11901	422	34	.	.	PROPN
cblr-11901	422	35	9	9	NUM
cblr-11901	422	36	,	,	PUNCT
cblr-11901	422	37	2021	2021	NUM
cblr-11901	422	38	)	)	PUNCT
cblr-11901	422	39	,	,	PUNCT
cblr-11901	422	40	https://usafacts.org/articles/what-percentage-of-americans-ownstock/	https://usafacts.org/articles/what-percentage-of-americans-ownstock/	NOUN
cblr-11901	423	1	[	[	X
cblr-11901	423	2	https://perma.cc/q5vd-xbpk	https://perma.cc/q5vd-xbpk	NOUN
cblr-11901	423	3	]	]	X
cblr-11901	423	4	.	.	PUNCT
cblr-11901	424	1	143	143	NUM
cblr-11901	424	2	michael	michael	PROPN
cblr-11901	424	3	s.	s.	PROPN
cblr-11901	424	4	barr	barr	PROPN
cblr-11901	424	5	,	,	PUNCT
cblr-11901	424	6	howell	howell	PROPN
cblr-11901	424	7	e.	e.	PROPN
cblr-11901	424	8	jackson	jackson	PROPN
cblr-11901	424	9	&	&	CCONJ
cblr-11901	424	10	margaret	margaret	PROPN
cblr-11901	424	11	e.	e.	PROPN
cblr-11901	424	12	tahyar	tahyar	PROPN
cblr-11901	424	13	,	,	PUNCT
cblr-11901	424	14	financial	financial	ADJ
cblr-11901	424	15	regulation	regulation	NOUN
cblr-11901	424	16	:	:	PUNCT
cblr-11901	424	17	law	law	NOUN
cblr-11901	424	18	and	and	CCONJ
cblr-11901	424	19	policy	policy	NOUN
cblr-11901	424	20	581	581	NUM
cblr-11901	424	21	(	(	PUNCT
cblr-11901	424	22	3d	3d	NUM
cblr-11901	424	23	ed	ed	NOUN
cblr-11901	424	24	.	.	PROPN
cblr-11901	424	25	2021	2021	NUM
cblr-11901	424	26	)	)	PUNCT
cblr-11901	424	27	.	.	PUNCT
cblr-11901	425	1	144	144	NUM
cblr-11901	425	2	mahoney	mahoney	PROPN
cblr-11901	425	3	&	&	CCONJ
cblr-11901	425	4	rauterberg	rauterberg	PROPN
cblr-11901	425	5	,	,	PUNCT
cblr-11901	425	6	supra	supra	PROPN
cblr-11901	425	7	note	note	NOUN
cblr-11901	425	8	32	32	NUM
cblr-11901	425	9	,	,	PUNCT
cblr-11901	425	10	at	at	ADP
cblr-11901	425	11	259	259	NUM
cblr-11901	425	12	.	.	PUNCT
cblr-11901	425	13	145	145	NUM
cblr-11901	425	14	see	see	VERB
cblr-11901	425	15	,	,	PUNCT
cblr-11901	425	16	e.g.	e.g.	ADV
cblr-11901	425	17	,	,	PUNCT
cblr-11901	425	18	bailey	bailey	NOUN
cblr-11901	425	19	lipschultz	lipschultz	PROPN
cblr-11901	425	20	,	,	PUNCT
cblr-11901	425	21	retail	retail	ADJ
cblr-11901	425	22	traders	trader	NOUN
cblr-11901	425	23	stick	stick	VERB
cblr-11901	425	24	to	to	ADP
cblr-11901	425	25	dip	dip	NOUN
cblr-11901	425	26	-	-	PUNCT
cblr-11901	425	27	buying	buying	NOUN
cblr-11901	425	28	with	with	ADP
cblr-11901	425	29	record	record	NOUN
cblr-11901	425	30	purchases	purchase	NOUN
cblr-11901	425	31	,	,	PUNCT
cblr-11901	425	32	bloomberg	bloomberg	PROPN
cblr-11901	425	33	(	(	PUNCT
cblr-11901	425	34	dec	dec	PROPN
cblr-11901	425	35	.	.	PROPN
cblr-11901	425	36	1	1	NUM
cblr-11901	425	37	,	,	PUNCT
cblr-11901	425	38	2021	2021	NUM
cblr-11901	425	39	)	)	PUNCT
cblr-11901	425	40	,	,	PUNCT
cblr-11901	425	41	https://www.bloomberg.com/news/articles/2021-12-01/retail-traders-stickto-dip-buying-ways-with-record-purchases	https://www.bloomberg.com/news/articles/2021-12-01/retail-traders-stickto-dip-buying-ways-with-record-purchase	VERB
cblr-11901	425	42	[	[	X
cblr-11901	425	43	https://perma.cc/5xzv-wtyc	https://perma.cc/5xzv-wtyc	X
cblr-11901	425	44	]	]	X
cblr-11901	425	45	.	.	PUNCT
cblr-11901	426	1	146	146	NUM
cblr-11901	426	2	fox	fox	NOUN
cblr-11901	426	3	et	et	PROPN
cblr-11901	426	4	al	al	PROPN
cblr-11901	426	5	.	.	PROPN
cblr-11901	426	6	,	,	PUNCT
cblr-11901	426	7	supra	supra	PROPN
cblr-11901	426	8	note	note	PROPN
cblr-11901	426	9	29	29	NUM
cblr-11901	426	10	,	,	PUNCT
cblr-11901	426	11	at	at	ADP
cblr-11901	426	12	98–99	98–99	NUM
cblr-11901	426	13	;	;	PUNCT
cblr-11901	426	14	matt	matt	PROPN
cblr-11901	426	15	levine	levine	PROPN
cblr-11901	426	16	,	,	PUNCT
cblr-11901	426	17	people	people	NOUN
cblr-11901	426	18	are	be	AUX
cblr-11901	426	19	worried	worried	ADJ
cblr-11901	426	20	about	about	ADP
cblr-11901	426	21	payment	payment	NOUN
cblr-11901	426	22	for	for	ADP
cblr-11901	426	23	order	order	NOUN
cblr-11901	426	24	flow	flow	NOUN
cblr-11901	426	25	,	,	PUNCT
cblr-11901	426	26	money	money	NOUN
cblr-11901	426	27	stuff	stuff	NOUN
cblr-11901	426	28	(	(	PUNCT
cblr-11901	426	29	blog	blog	NOUN
cblr-11901	426	30	)	)	PUNCT
cblr-11901	426	31	,	,	PUNCT
cblr-11901	426	32	bloomberg	bloomberg	PROPN
cblr-11901	426	33	(	(	PUNCT
cblr-11901	426	34	feb	feb	PROPN
cblr-11901	426	35	.	.	PROPN
cblr-11901	426	36	5	5	NUM
cblr-11901	426	37	,	,	PUNCT
cblr-11901	426	38	518	518	NUM
cblr-11901	426	39	columbia	columbia	PROPN
cblr-11901	426	40	business	business	NOUN
cblr-11901	426	41	law	law	PROPN
cblr-11901	426	42	review	review	NOUN
cblr-11901	426	43	[	[	X
cblr-11901	426	44	vol	vol	NOUN
cblr-11901	426	45	.	.	PUNCT
cblr-11901	426	46	2023	2023	NUM
cblr-11901	426	47	thus	thus	ADV
cblr-11901	426	48	,	,	PUNCT
cblr-11901	426	49	asymmetries	asymmetry	NOUN
cblr-11901	426	50	in	in	ADP
cblr-11901	426	51	access	access	NOUN
cblr-11901	426	52	to	to	ADP
cblr-11901	426	53	information	information	NOUN
cblr-11901	426	54	and	and	CCONJ
cblr-11901	426	55	expertise	expertise	NOUN
cblr-11901	426	56	lead	lead	VERB
cblr-11901	426	57	to	to	ADP
cblr-11901	426	58	different	different	ADJ
cblr-11901	426	59	risks	risk	NOUN
cblr-11901	426	60	and	and	CCONJ
cblr-11901	426	61	opportunities	opportunity	NOUN
cblr-11901	426	62	for	for	ADP
cblr-11901	426	63	retail	retail	ADJ
cblr-11901	426	64	investors	investor	NOUN
cblr-11901	426	65	in	in	ADP
cblr-11901	426	66	comparison	comparison	NOUN
cblr-11901	426	67	to	to	ADP
cblr-11901	426	68	institutions	institution	NOUN
cblr-11901	426	69	.	.	PUNCT
cblr-11901	427	1	as	as	SCONJ
cblr-11901	427	2	barriers	barrier	NOUN
cblr-11901	427	3	to	to	PART
cblr-11901	427	4	invest	invest	VERB
cblr-11901	427	5	in	in	ADP
cblr-11901	427	6	financial	financial	ADJ
cblr-11901	427	7	markets	market	NOUN
cblr-11901	427	8	approach	approach	NOUN
cblr-11901	427	9	zero	zero	NUM
cblr-11901	427	10	,	,	PUNCT
cblr-11901	427	11	uninformed	uninformed	ADJ
cblr-11901	427	12	investors	investor	NOUN
cblr-11901	427	13	will	will	AUX
cblr-11901	427	14	face	face	VERB
cblr-11901	427	15	little	little	ADJ
cblr-11901	427	16	tension	tension	NOUN
cblr-11901	427	17	to	to	PART
cblr-11901	427	18	enter	enter	VERB
cblr-11901	427	19	markets	market	NOUN
cblr-11901	427	20	where	where	SCONJ
cblr-11901	427	21	they	they	PRON
cblr-11901	427	22	may	may	AUX
cblr-11901	427	23	be	be	AUX
cblr-11901	427	24	at	at	ADP
cblr-11901	427	25	a	a	DET
cblr-11901	427	26	structural	structural	ADJ
cblr-11901	427	27	disadvantage	disadvantage	NOUN
cblr-11901	427	28	relative	relative	ADJ
cblr-11901	427	29	to	to	ADP
cblr-11901	427	30	larger	large	ADJ
cblr-11901	427	31	institutions	institution	NOUN
cblr-11901	427	32	.	.	PUNCT
cblr-11901	428	1	new	new	ADJ
cblr-11901	428	2	and	and	CCONJ
cblr-11901	428	3	complex	complex	ADJ
cblr-11901	428	4	markets	market	NOUN
cblr-11901	428	5	with	with	ADP
cblr-11901	428	6	large	large	ADJ
cblr-11901	428	7	fluctuations	fluctuation	NOUN
cblr-11901	428	8	in	in	ADP
cblr-11901	428	9	value	value	NOUN
cblr-11901	428	10	–	–	PUNCT
cblr-11901	428	11	such	such	ADJ
cblr-11901	428	12	as	as	ADP
cblr-11901	428	13	cryptocurrency	cryptocurrency	NOUN
cblr-11901	428	14	markets	market	NOUN
cblr-11901	428	15	–	–	PUNCT
cblr-11901	428	16	exacerbate	exacerbate	VERB
cblr-11901	428	17	the	the	DET
cblr-11901	428	18	different	different	ADJ
cblr-11901	428	19	outcomes	outcome	NOUN
cblr-11901	428	20	among	among	ADP
cblr-11901	428	21	informed	informed	ADJ
cblr-11901	428	22	and	and	CCONJ
cblr-11901	428	23	uninformed	uninformed	ADJ
cblr-11901	428	24	traders	trader	NOUN
cblr-11901	428	25	.	.	PUNCT
cblr-11901	429	1	this	this	PRON
cblr-11901	429	2	could	could	AUX
cblr-11901	429	3	lead	lead	VERB
cblr-11901	429	4	to	to	ADP
cblr-11901	429	5	unfairness	unfairness	NOUN
cblr-11901	429	6	and	and	CCONJ
cblr-11901	429	7	losses	loss	NOUN
cblr-11901	429	8	for	for	ADP
cblr-11901	429	9	retail	retail	ADJ
cblr-11901	429	10	investors	investor	NOUN
cblr-11901	429	11	unaware	unaware	ADJ
cblr-11901	429	12	of	of	ADP
cblr-11901	429	13	market	market	NOUN
cblr-11901	429	14	risks	risk	NOUN
cblr-11901	429	15	.	.	PUNCT
cblr-11901	430	1	in	in	ADP
cblr-11901	430	2	response	response	NOUN
cblr-11901	430	3	,	,	PUNCT
cblr-11901	430	4	the	the	DET
cblr-11901	430	5	sec	sec	PROPN
cblr-11901	430	6	may	may	AUX
cblr-11901	430	7	consider	consider	VERB
cblr-11901	430	8	whether	whether	SCONJ
cblr-11901	430	9	there	there	PRON
cblr-11901	430	10	are	be	VERB
cblr-11901	430	11	circumstances	circumstance	NOUN
cblr-11901	430	12	warranting	warrant	VERB
cblr-11901	430	13	limitations	limitation	NOUN
cblr-11901	430	14	on	on	ADP
cblr-11901	430	15	the	the	DET
cblr-11901	430	16	ability	ability	NOUN
cblr-11901	430	17	of	of	ADP
cblr-11901	430	18	certain	certain	ADJ
cblr-11901	430	19	classes	class	NOUN
cblr-11901	430	20	of	of	ADP
cblr-11901	430	21	investors	investor	NOUN
cblr-11901	430	22	(	(	PUNCT
cblr-11901	430	23	such	such	ADJ
cblr-11901	430	24	as	as	ADP
cblr-11901	430	25	subsets	subset	NOUN
cblr-11901	430	26	of	of	ADP
cblr-11901	430	27	retail	retail	ADJ
cblr-11901	430	28	investors	investor	NOUN
cblr-11901	430	29	)	)	PUNCT
cblr-11901	430	30	to	to	PART
cblr-11901	430	31	directly	directly	ADV
cblr-11901	430	32	access	access	VERB
cblr-11901	430	33	certain	certain	ADJ
cblr-11901	430	34	markets	market	NOUN
cblr-11901	430	35	.	.	PUNCT
cblr-11901	431	1	considerations	consideration	NOUN
cblr-11901	431	2	of	of	ADP
cblr-11901	431	3	limiting	limit	VERB
cblr-11901	431	4	market	market	NOUN
cblr-11901	431	5	access	access	NOUN
cblr-11901	431	6	may	may	AUX
cblr-11901	431	7	occur	occur	VERB
cblr-11901	431	8	alongside	alongside	ADP
cblr-11901	431	9	other	other	ADJ
cblr-11901	431	10	considerations	consideration	NOUN
cblr-11901	431	11	of	of	ADP
cblr-11901	431	12	how	how	SCONJ
cblr-11901	431	13	best	good	ADJ
cblr-11901	431	14	to	to	PART
cblr-11901	431	15	regulate	regulate	VERB
cblr-11901	431	16	financial	financial	ADJ
cblr-11901	431	17	market	market	NOUN
cblr-11901	431	18	innovations	innovation	NOUN
cblr-11901	431	19	.	.	PUNCT
cblr-11901	432	1	iv	iv	X
cblr-11901	432	2	.	.	NOUN
cblr-11901	432	3	approaches	approach	NOUN
cblr-11901	432	4	to	to	ADP
cblr-11901	432	5	regulating	regulate	VERB
cblr-11901	432	6	market	market	NOUN
cblr-11901	432	7	innovations	innovation	NOUN
cblr-11901	432	8	and	and	CCONJ
cblr-11901	432	9	limiting	limit	VERB
cblr-11901	432	10	market	market	NOUN
cblr-11901	432	11	access	access	NOUN
cblr-11901	432	12	following	follow	VERB
cblr-11901	432	13	from	from	ADP
cblr-11901	432	14	the	the	DET
cblr-11901	432	15	historical	historical	ADJ
cblr-11901	432	16	and	and	CCONJ
cblr-11901	432	17	contemporary	contemporary	ADJ
cblr-11901	432	18	approaches	approach	NOUN
cblr-11901	432	19	to	to	ADP
cblr-11901	432	20	the	the	DET
cblr-11901	432	21	sec	sec	PROPN
cblr-11901	432	22	’s	’s	PART
cblr-11901	432	23	regulation	regulation	NOUN
cblr-11901	432	24	of	of	ADP
cblr-11901	432	25	new	new	ADJ
cblr-11901	432	26	financial	financial	ADJ
cblr-11901	432	27	market	market	NOUN
cblr-11901	432	28	developments	development	NOUN
cblr-11901	432	29	,	,	PUNCT
cblr-11901	432	30	this	this	DET
cblr-11901	432	31	part	part	NOUN
cblr-11901	432	32	proposes	propose	VERB
cblr-11901	432	33	two	two	NUM
cblr-11901	432	34	frameworks	framework	NOUN
cblr-11901	432	35	for	for	ADP
cblr-11901	432	36	understanding	understand	VERB
cblr-11901	432	37	the	the	DET
cblr-11901	432	38	regulation	regulation	NOUN
cblr-11901	432	39	of	of	ADP
cblr-11901	432	40	new	new	ADJ
cblr-11901	432	41	financial	financial	ADJ
cblr-11901	432	42	market	market	NOUN
cblr-11901	432	43	innovations	innovation	NOUN
cblr-11901	432	44	,	,	PUNCT
cblr-11901	432	45	focusing	focus	VERB
cblr-11901	432	46	in	in	ADP
cblr-11901	432	47	particular	particular	ADJ
cblr-11901	432	48	,	,	PUNCT
cblr-11901	432	49	on	on	ADP
cblr-11901	432	50	fintech	fintech	NOUN
cblr-11901	432	51	products	product	NOUN
cblr-11901	432	52	aiming	aim	VERB
cblr-11901	432	53	to	to	PART
cblr-11901	432	54	“	"	PUNCT
cblr-11901	432	55	democratize	democratize	VERB
cblr-11901	432	56	”	"	PUNCT
cblr-11901	432	57	financial	financial	ADJ
cblr-11901	432	58	markets	market	NOUN
cblr-11901	432	59	.	.	PUNCT
cblr-11901	433	1	first	first	ADV
cblr-11901	433	2	,	,	PUNCT
cblr-11901	433	3	this	this	DET
cblr-11901	433	4	part	part	NOUN
cblr-11901	433	5	reviews	review	VERB
cblr-11901	433	6	a	a	DET
cblr-11901	433	7	framework	framework	NOUN
cblr-11901	433	8	to	to	PART
cblr-11901	433	9	understand	understand	VERB
cblr-11901	433	10	when	when	SCONJ
cblr-11901	433	11	the	the	DET
cblr-11901	433	12	sec	sec	PROPN
cblr-11901	433	13	may	may	AUX
cblr-11901	433	14	regulate	regulate	VERB
cblr-11901	433	15	new	new	ADJ
cblr-11901	433	16	market	market	NOUN
cblr-11901	433	17	developments	development	NOUN
cblr-11901	433	18	under	under	ADP
cblr-11901	433	19	existing	exist	VERB
cblr-11901	433	20	regulatory	regulatory	ADJ
cblr-11901	433	21	structures	structure	NOUN
cblr-11901	433	22	.	.	PUNCT
cblr-11901	434	1	second	second	ADJ
cblr-11901	434	2	,	,	PUNCT
cblr-11901	434	3	this	this	DET
cblr-11901	434	4	part	part	NOUN
cblr-11901	434	5	reviews	review	VERB
cblr-11901	434	6	a	a	DET
cblr-11901	434	7	framework	framework	NOUN
cblr-11901	434	8	for	for	ADP
cblr-11901	434	9	how	how	SCONJ
cblr-11901	434	10	the	the	DET
cblr-11901	434	11	agency	agency	NOUN
cblr-11901	434	12	may	may	AUX
cblr-11901	434	13	approach	approach	VERB
cblr-11901	434	14	limiting	limit	VERB
cblr-11901	434	15	market	market	NOUN
cblr-11901	434	16	access	access	NOUN
cblr-11901	434	17	in	in	ADP
cblr-11901	434	18	light	light	NOUN
cblr-11901	434	19	of	of	ADP
cblr-11901	434	20	the	the	DET
cblr-11901	434	21	continued	continue	VERB
cblr-11901	434	22	democratization	democratization	NOUN
cblr-11901	434	23	of	of	ADP
cblr-11901	434	24	financial	financial	ADJ
cblr-11901	434	25	markets	market	NOUN
cblr-11901	434	26	.	.	PUNCT
cblr-11901	435	1	a.	a.	NOUN
cblr-11901	435	2	whether	whether	SCONJ
cblr-11901	435	3	and	and	CCONJ
cblr-11901	435	4	when	when	SCONJ
cblr-11901	435	5	to	to	PART
cblr-11901	435	6	apply	apply	VERB
cblr-11901	435	7	existing	exist	VERB
cblr-11901	435	8	regulations	regulation	NOUN
cblr-11901	435	9	2021	2021	NUM
cblr-11901	435	10	)	)	PUNCT
cblr-11901	435	11	,	,	PUNCT
cblr-11901	435	12	https://www.bloomberg.com/opinion/articles/2021-02-05/robinhoodgamestop-saga-pressures-payment-for-order-flow	https://www.bloomberg.com/opinion/articles/2021-02-05/robinhoodgamestop-saga-pressures-payment-for-order-flow	PROPN
cblr-11901	436	1	[	[	X
cblr-11901	436	2	https://perma.cc/yc4mbrl9	https://perma.cc/yc4mbrl9	X
cblr-11901	436	3	]	]	X
cblr-11901	436	4	(	(	PUNCT
cblr-11901	436	5	providing	provide	VERB
cblr-11901	436	6	a	a	DET
cblr-11901	436	7	detailed	detailed	ADJ
cblr-11901	436	8	explanation	explanation	NOUN
cblr-11901	436	9	about	about	ADP
cblr-11901	436	10	the	the	DET
cblr-11901	436	11	economics	economic	NOUN
cblr-11901	436	12	of	of	ADP
cblr-11901	436	13	pfof	pfof	NOUN
cblr-11901	436	14	)	)	PUNCT
cblr-11901	436	15	.	.	PUNCT
cblr-11901	437	1	no	no	INTJ
cblr-11901	437	2	.	.	NOUN
cblr-11901	437	3	1	1	NUM
cblr-11901	437	4	]	]	PUNCT
cblr-11901	437	5	regulating	regulate	VERB
cblr-11901	437	6	democratized	democratized	ADJ
cblr-11901	437	7	finance	finance	NOUN
cblr-11901	437	8	519	519	NUM
cblr-11901	437	9	to	to	ADP
cblr-11901	437	10	new	new	ADJ
cblr-11901	437	11	market	market	NOUN
cblr-11901	437	12	developments	development	NOUN
cblr-11901	437	13	when	when	SCONJ
cblr-11901	437	14	an	an	DET
cblr-11901	437	15	agency	agency	NOUN
cblr-11901	437	16	has	have	VERB
cblr-11901	437	17	the	the	DET
cblr-11901	437	18	authority	authority	NOUN
cblr-11901	437	19	to	to	PART
cblr-11901	437	20	apply	apply	VERB
cblr-11901	437	21	existing	exist	VERB
cblr-11901	437	22	regulations	regulation	NOUN
cblr-11901	437	23	to	to	ADP
cblr-11901	437	24	new	new	ADJ
cblr-11901	437	25	market	market	NOUN
cblr-11901	437	26	developments	development	NOUN
cblr-11901	437	27	,	,	PUNCT
cblr-11901	437	28	it	it	PRON
cblr-11901	437	29	has	have	VERB
cblr-11901	437	30	a	a	DET
cblr-11901	437	31	choice.147	choice.147	NOUN
cblr-11901	437	32	the	the	DET
cblr-11901	437	33	agency	agency	NOUN
cblr-11901	437	34	may	may	AUX
cblr-11901	437	35	apply	apply	VERB
cblr-11901	437	36	existing	exist	VERB
cblr-11901	437	37	regulations	regulation	NOUN
cblr-11901	437	38	,	,	PUNCT
cblr-11901	437	39	such	such	ADJ
cblr-11901	437	40	as	as	ADP
cblr-11901	437	41	when	when	SCONJ
cblr-11901	437	42	the	the	DET
cblr-11901	437	43	sec	sec	PROPN
cblr-11901	437	44	applies	apply	VERB
cblr-11901	437	45	security	security	NOUN
cblr-11901	437	46	regulations	regulation	NOUN
cblr-11901	437	47	to	to	ADP
cblr-11901	437	48	new	new	ADJ
cblr-11901	437	49	financial	financial	ADJ
cblr-11901	437	50	instruments,148	instruments,148	NOUN
cblr-11901	437	51	or	or	CCONJ
cblr-11901	437	52	develop	develop	VERB
cblr-11901	437	53	a	a	DET
cblr-11901	437	54	new	new	ADJ
cblr-11901	437	55	framework	framework	NOUN
cblr-11901	437	56	tailored	tailor	VERB
cblr-11901	437	57	to	to	ADP
cblr-11901	437	58	new	new	ADJ
cblr-11901	437	59	market	market	NOUN
cblr-11901	437	60	developments	development	NOUN
cblr-11901	437	61	,	,	PUNCT
cblr-11901	437	62	such	such	ADJ
cblr-11901	437	63	as	as	ADP
cblr-11901	437	64	when	when	SCONJ
cblr-11901	437	65	the	the	DET
cblr-11901	437	66	sec	sec	PROPN
cblr-11901	437	67	developed	develop	VERB
cblr-11901	437	68	the	the	DET
cblr-11901	437	69	national	national	ADJ
cblr-11901	437	70	market	market	NOUN
cblr-11901	437	71	system	system	NOUN
cblr-11901	437	72	in	in	ADP
cblr-11901	437	73	reaction	reaction	NOUN
cblr-11901	437	74	to	to	ADP
cblr-11901	437	75	what	what	PRON
cblr-11901	437	76	it	it	PRON
cblr-11901	437	77	saw	see	VERB
cblr-11901	437	78	as	as	SCONJ
cblr-11901	437	79	flaws	flaw	NOUN
cblr-11901	437	80	in	in	ADP
cblr-11901	437	81	existing	exist	VERB
cblr-11901	437	82	market	market	NOUN
cblr-11901	437	83	structure.149	structure.149	NOUN
cblr-11901	437	84	this	this	DET
cblr-11901	437	85	section	section	NOUN
cblr-11901	437	86	reviews	review	VERB
cblr-11901	437	87	the	the	DET
cblr-11901	437	88	two	two	NUM
cblr-11901	437	89	instances	instance	NOUN
cblr-11901	437	90	when	when	SCONJ
cblr-11901	437	91	the	the	DET
cblr-11901	437	92	sec	sec	PROPN
cblr-11901	437	93	applies	apply	VERB
cblr-11901	437	94	existing	exist	VERB
cblr-11901	437	95	regulations	regulation	NOUN
cblr-11901	437	96	to	to	ADP
cblr-11901	437	97	new	new	ADJ
cblr-11901	437	98	market	market	NOUN
cblr-11901	437	99	innovations	innovation	NOUN
cblr-11901	437	100	:	:	PUNCT
cblr-11901	437	101	(	(	PUNCT
cblr-11901	437	102	1	1	X
cblr-11901	437	103	)	)	PUNCT
cblr-11901	437	104	when	when	SCONJ
cblr-11901	437	105	(	(	PUNCT
cblr-11901	437	106	i	i	NOUN
cblr-11901	437	107	)	)	PUNCT
cblr-11901	437	108	the	the	DET
cblr-11901	437	109	new	new	ADJ
cblr-11901	437	110	product	product	NOUN
cblr-11901	437	111	(	(	PUNCT
cblr-11901	437	112	or	or	CCONJ
cblr-11901	437	113	service	service	NOUN
cblr-11901	437	114	)	)	PUNCT
cblr-11901	437	115	’s	’s	PART
cblr-11901	437	116	risks	risk	NOUN
cblr-11901	437	117	and	and	CCONJ
cblr-11901	437	118	purposes	purpose	NOUN
cblr-11901	437	119	are	be	AUX
cblr-11901	437	120	reasonably	reasonably	ADV
cblr-11901	437	121	related	related	ADJ
cblr-11901	437	122	to	to	ADP
cblr-11901	437	123	risks	risk	NOUN
cblr-11901	437	124	and	and	CCONJ
cblr-11901	437	125	purposes	purpose	NOUN
cblr-11901	437	126	of	of	ADP
cblr-11901	437	127	services	service	NOUN
cblr-11901	437	128	or	or	CCONJ
cblr-11901	437	129	products	product	NOUN
cblr-11901	437	130	already	already	ADV
cblr-11901	437	131	covered	cover	VERB
cblr-11901	437	132	by	by	ADP
cblr-11901	437	133	the	the	DET
cblr-11901	437	134	existing	exist	VERB
cblr-11901	437	135	regulation	regulation	NOUN
cblr-11901	437	136	and	and	CCONJ
cblr-11901	437	137	(	(	PUNCT
cblr-11901	437	138	ii	ii	NOUN
cblr-11901	437	139	)	)	PUNCT
cblr-11901	437	140	there	there	PRON
cblr-11901	437	141	is	be	VERB
cblr-11901	437	142	not	not	PART
cblr-11901	437	143	significant	significant	ADJ
cblr-11901	437	144	uncertainty	uncertainty	NOUN
cblr-11901	437	145	concerning	concern	VERB
cblr-11901	437	146	the	the	DET
cblr-11901	437	147	assets	asset	NOUN
cblr-11901	437	148	’	'	PUNCT
cblr-11901	437	149	classification	classification	NOUN
cblr-11901	437	150	,	,	PUNCT
cblr-11901	437	151	or	or	CCONJ
cblr-11901	437	152	(	(	PUNCT
cblr-11901	437	153	2	2	X
cblr-11901	437	154	)	)	PUNCT
cblr-11901	437	155	in	in	ADP
cblr-11901	437	156	the	the	DET
cblr-11901	437	157	interim	interim	NOUN
cblr-11901	437	158	between	between	ADP
cblr-11901	437	159	a	a	DET
cblr-11901	437	160	product	product	NOUN
cblr-11901	437	161	’s	’s	PART
cblr-11901	437	162	widespread	widespread	ADJ
cblr-11901	437	163	adoption	adoption	NOUN
cblr-11901	437	164	or	or	CCONJ
cblr-11901	437	165	transformation	transformation	NOUN
cblr-11901	437	166	of	of	ADP
cblr-11901	437	167	the	the	DET
cblr-11901	437	168	current	current	ADJ
cblr-11901	437	169	market	market	NOUN
cblr-11901	437	170	and	and	CCONJ
cblr-11901	437	171	the	the	DET
cblr-11901	437	172	implementation	implementation	NOUN
cblr-11901	437	173	of	of	ADP
cblr-11901	437	174	new	new	ADJ
cblr-11901	437	175	regulations	regulation	NOUN
cblr-11901	437	176	,	,	PUNCT
cblr-11901	437	177	when	when	SCONJ
cblr-11901	437	178	an	an	DET
cblr-11901	437	179	imperfect	imperfect	ADJ
cblr-11901	437	180	regulatory	regulatory	ADJ
cblr-11901	437	181	scheme	scheme	NOUN
cblr-11901	437	182	provides	provide	VERB
cblr-11901	437	183	greater	great	ADJ
cblr-11901	437	184	benefits	benefit	NOUN
cblr-11901	437	185	relative	relative	ADJ
cblr-11901	437	186	to	to	ADP
cblr-11901	437	187	no	no	DET
cblr-11901	437	188	regulatory	regulatory	ADJ
cblr-11901	437	189	scheme	scheme	NOUN
cblr-11901	437	190	.	.	PUNCT
cblr-11901	438	1	1	1	X
cblr-11901	438	2	.	.	X
cblr-11901	438	3	applying	apply	VERB
cblr-11901	438	4	existing	exist	VERB
cblr-11901	438	5	regulations	regulation	NOUN
cblr-11901	438	6	:	:	PUNCT
cblr-11901	438	7	reasonably	reasonably	ADV
cblr-11901	438	8	related	related	ADJ
cblr-11901	438	9	test	test	NOUN
cblr-11901	438	10	agencies	agency	NOUN
cblr-11901	438	11	apply	apply	VERB
cblr-11901	438	12	existing	exist	VERB
cblr-11901	438	13	regulations	regulation	NOUN
cblr-11901	438	14	to	to	ADP
cblr-11901	438	15	new	new	ADJ
cblr-11901	438	16	developments	development	NOUN
cblr-11901	438	17	when	when	SCONJ
cblr-11901	438	18	the	the	DET
cblr-11901	438	19	fintech	fintech	NOUN
cblr-11901	438	20	product	product	NOUN
cblr-11901	438	21	or	or	CCONJ
cblr-11901	438	22	service	service	NOUN
cblr-11901	438	23	under	under	ADP
cblr-11901	438	24	consideration	consideration	NOUN
cblr-11901	438	25	is	be	AUX
cblr-11901	438	26	reasonably	reasonably	ADV
cblr-11901	438	27	related	relate	VERB
cblr-11901	438	28	to	to	ADP
cblr-11901	438	29	products	product	NOUN
cblr-11901	438	30	or	or	CCONJ
cblr-11901	438	31	services	service	NOUN
cblr-11901	438	32	encompassed	encompass	VERB
cblr-11901	438	33	by	by	ADP
cblr-11901	438	34	existing	exist	VERB
cblr-11901	438	35	regulations	regulation	NOUN
cblr-11901	438	36	.	.	PUNCT
cblr-11901	439	1	this	this	PRON
cblr-11901	439	2	is	be	AUX
cblr-11901	439	3	a	a	DET
cblr-11901	439	4	fact	fact	NOUN
cblr-11901	439	5	-	-	PUNCT
cblr-11901	439	6	intensive	intensive	ADJ
cblr-11901	439	7	analysis	analysis	NOUN
cblr-11901	439	8	that	that	PRON
cblr-11901	439	9	considers	consider	VERB
cblr-11901	439	10	(	(	PUNCT
cblr-11901	439	11	1	1	X
cblr-11901	439	12	)	)	PUNCT
cblr-11901	439	13	the	the	DET
cblr-11901	439	14	risks	risk	NOUN
cblr-11901	439	15	posed	pose	VERB
cblr-11901	439	16	by	by	ADP
cblr-11901	439	17	the	the	DET
cblr-11901	439	18	relevant	relevant	ADJ
cblr-11901	439	19	financial	financial	ADJ
cblr-11901	439	20	product	product	NOUN
cblr-11901	439	21	147	147	NUM
cblr-11901	439	22	note	note	VERB
cblr-11901	439	23	that	that	SCONJ
cblr-11901	439	24	in	in	ADP
cblr-11901	439	25	any	any	DET
cblr-11901	439	26	analysis	analysis	NOUN
cblr-11901	439	27	,	,	PUNCT
cblr-11901	439	28	the	the	DET
cblr-11901	439	29	agency	agency	NOUN
cblr-11901	439	30	must	must	AUX
cblr-11901	439	31	have	have	VERB
cblr-11901	439	32	authority	authority	NOUN
cblr-11901	439	33	to	to	PART
cblr-11901	439	34	apply	apply	VERB
cblr-11901	439	35	existing	exist	VERB
cblr-11901	439	36	regulations	regulation	NOUN
cblr-11901	439	37	,	,	PUNCT
cblr-11901	439	38	i.e.	i.e.	X
cblr-11901	439	39	the	the	DET
cblr-11901	439	40	new	new	ADJ
cblr-11901	439	41	market	market	NOUN
cblr-11901	439	42	developments	development	NOUN
cblr-11901	439	43	fitting	fit	VERB
cblr-11901	439	44	the	the	DET
cblr-11901	439	45	regulations	regulation	NOUN
cblr-11901	439	46	’	'	PUNCT
cblr-11901	439	47	definition	definition	NOUN
cblr-11901	439	48	is	be	AUX
cblr-11901	439	49	a	a	DET
cblr-11901	439	50	prerequisite	prerequisite	NOUN
cblr-11901	439	51	to	to	ADP
cblr-11901	439	52	applying	apply	VERB
cblr-11901	439	53	them	they	PRON
cblr-11901	439	54	.	.	PUNCT
cblr-11901	440	1	whether	whether	SCONJ
cblr-11901	440	2	this	this	DET
cblr-11901	440	3	authority	authority	NOUN
cblr-11901	440	4	exists	exist	VERB
cblr-11901	440	5	depends	depend	VERB
cblr-11901	440	6	on	on	ADP
cblr-11901	440	7	the	the	DET
cblr-11901	440	8	specific	specific	ADJ
cblr-11901	440	9	regulation	regulation	NOUN
cblr-11901	440	10	and	and	CCONJ
cblr-11901	440	11	product	product	NOUN
cblr-11901	440	12	or	or	CCONJ
cblr-11901	440	13	service	service	NOUN
cblr-11901	440	14	at	at	ADP
cblr-11901	440	15	issue	issue	NOUN
cblr-11901	440	16	.	.	PUNCT
cblr-11901	441	1	however	however	ADV
cblr-11901	441	2	,	,	PUNCT
cblr-11901	441	3	uncertainty	uncertainty	NOUN
cblr-11901	441	4	about	about	ADP
cblr-11901	441	5	regulatory	regulatory	ADJ
cblr-11901	441	6	authority	authority	NOUN
cblr-11901	441	7	is	be	AUX
cblr-11901	441	8	part	part	NOUN
cblr-11901	441	9	of	of	ADP
cblr-11901	441	10	the	the	DET
cblr-11901	441	11	consideration	consideration	NOUN
cblr-11901	441	12	of	of	ADP
cblr-11901	441	13	whether	whether	SCONJ
cblr-11901	441	14	applying	apply	VERB
cblr-11901	441	15	existing	exist	VERB
cblr-11901	441	16	regulations	regulation	NOUN
cblr-11901	441	17	(	(	PUNCT
cblr-11901	441	18	or	or	CCONJ
cblr-11901	441	19	at	at	ADP
cblr-11901	441	20	least	least	ADJ
cblr-11901	441	21	attempting	attempt	VERB
cblr-11901	441	22	to	to	PART
cblr-11901	441	23	apply	apply	VERB
cblr-11901	441	24	existing	exist	VERB
cblr-11901	441	25	regulations	regulation	NOUN
cblr-11901	441	26	)	)	PUNCT
cblr-11901	441	27	is	be	AUX
cblr-11901	441	28	warranted	warrant	VERB
cblr-11901	441	29	,	,	PUNCT
cblr-11901	441	30	as	as	SCONJ
cblr-11901	441	31	reviewed	review	VERB
cblr-11901	441	32	in	in	ADP
cblr-11901	441	33	this	this	DET
cblr-11901	441	34	part	part	NOUN
cblr-11901	441	35	.	.	PUNCT
cblr-11901	442	1	148	148	NUM
cblr-11901	442	2	see	see	VERB
cblr-11901	442	3	infra	infra	NOUN
cblr-11901	442	4	section	section	NOUN
cblr-11901	442	5	ii.a	ii.a	PROPN
cblr-11901	442	6	.	.	PROPN
cblr-11901	443	1	149	149	NUM
cblr-11901	443	2	see	see	VERB
cblr-11901	443	3	infra	infra	NOUN
cblr-11901	443	4	section	section	NOUN
cblr-11901	443	5	ii.b	ii.b	NOUN
cblr-11901	443	6	.	.	PUNCT
cblr-11901	444	1	520	520	NUM
cblr-11901	444	2	columbia	columbia	PROPN
cblr-11901	444	3	business	business	NOUN
cblr-11901	444	4	law	law	PROPN
cblr-11901	444	5	review	review	NOUN
cblr-11901	444	6	[	[	X
cblr-11901	444	7	vol	vol	NOUN
cblr-11901	444	8	.	.	PUNCT
cblr-11901	444	9	2023	2023	NUM
cblr-11901	444	10	or	or	CCONJ
cblr-11901	444	11	service	service	NOUN
cblr-11901	444	12	and	and	CCONJ
cblr-11901	444	13	(	(	PUNCT
cblr-11901	444	14	2	2	X
cblr-11901	444	15	)	)	PUNCT
cblr-11901	444	16	the	the	DET
cblr-11901	444	17	purpose	purpose	NOUN
cblr-11901	444	18	of	of	ADP
cblr-11901	444	19	the	the	DET
cblr-11901	444	20	relevant	relevant	ADJ
cblr-11901	444	21	financial	financial	ADJ
cblr-11901	444	22	product	product	NOUN
cblr-11901	444	23	or	or	CCONJ
cblr-11901	444	24	service	service	NOUN
cblr-11901	444	25	.	.	PUNCT
cblr-11901	445	1	the	the	DET
cblr-11901	445	2	analysis	analysis	NOUN
cblr-11901	445	3	must	must	AUX
cblr-11901	445	4	consider	consider	VERB
cblr-11901	445	5	both	both	CCONJ
cblr-11901	445	6	the	the	DET
cblr-11901	445	7	risk	risk	NOUN
cblr-11901	445	8	and	and	CCONJ
cblr-11901	445	9	purposes	purpose	NOUN
cblr-11901	445	10	of	of	ADP
cblr-11901	445	11	the	the	DET
cblr-11901	445	12	financial	financial	ADJ
cblr-11901	445	13	product	product	NOUN
cblr-11901	445	14	to	to	PART
cblr-11901	445	15	be	be	AUX
cblr-11901	445	16	regulated	regulate	VERB
cblr-11901	445	17	as	as	ADV
cblr-11901	445	18	well	well	ADV
cblr-11901	445	19	as	as	ADP
cblr-11901	445	20	the	the	DET
cblr-11901	445	21	financial	financial	ADJ
cblr-11901	445	22	products	product	NOUN
cblr-11901	445	23	covered	cover	VERB
cblr-11901	445	24	by	by	ADP
cblr-11901	445	25	existing	exist	VERB
cblr-11901	445	26	regulations	regulation	NOUN
cblr-11901	445	27	.	.	PUNCT
cblr-11901	446	1	the	the	DET
cblr-11901	446	2	years	year	NOUN
cblr-11901	446	3	-	-	PUNCT
cblr-11901	446	4	long	long	ADJ
cblr-11901	446	5	debates	debate	NOUN
cblr-11901	446	6	concerning	concern	VERB
cblr-11901	446	7	the	the	DET
cblr-11901	446	8	regulation	regulation	NOUN
cblr-11901	446	9	of	of	ADP
cblr-11901	446	10	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	446	11	illustrate	illustrate	VERB
cblr-11901	446	12	this	this	DET
cblr-11901	446	13	approach	approach	NOUN
cblr-11901	446	14	and	and	CCONJ
cblr-11901	446	15	its	its	PRON
cblr-11901	446	16	challenges	challenge	NOUN
cblr-11901	446	17	.	.	PUNCT
cblr-11901	447	1	when	when	SCONJ
cblr-11901	447	2	the	the	DET
cblr-11901	447	3	sec	sec	PROPN
cblr-11901	447	4	began	begin	VERB
cblr-11901	447	5	to	to	PART
cblr-11901	447	6	assert	assert	VERB
cblr-11901	447	7	its	its	PRON
cblr-11901	447	8	authority	authority	NOUN
cblr-11901	447	9	over	over	ADP
cblr-11901	447	10	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	447	11	,	,	PUNCT
cblr-11901	447	12	these	these	DET
cblr-11901	447	13	assets	asset	NOUN
cblr-11901	447	14	were	be	AUX
cblr-11901	447	15	generally	generally	ADV
cblr-11901	447	16	acquired	acquire	VERB
cblr-11901	447	17	through	through	ADP
cblr-11901	447	18	exchanges	exchange	NOUN
cblr-11901	447	19	or	or	CCONJ
cblr-11901	447	20	broker	broker	NOUN
cblr-11901	447	21	-	-	PUNCT
cblr-11901	447	22	dealers	dealer	NOUN
cblr-11901	447	23	,	,	PUNCT
cblr-11901	447	24	similar	similar	ADJ
cblr-11901	447	25	to	to	ADP
cblr-11901	447	26	securities.150	securities.150	VERB
cblr-11901	447	27	as	as	ADP
cblr-11901	447	28	assets	asset	NOUN
cblr-11901	447	29	purchased	purchase	VERB
cblr-11901	447	30	through	through	ADP
cblr-11901	447	31	exchanges	exchange	NOUN
cblr-11901	447	32	or	or	CCONJ
cblr-11901	447	33	broker	broker	NOUN
cblr-11901	447	34	-	-	PUNCT
cblr-11901	447	35	dealers	dealer	NOUN
cblr-11901	447	36	,	,	PUNCT
cblr-11901	447	37	there	there	PRON
cblr-11901	447	38	is	be	VERB
cblr-11901	447	39	a	a	DET
cblr-11901	447	40	similar	similar	ADJ
cblr-11901	447	41	risk	risk	NOUN
cblr-11901	447	42	of	of	ADP
cblr-11901	447	43	fraud	fraud	NOUN
cblr-11901	447	44	in	in	ADP
cblr-11901	447	45	cryptocurrency	cryptocurrency	NOUN
cblr-11901	447	46	markets	market	NOUN
cblr-11901	447	47	as	as	ADP
cblr-11901	447	48	in	in	ADP
cblr-11901	447	49	other	other	ADJ
cblr-11901	447	50	securities	security	NOUN
cblr-11901	447	51	markets.151	markets.151	PROPN
cblr-11901	447	52	the	the	DET
cblr-11901	447	53	purpose	purpose	NOUN
cblr-11901	447	54	of	of	ADP
cblr-11901	447	55	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	447	56	was	be	AUX
cblr-11901	447	57	also	also	ADV
cblr-11901	447	58	similar	similar	ADJ
cblr-11901	447	59	to	to	ADP
cblr-11901	447	60	assets	asset	NOUN
cblr-11901	447	61	regulated	regulate	VERB
cblr-11901	447	62	as	as	ADP
cblr-11901	447	63	securities	security	NOUN
cblr-11901	447	64	because	because	SCONJ
cblr-11901	447	65	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	447	66	generally	generally	ADV
cblr-11901	447	67	served	serve	VERB
cblr-11901	447	68	as	as	ADP
cblr-11901	447	69	speculative	speculative	ADJ
cblr-11901	447	70	investments	investment	NOUN
cblr-11901	447	71	.	.	PUNCT
cblr-11901	448	1	that	that	SCONJ
cblr-11901	448	2	the	the	DET
cblr-11901	448	3	sec	sec	PROPN
cblr-11901	448	4	chose	choose	VERB
cblr-11901	448	5	to	to	PART
cblr-11901	448	6	assert	assert	VERB
cblr-11901	448	7	its	its	PRON
cblr-11901	448	8	jurisdiction	jurisdiction	NOUN
cblr-11901	448	9	over	over	ADP
cblr-11901	448	10	these	these	DET
cblr-11901	448	11	assets	asset	NOUN
cblr-11901	448	12	as	as	SCONJ
cblr-11901	448	13	securities	security	NOUN
cblr-11901	448	14	indicates	indicate	VERB
cblr-11901	448	15	that	that	SCONJ
cblr-11901	448	16	although	although	SCONJ
cblr-11901	448	17	not	not	PART
cblr-11901	448	18	crafted	craft	VERB
cblr-11901	448	19	for	for	ADP
cblr-11901	448	20	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	448	21	,	,	PUNCT
cblr-11901	448	22	the	the	DET
cblr-11901	448	23	securities	security	NOUN
cblr-11901	448	24	regulation	regulation	NOUN
cblr-11901	448	25	framework	framework	NOUN
cblr-11901	448	26	was	be	AUX
cblr-11901	448	27	warranted	warrant	VERB
cblr-11901	448	28	.	.	PUNCT
cblr-11901	449	1	essentially	essentially	ADV
cblr-11901	449	2	,	,	PUNCT
cblr-11901	449	3	these	these	DET
cblr-11901	449	4	assets	asset	NOUN
cblr-11901	449	5	were	be	AUX
cblr-11901	449	6	reasonably	reasonably	ADV
cblr-11901	449	7	related	relate	VERB
cblr-11901	449	8	to	to	ADP
cblr-11901	449	9	instruments	instrument	NOUN
cblr-11901	449	10	regulated	regulate	VERB
cblr-11901	449	11	under	under	ADP
cblr-11901	449	12	the	the	DET
cblr-11901	449	13	securities	security	NOUN
cblr-11901	449	14	law	law	NOUN
cblr-11901	449	15	framework	framework	NOUN
cblr-11901	449	16	.	.	PUNCT
cblr-11901	450	1	2	2	X
cblr-11901	450	2	.	.	X
cblr-11901	450	3	applying	apply	VERB
cblr-11901	450	4	existing	exist	VERB
cblr-11901	450	5	regulations	regulation	NOUN
cblr-11901	450	6	:	:	PUNCT
cblr-11901	450	7	market	market	NOUN
cblr-11901	450	8	uncertainty	uncertainty	NOUN
cblr-11901	450	9	test	test	VERB
cblr-11901	450	10	this	this	DET
cblr-11901	450	11	analysis	analysis	NOUN
cblr-11901	450	12	is	be	AUX
cblr-11901	450	13	complicated	complicated	ADJ
cblr-11901	450	14	,	,	PUNCT
cblr-11901	450	15	however	however	ADV
cblr-11901	450	16	,	,	PUNCT
cblr-11901	450	17	by	by	ADP
cblr-11901	450	18	the	the	DET
cblr-11901	450	19	uncertainty	uncertainty	NOUN
cblr-11901	450	20	in	in	ADP
cblr-11901	450	21	the	the	DET
cblr-11901	450	22	market	market	NOUN
cblr-11901	450	23	created	create	VERB
cblr-11901	450	24	by	by	ADP
cblr-11901	450	25	cryptocurrency	cryptocurrency	NOUN
cblr-11901	450	26	products	product	NOUN
cblr-11901	450	27	’	'	PUNCT
cblr-11901	450	28	different	different	ADJ
cblr-11901	450	29	features	feature	NOUN
cblr-11901	450	30	.	.	PUNCT
cblr-11901	451	1	150	150	NUM
cblr-11901	451	2	vildana	vildana	NOUN
cblr-11901	451	3	hajric	hajric	ADJ
cblr-11901	451	4	&	&	CCONJ
cblr-11901	451	5	michael	michael	PROPN
cblr-11901	451	6	p.	p.	PROPN
cblr-11901	451	7	regan	regan	PROPN
cblr-11901	451	8	,	,	PUNCT
cblr-11901	451	9	ftx	ftx	PROPN
cblr-11901	451	10	’s	’s	PART
cblr-11901	451	11	bankman	bankman	NOUN
cblr-11901	451	12	-	-	PUNCT
cblr-11901	451	13	fried	fry	VERB
cblr-11901	451	14	says	say	VERB
cblr-11901	451	15	‘	'	PUNCT
cblr-11901	451	16	messy	messy	ADJ
cblr-11901	451	17	’	'	PUNCT
cblr-11901	451	18	crypto	crypto	NOUN
cblr-11901	451	19	regulations	regulation	NOUN
cblr-11901	451	20	need	need	VERB
cblr-11901	451	21	fixes	fix	NOUN
cblr-11901	451	22	,	,	PUNCT
cblr-11901	451	23	bloomberg	bloomberg	PROPN
cblr-11901	451	24	(	(	PUNCT
cblr-11901	451	25	dec	dec	PROPN
cblr-11901	451	26	.	.	PROPN
cblr-11901	451	27	11	11	NUM
cblr-11901	451	28	,	,	PUNCT
cblr-11901	451	29	2021	2021	NUM
cblr-11901	451	30	)	)	PUNCT
cblr-11901	451	31	,	,	PUNCT
cblr-11901	451	32	https://www.bloomberg.com/news/articles/2021-12-11/ftx-s-bankman-friedsays-messy-crypto-regulations-need-fixes	https://www.bloomberg.com/news/articles/2021-12-11/ftx-s-bankman-friedsays-messy-crypto-regulations-need-fixe	VERB
cblr-11901	452	1	[	[	X
cblr-11901	452	2	https://perma.cc/7dzl-valu	https://perma.cc/7dzl-valu	X
cblr-11901	452	3	]	]	X
cblr-11901	452	4	(	(	PUNCT
cblr-11901	452	5	reviewing	review	VERB
cblr-11901	452	6	the	the	DET
cblr-11901	452	7	role	role	NOUN
cblr-11901	452	8	of	of	ADP
cblr-11901	452	9	exchanges	exchange	NOUN
cblr-11901	452	10	in	in	ADP
cblr-11901	452	11	the	the	DET
cblr-11901	452	12	current	current	ADJ
cblr-11901	452	13	cryptocurrency	cryptocurrency	NOUN
cblr-11901	452	14	market	market	NOUN
cblr-11901	452	15	)	)	PUNCT
cblr-11901	452	16	.	.	PUNCT
cblr-11901	453	1	see	see	VERB
cblr-11901	453	2	also	also	ADV
cblr-11901	453	3	coinbase	coinbase	VERB
cblr-11901	453	4	,	,	PUNCT
cblr-11901	453	5	prospectus	prospectus	NOUN
cblr-11901	453	6	(	(	PUNCT
cblr-11901	453	7	form	form	VERB
cblr-11901	453	8	s-1	s-1	NOUN
cblr-11901	453	9	registration	registration	NOUN
cblr-11901	453	10	statement	statement	NOUN
cblr-11901	453	11	)	)	PUNCT
cblr-11901	453	12	148	148	NUM
cblr-11901	453	13	(	(	PUNCT
cblr-11901	453	14	feb	feb	X
cblr-11901	453	15	.	.	PROPN
cblr-11901	453	16	25	25	NUM
cblr-11901	453	17	,	,	PUNCT
cblr-11901	453	18	2021	2021	NUM
cblr-11901	453	19	)	)	PUNCT
cblr-11901	453	20	.	.	PUNCT
cblr-11901	454	1	151	151	NUM
cblr-11901	454	2	this	this	PRON
cblr-11901	454	3	is	be	AUX
cblr-11901	454	4	indicated	indicate	VERB
cblr-11901	454	5	by	by	ADP
cblr-11901	454	6	the	the	DET
cblr-11901	454	7	number	number	NOUN
cblr-11901	454	8	of	of	ADP
cblr-11901	454	9	enforcement	enforcement	NOUN
cblr-11901	454	10	actions	action	NOUN
cblr-11901	454	11	against	against	ADP
cblr-11901	454	12	sellers	seller	NOUN
cblr-11901	454	13	or	or	CCONJ
cblr-11901	454	14	promoters	promoter	NOUN
cblr-11901	454	15	of	of	ADP
cblr-11901	454	16	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	454	17	.	.	PUNCT
cblr-11901	455	1	see	see	VERB
cblr-11901	455	2	,	,	PUNCT
cblr-11901	455	3	e.g.	e.g.	ADV
cblr-11901	455	4	,	,	PUNCT
cblr-11901	455	5	mola	mola	PROPN
cblr-11901	455	6	,	,	PUNCT
cblr-11901	455	7	supra	supra	PROPN
cblr-11901	455	8	note	note	PROPN
cblr-11901	455	9	84	84	NUM
cblr-11901	455	10	;	;	PUNCT
cblr-11901	455	11	chris	chris	PROPN
cblr-11901	455	12	dolmetsch	dolmetsch	PROPN
cblr-11901	455	13	,	,	PUNCT
cblr-11901	455	14	man	man	NOUN
cblr-11901	455	15	charged	charge	VERB
cblr-11901	455	16	in	in	ADP
cblr-11901	455	17	$	$	SYM
cblr-11901	455	18	4.5	4.5	NUM
cblr-11901	455	19	billion	billion	NUM
cblr-11901	455	20	crypto	crypto	NOUN
cblr-11901	455	21	scam	scam	NOUN
cblr-11901	455	22	denied	deny	VERB
cblr-11901	455	23	bail	bail	NOUN
cblr-11901	455	24	judge	judge	NOUN
cblr-11901	455	25	,	,	PUNCT
cblr-11901	455	26	bloomberg	bloomberg	PROPN
cblr-11901	455	27	(	(	PUNCT
cblr-11901	455	28	feb	feb	PROPN
cblr-11901	455	29	.	.	PROPN
cblr-11901	455	30	14	14	NUM
cblr-11901	455	31	,	,	PUNCT
cblr-11901	455	32	2022	2022	NUM
cblr-11901	455	33	)	)	PUNCT
cblr-11901	455	34	,	,	PUNCT
cblr-11901	455	35	https://www.bloomberg.com/news/articles/2022-02-14/man-charged-in-4-5billion-crypto-scam-denied-bail-by-judge	https://www.bloomberg.com/news/articles/2022-02-14/man-charged-in-4-5billion-crypto-scam-denied-bail-by-judge	NOUN
cblr-11901	455	36	,	,	PUNCT
cblr-11901	455	37	[	[	X
cblr-11901	455	38	https://perma.cc/m4b8-awq6	https://perma.cc/m4b8-awq6	X
cblr-11901	455	39	]	]	PUNCT
cblr-11901	455	40	.	.	PUNCT
cblr-11901	456	1	no	no	INTJ
cblr-11901	456	2	.	.	NOUN
cblr-11901	456	3	1	1	NUM
cblr-11901	456	4	]	]	PUNCT
cblr-11901	456	5	regulating	regulate	VERB
cblr-11901	456	6	democratized	democratized	ADJ
cblr-11901	456	7	finance	finance	NOUN
cblr-11901	456	8	521	521	NUM
cblr-11901	456	9	there	there	PRON
cblr-11901	456	10	are	be	VERB
cblr-11901	456	11	a	a	DET
cblr-11901	456	12	large	large	ADJ
cblr-11901	456	13	number	number	NOUN
cblr-11901	456	14	of	of	ADP
cblr-11901	456	15	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	456	16	,	,	PUNCT
cblr-11901	456	17	each	each	PRON
cblr-11901	456	18	with	with	ADP
cblr-11901	456	19	different	different	ADJ
cblr-11901	456	20	characteristics,152	characteristics,152	NOUN
cblr-11901	456	21	making	make	VERB
cblr-11901	456	22	categorization	categorization	NOUN
cblr-11901	456	23	of	of	ADP
cblr-11901	456	24	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	456	25	as	as	ADP
cblr-11901	456	26	a	a	DET
cblr-11901	456	27	class	class	NOUN
cblr-11901	456	28	difficult.153	difficult.153	VERB
cblr-11901	456	29	for	for	ADP
cblr-11901	456	30	example	example	NOUN
cblr-11901	456	31	,	,	PUNCT
cblr-11901	456	32	stablecoins	stablecoin	NOUN
cblr-11901	456	33	present	present	VERB
cblr-11901	456	34	different	different	ADJ
cblr-11901	456	35	risks	risk	NOUN
cblr-11901	456	36	than	than	ADP
cblr-11901	456	37	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	456	38	whose	whose	DET
cblr-11901	456	39	prices	price	NOUN
cblr-11901	456	40	fluctuate	fluctuate	NOUN
cblr-11901	456	41	based	base	VERB
cblr-11901	456	42	on	on	ADP
cblr-11901	456	43	supply	supply	NOUN
cblr-11901	456	44	and	and	CCONJ
cblr-11901	456	45	demand.154	demand.154	VERB
cblr-11901	456	46	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	456	47	issued	issue	VERB
cblr-11901	456	48	to	to	PART
cblr-11901	456	49	raise	raise	VERB
cblr-11901	456	50	money	money	NOUN
cblr-11901	456	51	in	in	ADP
cblr-11901	456	52	“	"	PUNCT
cblr-11901	456	53	initial	initial	ADJ
cblr-11901	456	54	coin	coin	NOUN
cblr-11901	456	55	offerings	offering	NOUN
cblr-11901	456	56	”	"	PUNCT
cblr-11901	456	57	differ	differ	VERB
cblr-11901	456	58	in	in	ADP
cblr-11901	456	59	both	both	DET
cblr-11901	456	60	purpose	purpose	NOUN
cblr-11901	456	61	and	and	CCONJ
cblr-11901	456	62	risks	risk	NOUN
cblr-11901	456	63	from	from	ADP
cblr-11901	456	64	those	those	PRON
cblr-11901	456	65	like	like	ADP
cblr-11901	456	66	bitcoin	bitcoin	NOUN
cblr-11901	456	67	which	which	PRON
cblr-11901	456	68	are	be	AUX
cblr-11901	456	69	created	create	VERB
cblr-11901	456	70	based	base	VERB
cblr-11901	456	71	on	on	ADP
cblr-11901	456	72	a	a	DET
cblr-11901	456	73	set	set	ADJ
cblr-11901	456	74	protocol	protocol	NOUN
cblr-11901	456	75	and	and	CCONJ
cblr-11901	456	76	are	be	AUX
cblr-11901	456	77	more	more	ADJ
cblr-11901	456	78	commodity	commodity	NOUN
cblr-11901	456	79	-	-	PUNCT
cblr-11901	456	80	like.155	like.155	NOUN
cblr-11901	456	81	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	456	82	that	that	PRON
cblr-11901	456	83	use	use	VERB
cblr-11901	456	84	“	"	PUNCT
cblr-11901	456	85	proof	proof	NOUN
cblr-11901	456	86	of	of	ADP
cblr-11901	456	87	stake	stake	NOUN
cblr-11901	456	88	”	"	PUNCT
cblr-11901	456	89	as	as	SCONJ
cblr-11901	456	90	opposed	oppose	VERB
cblr-11901	456	91	to	to	ADP
cblr-11901	456	92	“	"	PUNCT
cblr-11901	456	93	proof	proof	NOUN
cblr-11901	456	94	of	of	ADP
cblr-11901	456	95	work	work	NOUN
cblr-11901	456	96	”	"	PUNCT
cblr-11901	456	97	present	present	ADJ
cblr-11901	456	98	different	different	ADJ
cblr-11901	456	99	technological	technological	ADJ
cblr-11901	456	100	,	,	PUNCT
cblr-11901	456	101	privacy	privacy	NOUN
cblr-11901	456	102	and	and	CCONJ
cblr-11901	456	103	fraud	fraud	NOUN
cblr-11901	456	104	risks.156	risks.156	PROPN
cblr-11901	456	105	thus	thus	ADV
cblr-11901	456	106	,	,	PUNCT
cblr-11901	456	107	labelling	label	VERB
cblr-11901	456	108	one	one	NUM
cblr-11901	456	109	cryptocurrency	cryptocurrency	NOUN
cblr-11901	456	110	a	a	DET
cblr-11901	456	111	“	"	PUNCT
cblr-11901	456	112	security	security	NOUN
cblr-11901	456	113	”	"	PUNCT
cblr-11901	456	114	may	may	AUX
cblr-11901	456	115	not	not	PART
cblr-11901	456	116	say	say	VERB
cblr-11901	456	117	much	much	ADJ
cblr-11901	456	118	about	about	ADP
cblr-11901	456	119	whether	whether	SCONJ
cblr-11901	456	120	other	other	ADJ
cblr-11901	456	121	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	456	122	such	such	ADJ
cblr-11901	456	123	as	as	ADP
cblr-11901	456	124	stablecoins	stablecoin	NOUN
cblr-11901	456	125	should	should	AUX
cblr-11901	456	126	be	be	AUX
cblr-11901	456	127	labeled	label	VERB
cblr-11901	456	128	as	as	ADP
cblr-11901	456	129	such.157	such.157	PROPN
cblr-11901	456	130	this	this	DET
cblr-11901	456	131	regulatory	regulatory	ADJ
cblr-11901	456	132	uncertainty	uncertainty	NOUN
cblr-11901	456	133	caused	cause	VERB
cblr-11901	456	134	by	by	ADP
cblr-11901	456	135	the	the	DET
cblr-11901	456	136	large	large	ADJ
cblr-11901	456	137	number	number	NOUN
cblr-11901	456	138	of	of	ADP
cblr-11901	456	139	different	different	ADJ
cblr-11901	456	140	assets	asset	NOUN
cblr-11901	456	141	has	have	AUX
cblr-11901	456	142	continued	continue	VERB
cblr-11901	456	143	despite	despite	SCONJ
cblr-11901	456	144	the	the	DET
cblr-11901	456	145	sec	sec	PROPN
cblr-11901	456	146	bringing	bring	VERB
cblr-11901	456	147	enforcement	enforcement	NOUN
cblr-11901	456	148	actions	action	NOUN
cblr-11901	456	149	against	against	ADP
cblr-11901	456	150	certain	certain	ADJ
cblr-11901	456	151	cyptocurrency	cyptocurrency	NOUN
cblr-11901	456	152	assets	asset	NOUN
cblr-11901	456	153	and	and	CCONJ
cblr-11901	456	154	issuing	issue	VERB
cblr-11901	456	155	guidance.158	guidance.158	PROPN
cblr-11901	456	156	successful	successful	ADJ
cblr-11901	456	157	enforcement	enforcement	NOUN
cblr-11901	456	158	actions	action	NOUN
cblr-11901	456	159	relating	relate	VERB
cblr-11901	456	160	to	to	ADP
cblr-11901	456	161	one	one	NUM
cblr-11901	456	162	cryptocurrency	cryptocurrency	NOUN
cblr-11901	456	163	does	do	AUX
cblr-11901	456	164	not	not	PART
cblr-11901	456	165	mean	mean	VERB
cblr-11901	456	166	that	that	SCONJ
cblr-11901	456	167	all	all	DET
cblr-11901	456	168	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	456	169	are	be	AUX
cblr-11901	456	170	securities.159	securities.159	NOUN
cblr-11901	456	171	while	while	SCONJ
cblr-11901	456	172	courts	court	NOUN
cblr-11901	456	173	or	or	CCONJ
cblr-11901	456	174	the	the	DET
cblr-11901	456	175	sec	sec	PROPN
cblr-11901	456	176	may	may	AUX
cblr-11901	456	177	classify	classify	VERB
cblr-11901	456	178	one	one	NUM
cblr-11901	456	179	152	152	NUM
cblr-11901	456	180	see	see	NOUN
cblr-11901	456	181	infra	infra	NOUN
cblr-11901	456	182	section	section	NOUN
cblr-11901	456	183	iii.a.1	iii.a.1	NOUN
cblr-11901	456	184	.	.	PUNCT
cblr-11901	457	1	153	153	NUM
cblr-11901	458	1	i	i	PROPN
cblr-11901	458	2	d.	d.	PROPN
cblr-11901	458	3	154	154	NUM
cblr-11901	458	4	stablecoins	stablecoin	NOUN
cblr-11901	458	5	,	,	PUNCT
cblr-11901	458	6	unlike	unlike	ADP
cblr-11901	458	7	bitcoin	bitcoin	NOUN
cblr-11901	458	8	,	,	PUNCT
cblr-11901	458	9	are	be	AUX
cblr-11901	458	10	backed	back	VERB
cblr-11901	458	11	by	by	ADP
cblr-11901	458	12	financial	financial	ADJ
cblr-11901	458	13	assets	asset	NOUN
cblr-11901	458	14	to	to	PART
cblr-11901	458	15	create	create	VERB
cblr-11901	458	16	a	a	DET
cblr-11901	458	17	relatively	relatively	ADV
cblr-11901	458	18	stable	stable	ADJ
cblr-11901	458	19	price	price	NOUN
cblr-11901	458	20	.	.	PUNCT
cblr-11901	459	1	christian	christian	PROPN
cblr-11901	459	2	catlini	catlini	PROPN
cblr-11901	459	3	&	&	CCONJ
cblr-11901	459	4	jay	jay	PROPN
cblr-11901	459	5	massari	massari	PROPN
cblr-11901	459	6	,	,	PUNCT
cblr-11901	459	7	stablecoins	stablecoin	NOUN
cblr-11901	459	8	and	and	CCONJ
cblr-11901	459	9	the	the	DET
cblr-11901	459	10	future	future	NOUN
cblr-11901	459	11	of	of	ADP
cblr-11901	459	12	money	money	NOUN
cblr-11901	459	13	,	,	PUNCT
cblr-11901	459	14	harv	harv	PROPN
cblr-11901	459	15	.	.	PUNCT
cblr-11901	460	1	bus	bus	NOUN
cblr-11901	460	2	.	.	PUNCT
cblr-11901	461	1	rev	rev	PROPN
cblr-11901	461	2	.	.	PROPN
cblr-11901	462	1	(	(	PUNCT
cblr-11901	462	2	aug	aug	PROPN
cblr-11901	462	3	.	.	PROPN
cblr-11901	462	4	10	10	NUM
cblr-11901	462	5	,	,	PUNCT
cblr-11901	462	6	2021	2021	NUM
cblr-11901	462	7	)	)	PUNCT
cblr-11901	462	8	,	,	PUNCT
cblr-11901	462	9	https://hbr.org/2021/08/stablecoins-and-the-future-of-money	https://hbr.org/2021/08/stablecoins-and-the-future-of-money	PROPN
cblr-11901	463	1	[	[	X
cblr-11901	463	2	https://perma.cc/g9hc-kn2	https://perma.cc/g9hc-kn2	VERB
cblr-11901	463	3	m	m	NOUN
cblr-11901	463	4	]	]	X
cblr-11901	463	5	.	.	PUNCT
cblr-11901	464	1	155	155	NUM
cblr-11901	464	2	see	see	VERB
cblr-11901	464	3	cryptocurrency	cryptocurrency	NOUN
cblr-11901	464	4	/	/	SYM
cblr-11901	464	5	icos	icos	PROPN
cblr-11901	464	6	,	,	PUNCT
cblr-11901	464	7	sec	sec	PROPN
cblr-11901	464	8	(	(	PUNCT
cblr-11901	464	9	may	may	PROPN
cblr-11901	464	10	18	18	NUM
cblr-11901	464	11	,	,	PUNCT
cblr-11901	464	12	2023	2023	NUM
cblr-11901	464	13	)	)	PUNCT
cblr-11901	464	14	,	,	PUNCT
cblr-11901	464	15	https://www.sec.gov/securities-topics/ico	https://www.sec.gov/securities-topics/ico	NOUN
cblr-11901	465	1	[	[	X
cblr-11901	465	2	https://perma.cc/t9ky-nxgu	https://perma.cc/t9ky-nxgu	X
cblr-11901	465	3	]	]	PUNCT
cblr-11901	465	4	.	.	PUNCT
cblr-11901	466	1	156	156	NUM
cblr-11901	466	2	blaine	blaine	PROPN
cblr-11901	466	3	friedlander	friedlander	NOUN
cblr-11901	466	4	,	,	PUNCT
cblr-11901	466	5	cornell	cornell	PROPN
cblr-11901	466	6	tech	tech	NOUN
cblr-11901	466	7	professor	professor	NOUN
cblr-11901	466	8	tells	tell	VERB
cblr-11901	466	9	congress	congress	PROPN
cblr-11901	466	10	crypto	crypto	NOUN
cblr-11901	466	11	can	can	AUX
cblr-11901	466	12	go	go	VERB
cblr-11901	466	13	greener	greener	ADV
cblr-11901	466	14	,	,	PUNCT
cblr-11901	466	15	cornell	cornell	PROPN
cblr-11901	466	16	chronicle	chronicle	PROPN
cblr-11901	466	17	(	(	PUNCT
cblr-11901	466	18	jan	jan	PROPN
cblr-11901	466	19	.	.	PROPN
cblr-11901	466	20	25	25	NUM
cblr-11901	466	21	,	,	PUNCT
cblr-11901	466	22	2022	2022	NUM
cblr-11901	466	23	)	)	PUNCT
cblr-11901	466	24	,	,	PUNCT
cblr-11901	466	25	https://news.cornell.edu/stories/2022/01/cornell-tech-professor-tellscongress-crypto-can-go-greener	https://news.cornell.edu/stories/2022/01/cornell-tech-professor-tellscongress-crypto-can-go-greener	X
cblr-11901	467	1	[	[	X
cblr-11901	467	2	https://perma.cc/epg3-7jy	https://perma.cc/epg3-7jy	X
cblr-11901	467	3	]	]	X
cblr-11901	467	4	.	.	PUNCT
cblr-11901	468	1	157	157	NUM
cblr-11901	468	2	note	note	NOUN
cblr-11901	468	3	that	that	SCONJ
cblr-11901	468	4	not	not	PART
cblr-11901	468	5	regulating	regulate	VERB
cblr-11901	468	6	these	these	DET
cblr-11901	468	7	certain	certain	ADJ
cblr-11901	468	8	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	468	9	as	as	ADP
cblr-11901	468	10	securities	security	NOUN
cblr-11901	468	11	does	do	AUX
cblr-11901	468	12	not	not	PART
cblr-11901	468	13	mean	mean	VERB
cblr-11901	468	14	they	they	PRON
cblr-11901	468	15	should	should	AUX
cblr-11901	468	16	not	not	PART
cblr-11901	468	17	be	be	AUX
cblr-11901	468	18	regulated	regulate	VERB
cblr-11901	468	19	or	or	CCONJ
cblr-11901	468	20	restricted	restrict	VERB
cblr-11901	468	21	in	in	ADP
cblr-11901	468	22	use	use	NOUN
cblr-11901	468	23	—	—	PUNCT
cblr-11901	468	24	it	it	PRON
cblr-11901	468	25	simply	simply	ADV
cblr-11901	468	26	means	mean	VERB
cblr-11901	468	27	“	"	PUNCT
cblr-11901	468	28	securities	security	NOUN
cblr-11901	468	29	”	"	PUNCT
cblr-11901	468	30	regulations	regulation	NOUN
cblr-11901	468	31	may	may	AUX
cblr-11901	468	32	not	not	PART
cblr-11901	468	33	be	be	AUX
cblr-11901	468	34	the	the	DET
cblr-11901	468	35	best	good	ADJ
cblr-11901	468	36	fit	fit	NOUN
cblr-11901	468	37	for	for	ADP
cblr-11901	468	38	the	the	DET
cblr-11901	468	39	purposes	purpose	NOUN
cblr-11901	468	40	and	and	CCONJ
cblr-11901	468	41	risks	risk	VERB
cblr-11901	468	42	these	these	DET
cblr-11901	468	43	assets	asset	NOUN
cblr-11901	468	44	present	present	ADJ
cblr-11901	468	45	.	.	PUNCT
cblr-11901	469	1	see	see	VERB
cblr-11901	469	2	,	,	PUNCT
cblr-11901	469	3	e.g.	e.g.	ADV
cblr-11901	469	4	,	,	PUNCT
cblr-11901	469	5	catlini	catlini	NOUN
cblr-11901	469	6	&	&	CCONJ
cblr-11901	469	7	massari	massari	PROPN
cblr-11901	469	8	,	,	PUNCT
cblr-11901	469	9	supra	supra	PROPN
cblr-11901	469	10	note	note	PROPN
cblr-11901	469	11	154	154	NUM
cblr-11901	469	12	(	(	PUNCT
cblr-11901	469	13	reviewing	review	VERB
cblr-11901	469	14	risks	risk	NOUN
cblr-11901	469	15	of	of	ADP
cblr-11901	469	16	stablecoin	stablecoin	ADJ
cblr-11901	469	17	adoption	adoption	NOUN
cblr-11901	469	18	including	include	VERB
cblr-11901	469	19	“	"	PUNCT
cblr-11901	469	20	consumer	consumer	NOUN
cblr-11901	469	21	protection	protection	NOUN
cblr-11901	469	22	,	,	PUNCT
cblr-11901	469	23	financial	financial	ADJ
cblr-11901	469	24	stability	stability	NOUN
cblr-11901	469	25	,	,	PUNCT
cblr-11901	469	26	and	and	CCONJ
cblr-11901	469	27	financial	financial	ADJ
cblr-11901	469	28	crime	crime	NOUN
cblr-11901	469	29	prevention	prevention	NOUN
cblr-11901	469	30	”	"	PUNCT
cblr-11901	469	31	)	)	PUNCT
cblr-11901	469	32	.	.	PUNCT
cblr-11901	470	1	158	158	NUM
cblr-11901	470	2	see	see	VERB
cblr-11901	470	3	supra	supra	PROPN
cblr-11901	470	4	section	section	PROPN
cblr-11901	470	5	iii.a	iii.a	PROPN
cblr-11901	470	6	.	.	PROPN
cblr-11901	470	7	159	159	NUM
cblr-11901	471	1	i	i	PROPN
cblr-11901	471	2	d.	d.	PROPN
cblr-11901	471	3	522	522	NUM
cblr-11901	471	4	columbia	columbia	PROPN
cblr-11901	471	5	business	business	NOUN
cblr-11901	471	6	law	law	PROPN
cblr-11901	471	7	review	review	NOUN
cblr-11901	471	8	[	[	X
cblr-11901	471	9	vol	vol	NOUN
cblr-11901	471	10	.	.	PUNCT
cblr-11901	471	11	2023	2023	NUM
cblr-11901	471	12	cryptocurrency	cryptocurrency	NOUN
cblr-11901	471	13	asset	asset	NOUN
cblr-11901	471	14	as	as	ADP
cblr-11901	471	15	a	a	DET
cblr-11901	471	16	security	security	NOUN
cblr-11901	471	17	,	,	PUNCT
cblr-11901	471	18	market	market	NOUN
cblr-11901	471	19	participants	participant	NOUN
cblr-11901	471	20	may	may	AUX
cblr-11901	471	21	continue	continue	VERB
cblr-11901	471	22	to	to	PART
cblr-11901	471	23	sell	sell	VERB
cblr-11901	471	24	other	other	ADJ
cblr-11901	471	25	assets	asset	NOUN
cblr-11901	471	26	without	without	ADP
cblr-11901	471	27	registering	register	VERB
cblr-11901	471	28	them	they	PRON
cblr-11901	471	29	as	as	ADP
cblr-11901	471	30	securities	security	NOUN
cblr-11901	471	31	and	and	CCONJ
cblr-11901	471	32	continue	continue	VERB
cblr-11901	471	33	to	to	PART
cblr-11901	471	34	argue	argue	VERB
cblr-11901	471	35	that	that	SCONJ
cblr-11901	471	36	the	the	DET
cblr-11901	471	37	relevant	relevant	ADJ
cblr-11901	471	38	assets	asset	NOUN
cblr-11901	471	39	are	be	AUX
cblr-11901	471	40	distinct	distinct	ADJ
cblr-11901	471	41	from	from	ADP
cblr-11901	471	42	others	other	NOUN
cblr-11901	471	43	covered	cover	VERB
cblr-11901	471	44	by	by	ADP
cblr-11901	471	45	securities	security	NOUN
cblr-11901	471	46	laws	law	NOUN
cblr-11901	471	47	.	.	PUNCT
cblr-11901	472	1	this	this	DET
cblr-11901	472	2	uncertainty	uncertainty	NOUN
cblr-11901	472	3	may	may	AUX
cblr-11901	472	4	continue	continue	VERB
cblr-11901	472	5	until	until	SCONJ
cblr-11901	472	6	congress	congress	PROPN
cblr-11901	472	7	or	or	CCONJ
cblr-11901	472	8	the	the	DET
cblr-11901	472	9	agency	agency	NOUN
cblr-11901	472	10	crafts	craft	VERB
cblr-11901	472	11	new	new	ADJ
cblr-11901	472	12	regulations	regulation	NOUN
cblr-11901	472	13	tailored	tailor	VERB
cblr-11901	472	14	to	to	ADP
cblr-11901	472	15	the	the	DET
cblr-11901	472	16	entire	entire	ADJ
cblr-11901	472	17	class	class	NOUN
cblr-11901	472	18	of	of	ADP
cblr-11901	472	19	assets	asset	NOUN
cblr-11901	472	20	labeled	label	VERB
cblr-11901	472	21	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	472	22	.	.	PUNCT
cblr-11901	473	1	however	however	ADV
cblr-11901	473	2	,	,	PUNCT
cblr-11901	473	3	wile	wile	ADJ
cblr-11901	473	4	crafting	craft	VERB
cblr-11901	473	5	new	new	ADJ
cblr-11901	473	6	regulations	regulation	NOUN
cblr-11901	473	7	may	may	AUX
cblr-11901	473	8	be	be	AUX
cblr-11901	473	9	necessary	necessary	ADJ
cblr-11901	473	10	to	to	PART
cblr-11901	473	11	remove	remove	VERB
cblr-11901	473	12	uncertainty,160	uncertainty,160	PROPN
cblr-11901	473	13	any	any	DET
cblr-11901	473	14	such	such	ADJ
cblr-11901	473	15	regulations	regulation	NOUN
cblr-11901	473	16	would	would	AUX
cblr-11901	473	17	take	take	VERB
cblr-11901	473	18	significant	significant	ADJ
cblr-11901	473	19	time	time	NOUN
cblr-11901	473	20	to	to	PART
cblr-11901	473	21	develop.161	develop.161	VERB
cblr-11901	473	22	the	the	DET
cblr-11901	473	23	next	next	ADJ
cblr-11901	473	24	question	question	NOUN
cblr-11901	473	25	for	for	ADP
cblr-11901	473	26	the	the	DET
cblr-11901	473	27	agency	agency	NOUN
cblr-11901	473	28	,	,	PUNCT
cblr-11901	473	29	therefore	therefore	ADV
cblr-11901	473	30	,	,	PUNCT
cblr-11901	473	31	is	be	AUX
cblr-11901	473	32	what	what	PRON
cblr-11901	473	33	to	to	PART
cblr-11901	473	34	do	do	AUX
cblr-11901	473	35	in	in	ADP
cblr-11901	473	36	the	the	DET
cblr-11901	473	37	time	time	NOUN
cblr-11901	473	38	between	between	ADP
cblr-11901	473	39	determining	determine	VERB
cblr-11901	473	40	new	new	ADJ
cblr-11901	473	41	regulations	regulation	NOUN
cblr-11901	473	42	are	be	AUX
cblr-11901	473	43	warranted	warrant	VERB
cblr-11901	473	44	and	and	CCONJ
cblr-11901	473	45	their	their	PRON
cblr-11901	473	46	enactment	enactment	NOUN
cblr-11901	473	47	.	.	PUNCT
cblr-11901	474	1	3	3	X
cblr-11901	474	2	.	.	NOUN
cblr-11901	474	3	interim	interim	ADJ
cblr-11901	474	4	application	application	NOUN
cblr-11901	474	5	of	of	ADP
cblr-11901	474	6	existing	exist	VERB
cblr-11901	474	7	regulations	regulation	NOUN
cblr-11901	474	8	because	because	SCONJ
cblr-11901	474	9	new	new	ADJ
cblr-11901	474	10	regulatory	regulatory	ADJ
cblr-11901	474	11	frameworks	framework	NOUN
cblr-11901	474	12	take	take	VERB
cblr-11901	474	13	significant	significant	ADJ
cblr-11901	474	14	time	time	NOUN
cblr-11901	474	15	to	to	PART
cblr-11901	474	16	implement,162	implement,162	VERB
cblr-11901	474	17	agencies	agency	NOUN
cblr-11901	474	18	may	may	AUX
cblr-11901	474	19	apply	apply	VERB
cblr-11901	474	20	existing	exist	VERB
cblr-11901	474	21	regulations	regulation	NOUN
cblr-11901	474	22	to	to	ADP
cblr-11901	474	23	financial	financial	ADJ
cblr-11901	474	24	products	product	NOUN
cblr-11901	474	25	or	or	CCONJ
cblr-11901	474	26	services	service	NOUN
cblr-11901	474	27	despite	despite	SCONJ
cblr-11901	474	28	the	the	DET
cblr-11901	474	29	need	need	NOUN
cblr-11901	474	30	for	for	ADP
cblr-11901	474	31	new	new	ADJ
cblr-11901	474	32	regulations	regulation	NOUN
cblr-11901	474	33	tailored	tailor	VERB
cblr-11901	474	34	to	to	ADP
cblr-11901	474	35	new	new	ADJ
cblr-11901	474	36	market	market	NOUN
cblr-11901	474	37	developments.163	developments.163	VERB
cblr-11901	474	38	the	the	DET
cblr-11901	474	39	application	application	NOUN
cblr-11901	474	40	of	of	ADP
cblr-11901	474	41	existing	exist	VERB
cblr-11901	474	42	regulations	regulation	NOUN
cblr-11901	474	43	may	may	AUX
cblr-11901	474	44	occur	occur	VERB
cblr-11901	474	45	when	when	SCONJ
cblr-11901	474	46	the	the	DET
cblr-11901	474	47	160	160	NUM
cblr-11901	474	48	see	see	VERB
cblr-11901	474	49	stephen	stephen	PROPN
cblr-11901	474	50	cecchetti	cecchetti	PROPN
cblr-11901	474	51	&	&	CCONJ
cblr-11901	474	52	kim	kim	PROPN
cblr-11901	474	53	schoenholtz	schoenholtz	PROPN
cblr-11901	474	54	,	,	PUNCT
cblr-11901	474	55	let	let	VERB
cblr-11901	474	56	crypto	crypto	NOUN
cblr-11901	474	57	burn	burn	VERB
cblr-11901	474	58	,	,	PUNCT
cblr-11901	474	59	fin	fin	NOUN
cblr-11901	474	60	.	.	PUNCT
cblr-11901	474	61	times	times	PROPN
cblr-11901	474	62	(	(	PUNCT
cblr-11901	474	63	nov	nov	PROPN
cblr-11901	474	64	.	.	PROPN
cblr-11901	474	65	17	17	NUM
cblr-11901	474	66	,	,	PUNCT
cblr-11901	474	67	2022	2022	NUM
cblr-11901	474	68	)	)	PUNCT
cblr-11901	474	69	,	,	PUNCT
cblr-11901	474	70	https://www.ft.com/content/ac058ede-80cb-4aa68394-941443eec7e3	https://www.ft.com/content/ac058ede-80cb-4aa68394-941443eec7e3	X
cblr-11901	475	1	[	[	X
cblr-11901	475	2	https://perma.cc/mfg3-rejs	https://perma.cc/mfg3-rejs	PROPN
cblr-11901	475	3	]	]	PUNCT
cblr-11901	475	4	.	.	PUNCT
cblr-11901	476	1	some	some	DET
cblr-11901	476	2	cryptocurrency	cryptocurrency	NOUN
cblr-11901	476	3	skeptics	skeptic	NOUN
cblr-11901	476	4	have	have	AUX
cblr-11901	476	5	argued	argue	VERB
cblr-11901	476	6	that	that	SCONJ
cblr-11901	476	7	the	the	DET
cblr-11901	476	8	agency	agency	NOUN
cblr-11901	476	9	should	should	AUX
cblr-11901	476	10	avoid	avoid	VERB
cblr-11901	476	11	new	new	ADJ
cblr-11901	476	12	regulations	regulation	NOUN
cblr-11901	476	13	for	for	ADP
cblr-11901	476	14	these	these	DET
cblr-11901	476	15	products	product	NOUN
cblr-11901	476	16	to	to	PART
cblr-11901	476	17	avoid	avoid	VERB
cblr-11901	476	18	legitimizing	legitimize	VERB
cblr-11901	476	19	these	these	DET
cblr-11901	476	20	assets	asset	NOUN
cblr-11901	476	21	and	and	CCONJ
cblr-11901	476	22	encouraging	encourage	VERB
cblr-11901	476	23	their	their	PRON
cblr-11901	476	24	future	future	ADJ
cblr-11901	476	25	growth	growth	NOUN
cblr-11901	476	26	.	.	PUNCT
cblr-11901	477	1	i	i	PRON
cblr-11901	477	2	d.	d.	PROPN
cblr-11901	477	3	however	however	ADV
cblr-11901	477	4	,	,	PUNCT
cblr-11901	477	5	discouraging	discourage	VERB
cblr-11901	477	6	growth	growth	NOUN
cblr-11901	477	7	is	be	AUX
cblr-11901	477	8	not	not	PART
cblr-11901	477	9	itself	itself	PRON
cblr-11901	477	10	a	a	DET
cblr-11901	477	11	reason	reason	NOUN
cblr-11901	477	12	to	to	PART
cblr-11901	477	13	favor	favor	VERB
cblr-11901	477	14	applying	apply	VERB
cblr-11901	477	15	existing	exist	VERB
cblr-11901	477	16	regulations	regulation	NOUN
cblr-11901	477	17	rather	rather	ADV
cblr-11901	477	18	than	than	ADP
cblr-11901	477	19	drafting	draft	VERB
cblr-11901	477	20	new	new	ADJ
cblr-11901	477	21	regulations	regulation	NOUN
cblr-11901	477	22	.	.	PUNCT
cblr-11901	478	1	such	such	DET
cblr-11901	478	2	an	an	DET
cblr-11901	478	3	approach	approach	NOUN
cblr-11901	478	4	would	would	AUX
cblr-11901	478	5	assume	assume	VERB
cblr-11901	478	6	that	that	SCONJ
cblr-11901	478	7	any	any	DET
cblr-11901	478	8	new	new	ADJ
cblr-11901	478	9	regulations	regulation	NOUN
cblr-11901	478	10	would	would	AUX
cblr-11901	478	11	not	not	PART
cblr-11901	478	12	be	be	AUX
cblr-11901	478	13	a	a	DET
cblr-11901	478	14	better	well	ADJ
cblr-11901	478	15	means	mean	NOUN
cblr-11901	478	16	to	to	PART
cblr-11901	478	17	reduce	reduce	VERB
cblr-11901	478	18	market	market	NOUN
cblr-11901	478	19	risks	risk	NOUN
cblr-11901	478	20	in	in	ADP
cblr-11901	478	21	a	a	DET
cblr-11901	478	22	more	more	ADV
cblr-11901	478	23	tailored	tailored	ADJ
cblr-11901	478	24	way	way	NOUN
cblr-11901	478	25	.	.	PUNCT
cblr-11901	479	1	in	in	ADP
cblr-11901	479	2	addition	addition	NOUN
cblr-11901	479	3	,	,	PUNCT
cblr-11901	479	4	the	the	DET
cblr-11901	479	5	benefits	benefit	NOUN
cblr-11901	479	6	of	of	ADP
cblr-11901	479	7	discouraging	discourage	VERB
cblr-11901	479	8	growth	growth	NOUN
cblr-11901	479	9	likely	likely	ADV
cblr-11901	479	10	outweigh	outweigh	VERB
cblr-11901	479	11	the	the	DET
cblr-11901	479	12	potential	potential	ADJ
cblr-11901	479	13	negative	negative	ADJ
cblr-11901	479	14	impact	impact	NOUN
cblr-11901	479	15	to	to	ADP
cblr-11901	479	16	investors	investor	NOUN
cblr-11901	479	17	who	who	PRON
cblr-11901	479	18	continue	continue	VERB
cblr-11901	479	19	to	to	PART
cblr-11901	479	20	invest	invest	VERB
cblr-11901	479	21	in	in	ADP
cblr-11901	479	22	that	that	DET
cblr-11901	479	23	market	market	NOUN
cblr-11901	479	24	.	.	PUNCT
cblr-11901	480	1	accordingly	accordingly	ADV
cblr-11901	480	2	,	,	PUNCT
cblr-11901	480	3	new	new	ADJ
cblr-11901	480	4	regulations	regulation	NOUN
cblr-11901	480	5	provide	provide	VERB
cblr-11901	480	6	a	a	DET
cblr-11901	480	7	better	well	ADJ
cblr-11901	480	8	approach	approach	NOUN
cblr-11901	480	9	to	to	ADP
cblr-11901	480	10	analyzing	analyze	VERB
cblr-11901	480	11	the	the	DET
cblr-11901	480	12	existing	exist	VERB
cblr-11901	480	13	market	market	NOUN
cblr-11901	480	14	weigh	weigh	NOUN
cblr-11901	480	15	costs	cost	NOUN
cblr-11901	480	16	and	and	CCONJ
cblr-11901	480	17	benefits	benefit	NOUN
cblr-11901	480	18	of	of	ADP
cblr-11901	480	19	regulatory	regulatory	ADJ
cblr-11901	480	20	approaches	approach	NOUN
cblr-11901	480	21	.	.	PUNCT
cblr-11901	481	1	161	161	NUM
cblr-11901	481	2	see	see	VERB
cblr-11901	481	3	supra	supra	PROPN
cblr-11901	481	4	section	section	PROPN
cblr-11901	481	5	iii.c	iii.c	PROPN
cblr-11901	481	6	(	(	PUNCT
cblr-11901	481	7	reviewing	review	VERB
cblr-11901	481	8	challenges	challenge	NOUN
cblr-11901	481	9	in	in	ADP
cblr-11901	481	10	regulating	regulate	VERB
cblr-11901	481	11	fintech	fintech	NOUN
cblr-11901	481	12	)	)	PUNCT
cblr-11901	481	13	;	;	PUNCT
cblr-11901	481	14	supra	supra	PROPN
cblr-11901	481	15	section	section	PROPN
cblr-11901	481	16	ii.b	ii.b	PROPN
cblr-11901	481	17	(	(	PUNCT
cblr-11901	481	18	reviewing	review	VERB
cblr-11901	481	19	the	the	DET
cblr-11901	481	20	long	long	ADJ
cblr-11901	481	21	process	process	NOUN
cblr-11901	481	22	of	of	ADP
cblr-11901	481	23	developing	develop	VERB
cblr-11901	481	24	new	new	ADJ
cblr-11901	481	25	regulations	regulation	NOUN
cblr-11901	481	26	)	)	PUNCT
cblr-11901	481	27	.	.	PUNCT
cblr-11901	482	1	162	162	NUM
cblr-11901	482	2	see	see	VERB
cblr-11901	482	3	,	,	PUNCT
cblr-11901	482	4	e.g.	e.g.	ADV
cblr-11901	482	5	,	,	PUNCT
cblr-11901	482	6	supra	supra	ADJ
cblr-11901	482	7	section	section	NOUN
cblr-11901	482	8	ii.b	ii.b	NOUN
cblr-11901	482	9	(	(	PUNCT
cblr-11901	482	10	reviewing	review	VERB
cblr-11901	482	11	establishment	establishment	NOUN
cblr-11901	482	12	of	of	ADP
cblr-11901	482	13	the	the	DET
cblr-11901	482	14	national	national	ADJ
cblr-11901	482	15	market	market	NOUN
cblr-11901	482	16	system	system	NOUN
cblr-11901	482	17	which	which	PRON
cblr-11901	482	18	continued	continue	VERB
cblr-11901	482	19	to	to	PART
cblr-11901	482	20	apply	apply	VERB
cblr-11901	482	21	existing	exist	VERB
cblr-11901	482	22	rules	rule	NOUN
cblr-11901	482	23	until	until	SCONJ
cblr-11901	482	24	the	the	DET
cblr-11901	482	25	new	new	ADJ
cblr-11901	482	26	system	system	NOUN
cblr-11901	482	27	regulating	regulate	VERB
cblr-11901	482	28	exchanges	exchange	NOUN
cblr-11901	482	29	and	and	CCONJ
cblr-11901	482	30	broker	broker	NOUN
cblr-11901	482	31	-	-	PUNCT
cblr-11901	482	32	dealers	dealer	NOUN
cblr-11901	482	33	was	be	AUX
cblr-11901	482	34	implemented	implement	VERB
cblr-11901	482	35	)	)	PUNCT
cblr-11901	482	36	.	.	PUNCT
cblr-11901	483	1	163	163	NUM
cblr-11901	484	1	i	i	PRON
cblr-11901	484	2	d.	d.	VERB
cblr-11901	484	3	no	no	INTJ
cblr-11901	484	4	.	.	NOUN
cblr-11901	484	5	1	1	NUM
cblr-11901	484	6	]	]	PUNCT
cblr-11901	484	7	regulating	regulate	VERB
cblr-11901	484	8	democratized	democratized	ADJ
cblr-11901	484	9	finance	finance	NOUN
cblr-11901	484	10	523	523	NUM
cblr-11901	484	11	benefits	benefit	NOUN
cblr-11901	484	12	of	of	ADP
cblr-11901	484	13	applying	apply	VERB
cblr-11901	484	14	existing	exist	VERB
cblr-11901	484	15	regulations	regulation	NOUN
cblr-11901	484	16	meant	mean	VERB
cblr-11901	484	17	for	for	ADP
cblr-11901	484	18	a	a	DET
cblr-11901	484	19	different	different	ADJ
cblr-11901	484	20	asset	asset	NOUN
cblr-11901	484	21	class	class	NOUN
cblr-11901	484	22	(	(	PUNCT
cblr-11901	484	23	e.g.	e.g.	ADV
cblr-11901	484	24	,	,	PUNCT
cblr-11901	484	25	prevention	prevention	NOUN
cblr-11901	484	26	of	of	ADP
cblr-11901	484	27	fraud	fraud	NOUN
cblr-11901	484	28	for	for	ADP
cblr-11901	484	29	assets	asset	NOUN
cblr-11901	484	30	that	that	PRON
cblr-11901	484	31	do	do	AUX
cblr-11901	484	32	not	not	PART
cblr-11901	484	33	have	have	VERB
cblr-11901	484	34	their	their	PRON
cblr-11901	484	35	own	own	ADJ
cblr-11901	484	36	tailored	tailor	VERB
cblr-11901	484	37	antifraud	antifraud	NOUN
cblr-11901	484	38	provisions	provision	NOUN
cblr-11901	484	39	)	)	PUNCT
cblr-11901	484	40	outweigh	outweigh	VERB
cblr-11901	484	41	the	the	DET
cblr-11901	484	42	costs	cost	NOUN
cblr-11901	484	43	of	of	ADP
cblr-11901	484	44	applying	apply	VERB
cblr-11901	484	45	imperfect	imperfect	ADJ
cblr-11901	484	46	regulations	regulation	NOUN
cblr-11901	484	47	(	(	PUNCT
cblr-11901	484	48	e.g.	e.g.	ADV
cblr-11901	484	49	,	,	PUNCT
cblr-11901	484	50	costs	cost	NOUN
cblr-11901	484	51	on	on	ADP
cblr-11901	484	52	private	private	ADJ
cblr-11901	484	53	entities	entity	NOUN
cblr-11901	484	54	or	or	CCONJ
cblr-11901	484	55	the	the	DET
cblr-11901	484	56	market	market	NOUN
cblr-11901	484	57	to	to	ADP
cblr-11901	484	58	applying	apply	VERB
cblr-11901	484	59	regulations	regulation	NOUN
cblr-11901	484	60	meant	mean	VERB
cblr-11901	484	61	for	for	ADP
cblr-11901	484	62	different	different	ADJ
cblr-11901	484	63	assets	asset	NOUN
cblr-11901	484	64	or	or	CCONJ
cblr-11901	484	65	services	service	NOUN
cblr-11901	484	66	)	)	PUNCT
cblr-11901	484	67	.	.	PUNCT
cblr-11901	485	1	assuming	assume	VERB
cblr-11901	485	2	the	the	DET
cblr-11901	485	3	benefits	benefit	NOUN
cblr-11901	485	4	outweigh	outweigh	VERB
cblr-11901	485	5	the	the	DET
cblr-11901	485	6	costs	cost	NOUN
cblr-11901	485	7	,	,	PUNCT
cblr-11901	485	8	interim	interim	ADJ
cblr-11901	485	9	application	application	NOUN
cblr-11901	485	10	of	of	ADP
cblr-11901	485	11	existing	exist	VERB
cblr-11901	485	12	regulations	regulation	NOUN
cblr-11901	485	13	to	to	ADP
cblr-11901	485	14	new	new	ADJ
cblr-11901	485	15	market	market	NOUN
cblr-11901	485	16	developments	development	NOUN
cblr-11901	485	17	will	will	AUX
cblr-11901	485	18	likely	likely	ADV
cblr-11901	485	19	occur	occur	VERB
cblr-11901	485	20	in	in	ADP
cblr-11901	485	21	two	two	NUM
cblr-11901	485	22	instances	instance	NOUN
cblr-11901	485	23	:	:	PUNCT
cblr-11901	485	24	(	(	PUNCT
cblr-11901	485	25	1	1	X
cblr-11901	485	26	)	)	PUNCT
cblr-11901	485	27	as	as	ADP
cblr-11901	485	28	a	a	DET
cblr-11901	485	29	temporary	temporary	ADJ
cblr-11901	485	30	measure	measure	NOUN
cblr-11901	485	31	until	until	SCONJ
cblr-11901	485	32	new	new	ADJ
cblr-11901	485	33	regulations	regulation	NOUN
cblr-11901	485	34	are	be	AUX
cblr-11901	485	35	adopted	adopt	VERB
cblr-11901	485	36	,	,	PUNCT
cblr-11901	485	37	and	and	CCONJ
cblr-11901	485	38	(	(	PUNCT
cblr-11901	485	39	2	2	X
cblr-11901	485	40	)	)	PUNCT
cblr-11901	485	41	when	when	SCONJ
cblr-11901	485	42	the	the	DET
cblr-11901	485	43	entities	entity	NOUN
cblr-11901	485	44	fit	fit	VERB
cblr-11901	485	45	within	within	ADP
cblr-11901	485	46	an	an	DET
cblr-11901	485	47	existing	exist	VERB
cblr-11901	485	48	regulatory	regulatory	ADJ
cblr-11901	485	49	category	category	NOUN
cblr-11901	485	50	,	,	PUNCT
cblr-11901	485	51	but	but	CCONJ
cblr-11901	485	52	the	the	DET
cblr-11901	485	53	new	new	ADJ
cblr-11901	485	54	product	product	NOUN
cblr-11901	485	55	or	or	CCONJ
cblr-11901	485	56	entity	entity	NOUN
cblr-11901	485	57	fundamentally	fundamentally	ADV
cblr-11901	485	58	alters	alter	VERB
cblr-11901	485	59	the	the	DET
cblr-11901	485	60	business	business	NOUN
cblr-11901	485	61	model	model	NOUN
cblr-11901	485	62	of	of	ADP
cblr-11901	485	63	the	the	DET
cblr-11901	485	64	regulated	regulated	ADJ
cblr-11901	485	65	category	category	NOUN
cblr-11901	485	66	.	.	PUNCT
cblr-11901	486	1	the	the	DET
cblr-11901	486	2	first	first	ADJ
cblr-11901	486	3	instance	instance	NOUN
cblr-11901	486	4	occurred	occur	VERB
cblr-11901	486	5	with	with	ADP
cblr-11901	486	6	the	the	DET
cblr-11901	486	7	sec	sec	PROPN
cblr-11901	486	8	’s	’s	PART
cblr-11901	486	9	attempts	attempt	NOUN
cblr-11901	486	10	to	to	PART
cblr-11901	486	11	assert	assert	VERB
cblr-11901	486	12	its	its	PRON
cblr-11901	486	13	jurisdiction	jurisdiction	NOUN
cblr-11901	486	14	over	over	ADP
cblr-11901	486	15	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	486	16	.	.	PUNCT
cblr-11901	487	1	as	as	SCONJ
cblr-11901	487	2	reviewed	review	VERB
cblr-11901	487	3	above	above	ADV
cblr-11901	487	4	,	,	PUNCT
cblr-11901	487	5	the	the	DET
cblr-11901	487	6	sec	sec	PROPN
cblr-11901	487	7	has	have	AUX
cblr-11901	487	8	stated	state	VERB
cblr-11901	487	9	that	that	SCONJ
cblr-11901	487	10	security	security	NOUN
cblr-11901	487	11	regulations	regulation	NOUN
cblr-11901	487	12	apply	apply	VERB
cblr-11901	487	13	to	to	ADP
cblr-11901	487	14	cryptocurrency	cryptocurrency	NOUN
cblr-11901	487	15	assets	asset	NOUN
cblr-11901	487	16	and	and	CCONJ
cblr-11901	487	17	market	market	NOUN
cblr-11901	487	18	participants.164	participants.164	NOUN
cblr-11901	487	19	at	at	ADP
cblr-11901	487	20	the	the	DET
cblr-11901	487	21	same	same	ADJ
cblr-11901	487	22	time	time	NOUN
cblr-11901	487	23	,	,	PUNCT
cblr-11901	487	24	the	the	DET
cblr-11901	487	25	agency	agency	NOUN
cblr-11901	487	26	and	and	CCONJ
cblr-11901	487	27	congress	congress	PROPN
cblr-11901	487	28	have	have	AUX
cblr-11901	487	29	made	make	VERB
cblr-11901	487	30	various	various	ADJ
cblr-11901	487	31	attempts	attempt	NOUN
cblr-11901	487	32	to	to	PART
cblr-11901	487	33	develop	develop	VERB
cblr-11901	487	34	comprehensive	comprehensive	ADJ
cblr-11901	487	35	new	new	ADJ
cblr-11901	487	36	regulations	regulation	NOUN
cblr-11901	487	37	tailored	tailor	VERB
cblr-11901	487	38	to	to	ADP
cblr-11901	487	39	these	these	DET
cblr-11901	487	40	products.165	products.165	NOUN
cblr-11901	487	41	thus	thus	ADV
cblr-11901	487	42	,	,	PUNCT
cblr-11901	487	43	the	the	DET
cblr-11901	487	44	implication	implication	NOUN
cblr-11901	487	45	is	be	AUX
cblr-11901	487	46	that	that	SCONJ
cblr-11901	487	47	existing	exist	VERB
cblr-11901	487	48	regulations	regulation	NOUN
cblr-11901	487	49	are	be	AUX
cblr-11901	487	50	an	an	DET
cblr-11901	487	51	imperfect	imperfect	ADJ
cblr-11901	487	52	fit	fit	NOUN
cblr-11901	487	53	for	for	ADP
cblr-11901	487	54	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	487	55	,	,	PUNCT
cblr-11901	487	56	but	but	CCONJ
cblr-11901	487	57	the	the	DET
cblr-11901	487	58	benefits	benefit	NOUN
cblr-11901	487	59	of	of	ADP
cblr-11901	487	60	preventing	prevent	VERB
cblr-11901	487	61	fraud	fraud	NOUN
cblr-11901	487	62	by	by	ADP
cblr-11901	487	63	applying	apply	VERB
cblr-11901	487	64	existing	exist	VERB
cblr-11901	487	65	regulations	regulation	NOUN
cblr-11901	487	66	outweighs	outweigh	VERB
cblr-11901	487	67	the	the	DET
cblr-11901	487	68	costs	cost	NOUN
cblr-11901	487	69	of	of	ADP
cblr-11901	487	70	applying	apply	VERB
cblr-11901	487	71	regulations	regulation	NOUN
cblr-11901	487	72	developed	develop	VERB
cblr-11901	487	73	and	and	CCONJ
cblr-11901	487	74	meant	mean	VERB
cblr-11901	487	75	for	for	ADP
cblr-11901	487	76	distinct	distinct	ADJ
cblr-11901	487	77	asset	asset	NOUN
cblr-11901	487	78	classes	class	NOUN
cblr-11901	487	79	.	.	PUNCT
cblr-11901	488	1	the	the	DET
cblr-11901	488	2	second	second	ADJ
cblr-11901	488	3	instance166	instance166	PROPN
cblr-11901	488	4	has	have	AUX
cblr-11901	488	5	occurred	occur	VERB
cblr-11901	488	6	with	with	ADP
cblr-11901	488	7	the	the	DET
cblr-11901	488	8	sec	sec	PROPN
cblr-11901	488	9	’s	’s	PART
cblr-11901	488	10	regulation	regulation	NOUN
cblr-11901	488	11	of	of	ADP
cblr-11901	488	12	online	online	ADJ
cblr-11901	488	13	retail	retail	ADJ
cblr-11901	488	14	broker	broker	NOUN
cblr-11901	488	15	-	-	PUNCT
cblr-11901	488	16	dealers	dealer	NOUN
cblr-11901	488	17	under	under	ADP
cblr-11901	488	18	the	the	DET
cblr-11901	488	19	national	national	ADJ
cblr-11901	488	20	market	market	NOUN
cblr-11901	488	21	system	system	NOUN
cblr-11901	488	22	regulations	regulation	NOUN
cblr-11901	488	23	.	.	PUNCT
cblr-11901	489	1	the	the	DET
cblr-11901	489	2	sec	sec	PROPN
cblr-11901	489	3	has	have	AUX
cblr-11901	489	4	continued	continue	VERB
cblr-11901	489	5	to	to	PART
cblr-11901	489	6	apply	apply	VERB
cblr-11901	489	7	existing	exist	VERB
cblr-11901	489	8	regulations	regulation	NOUN
cblr-11901	489	9	to	to	ADP
cblr-11901	489	10	broker	broker	NOUN
cblr-11901	489	11	-	-	PUNCT
cblr-11901	489	12	dealers	dealer	NOUN
cblr-11901	489	13	and	and	CCONJ
cblr-11901	489	14	exchanges	exchange	NOUN
cblr-11901	489	15	while	while	SCONJ
cblr-11901	489	16	updating	update	VERB
cblr-11901	489	17	these	these	DET
cblr-11901	489	18	regulations	regulation	NOUN
cblr-11901	489	19	to	to	PART
cblr-11901	489	20	respond	respond	VERB
cblr-11901	489	21	to	to	ADP
cblr-11901	489	22	new	new	ADJ
cblr-11901	489	23	developments	development	NOUN
cblr-11901	489	24	in	in	ADP
cblr-11901	489	25	164	164	NUM
cblr-11901	489	26	infra	infra	NOUN
cblr-11901	489	27	section	section	NOUN
cblr-11901	489	28	ii.a.1	ii.a.1	NOUN
cblr-11901	489	29	.	.	PUNCT
cblr-11901	490	1	165	165	NUM
cblr-11901	490	2	david	david	PROPN
cblr-11901	490	3	gura	gura	PROPN
cblr-11901	490	4	,	,	PUNCT
cblr-11901	490	5	why	why	SCONJ
cblr-11901	490	6	wall	wall	PROPN
cblr-11901	490	7	street	street	PROPN
cblr-11901	490	8	’s	’s	PART
cblr-11901	490	9	top	top	ADJ
cblr-11901	490	10	cop	cop	NOUN
cblr-11901	490	11	thinks	think	VERB
cblr-11901	490	12	it	it	PRON
cblr-11901	490	13	’s	’	VERB
cblr-11901	490	14	time	time	NOUN
cblr-11901	490	15	to	to	PART
cblr-11901	490	16	get	get	VERB
cblr-11901	490	17	tough	tough	ADJ
cblr-11901	490	18	,	,	PUNCT
cblr-11901	490	19	npr	npr	PROPN
cblr-11901	490	20	(	(	PUNCT
cblr-11901	490	21	dec	dec	PROPN
cblr-11901	490	22	.	.	PROPN
cblr-11901	490	23	19	19	NUM
cblr-11901	490	24	,	,	PUNCT
cblr-11901	490	25	2021	2021	NUM
cblr-11901	490	26	)	)	PUNCT
cblr-11901	490	27	,	,	PUNCT
cblr-11901	490	28	https://www.npr.org/2021/12/19/1063573184/wall-streets-sec-gary-genslercryptocurrencies-bitcoin-spac	https://www.npr.org/2021/12/19/1063573184/wall-streets-sec-gary-genslercryptocurrencies-bitcoin-spac	X
cblr-11901	491	1	[	[	X
cblr-11901	491	2	https://perma.cc/swp8-4vty	https://perma.cc/swp8-4vty	X
cblr-11901	491	3	]	]	X
cblr-11901	491	4	(	(	PUNCT
cblr-11901	491	5	reviewing	review	VERB
cblr-11901	491	6	how	how	SCONJ
cblr-11901	491	7	the	the	DET
cblr-11901	491	8	sec	sec	PROPN
cblr-11901	491	9	has	have	AUX
cblr-11901	491	10	considered	consider	VERB
cblr-11901	491	11	different	different	ADJ
cblr-11901	491	12	approaches	approach	NOUN
cblr-11901	491	13	for	for	ADP
cblr-11901	491	14	regulating	regulate	VERB
cblr-11901	491	15	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	491	16	)	)	PUNCT
cblr-11901	491	17	.	.	PUNCT
cblr-11901	492	1	166	166	NUM
cblr-11901	492	2	i.e.	i.e.	X
cblr-11901	492	3	,	,	PUNCT
cblr-11901	492	4	the	the	DET
cblr-11901	492	5	application	application	NOUN
cblr-11901	492	6	of	of	ADP
cblr-11901	492	7	interim	interim	ADJ
cblr-11901	492	8	regulations	regulation	NOUN
cblr-11901	492	9	when	when	SCONJ
cblr-11901	492	10	a	a	DET
cblr-11901	492	11	product	product	NOUN
cblr-11901	492	12	or	or	CCONJ
cblr-11901	492	13	entity	entity	NOUN
cblr-11901	492	14	fits	fit	VERB
cblr-11901	492	15	an	an	DET
cblr-11901	492	16	existing	exist	VERB
cblr-11901	492	17	regulatory	regulatory	ADJ
cblr-11901	492	18	framework	framework	NOUN
cblr-11901	492	19	but	but	CCONJ
cblr-11901	492	20	substantially	substantially	ADV
cblr-11901	492	21	alters	alter	VERB
cblr-11901	492	22	the	the	DET
cblr-11901	492	23	currently	currently	ADV
cblr-11901	492	24	regulated	regulate	VERB
cblr-11901	492	25	market	market	NOUN
cblr-11901	492	26	.	.	PUNCT
cblr-11901	493	1	524	524	NUM
cblr-11901	493	2	columbia	columbia	PROPN
cblr-11901	493	3	business	business	PROPN
cblr-11901	493	4	law	law	PROPN
cblr-11901	493	5	review	review	NOUN
cblr-11901	493	6	[	[	X
cblr-11901	493	7	vol	vol	NOUN
cblr-11901	493	8	.	.	PUNCT
cblr-11901	493	9	2023	2023	NUM
cblr-11901	493	10	the	the	DET
cblr-11901	493	11	business	business	NOUN
cblr-11901	493	12	and	and	CCONJ
cblr-11901	493	13	structure	structure	NOUN
cblr-11901	493	14	of	of	ADP
cblr-11901	493	15	trading	trading	NOUN
cblr-11901	493	16	markets.167	markets.167	ADV
cblr-11901	493	17	many	many	ADJ
cblr-11901	493	18	online	online	ADJ
cblr-11901	493	19	broker	broker	NOUN
cblr-11901	493	20	-	-	PUNCT
cblr-11901	493	21	dealers	dealer	NOUN
cblr-11901	493	22	’	’	PART
cblr-11901	493	23	designation	designation	NOUN
cblr-11901	493	24	as	as	ADP
cblr-11901	493	25	broker	broker	NOUN
cblr-11901	493	26	-	-	PUNCT
cblr-11901	493	27	dealers	dealer	NOUN
cblr-11901	493	28	has	have	AUX
cblr-11901	493	29	been	be	AUX
cblr-11901	493	30	uncontroversial,168	uncontroversial,168	NOUN
cblr-11901	493	31	allowing	allow	VERB
cblr-11901	493	32	regulators	regulator	NOUN
cblr-11901	493	33	to	to	PART
cblr-11901	493	34	bring	bring	VERB
cblr-11901	493	35	enforcement	enforcement	NOUN
cblr-11901	493	36	actions	action	NOUN
cblr-11901	493	37	with	with	ADP
cblr-11901	493	38	more	more	ADJ
cblr-11901	493	39	certainty	certainty	NOUN
cblr-11901	493	40	than	than	ADP
cblr-11901	493	41	in	in	ADP
cblr-11901	493	42	the	the	DET
cblr-11901	493	43	cryptocurrency	cryptocurrency	NOUN
cblr-11901	493	44	context.169	context.169	NOUN
cblr-11901	493	45	as	as	SCONJ
cblr-11901	493	46	the	the	DET
cblr-11901	493	47	business	business	NOUN
cblr-11901	493	48	model	model	NOUN
cblr-11901	493	49	of	of	ADP
cblr-11901	493	50	these	these	DET
cblr-11901	493	51	entities	entity	NOUN
cblr-11901	493	52	has	have	AUX
cblr-11901	493	53	changed	change	VERB
cblr-11901	493	54	to	to	PART
cblr-11901	493	55	rely	rely	VERB
cblr-11901	493	56	increasingly	increasingly	ADV
cblr-11901	493	57	on	on	ADP
cblr-11901	493	58	pfof	pfof	NOUN
cblr-11901	493	59	to	to	PART
cblr-11901	493	60	generate	generate	VERB
cblr-11901	493	61	revenues	revenue	NOUN
cblr-11901	493	62	,	,	PUNCT
cblr-11901	493	63	however	however	ADV
cblr-11901	493	64	,	,	PUNCT
cblr-11901	493	65	the	the	DET
cblr-11901	493	66	sec	sec	PROPN
cblr-11901	493	67	has	have	AUX
cblr-11901	493	68	indicated	indicate	VERB
cblr-11901	493	69	a	a	DET
cblr-11901	493	70	need	need	NOUN
cblr-11901	493	71	for	for	ADP
cblr-11901	493	72	new	new	ADJ
cblr-11901	493	73	frameworks	framework	NOUN
cblr-11901	493	74	to	to	PART
cblr-11901	493	75	prevent	prevent	VERB
cblr-11901	493	76	conflicts	conflict	NOUN
cblr-11901	493	77	of	of	ADP
cblr-11901	493	78	interests.170	interests.170	NOUN
cblr-11901	493	79	unlike	unlike	ADJ
cblr-11901	493	80	with	with	ADP
cblr-11901	493	81	the	the	DET
cblr-11901	493	82	application	application	NOUN
cblr-11901	493	83	of	of	ADP
cblr-11901	493	84	existing	exist	VERB
cblr-11901	493	85	regulations	regulation	NOUN
cblr-11901	493	86	to	to	ADP
cblr-11901	493	87	new	new	ADJ
cblr-11901	493	88	products	product	NOUN
cblr-11901	493	89	or	or	CCONJ
cblr-11901	493	90	environments	environment	NOUN
cblr-11901	493	91	,	,	PUNCT
cblr-11901	493	92	the	the	DET
cblr-11901	493	93	regulatory	regulatory	ADJ
cblr-11901	493	94	environment	environment	NOUN
cblr-11901	493	95	here	here	ADV
cblr-11901	493	96	is	be	AUX
cblr-11901	493	97	more	more	ADV
cblr-11901	493	98	certain	certain	ADJ
cblr-11901	493	99	(	(	PUNCT
cblr-11901	493	100	with	with	ADP
cblr-11901	493	101	clarity	clarity	NOUN
cblr-11901	493	102	about	about	ADP
cblr-11901	493	103	which	which	PRON
cblr-11901	493	104	rules	rule	NOUN
cblr-11901	493	105	apply	apply	VERB
cblr-11901	493	106	to	to	ADP
cblr-11901	493	107	which	which	DET
cblr-11901	493	108	entities	entity	NOUN
cblr-11901	493	109	)	)	PUNCT
cblr-11901	493	110	as	as	ADV
cblr-11901	493	111	well	well	ADV
cblr-11901	493	112	as	as	ADP
cblr-11901	493	113	more	more	ADV
cblr-11901	493	114	clearly	clearly	ADV
cblr-11901	493	115	imperfect	imperfect	ADJ
cblr-11901	493	116	(	(	PUNCT
cblr-11901	493	117	given	give	VERB
cblr-11901	493	118	the	the	DET
cblr-11901	493	119	sec	sec	PROPN
cblr-11901	493	120	has	have	AUX
cblr-11901	493	121	made	make	VERB
cblr-11901	493	122	clear	clear	ADJ
cblr-11901	493	123	it	it	PRON
cblr-11901	493	124	hopes	hope	VERB
cblr-11901	493	125	to	to	PART
cblr-11901	493	126	update	update	VERB
cblr-11901	493	127	regulations	regulation	NOUN
cblr-11901	493	128	to	to	PART
cblr-11901	493	129	fix	fix	VERB
cblr-11901	493	130	certain	certain	ADJ
cblr-11901	493	131	market	market	NOUN
cblr-11901	493	132	dynamics	dynamic	NOUN
cblr-11901	493	133	)	)	PUNCT
cblr-11901	493	134	.	.	PUNCT
cblr-11901	494	1	in	in	ADP
cblr-11901	494	2	sum	sum	NOUN
cblr-11901	494	3	,	,	PUNCT
cblr-11901	494	4	applying	apply	VERB
cblr-11901	494	5	existing	exist	VERB
cblr-11901	494	6	regulations	regulation	NOUN
cblr-11901	494	7	in	in	ADP
cblr-11901	494	8	the	the	DET
cblr-11901	494	9	interim	interim	NOUN
cblr-11901	494	10	prior	prior	ADV
cblr-11901	494	11	to	to	ADP
cblr-11901	494	12	the	the	DET
cblr-11901	494	13	adoption	adoption	NOUN
cblr-11901	494	14	of	of	ADP
cblr-11901	494	15	new	new	ADJ
cblr-11901	494	16	regulations	regulation	NOUN
cblr-11901	494	17	indicates	indicate	VERB
cblr-11901	494	18	the	the	DET
cblr-11901	494	19	sec	sec	PROPN
cblr-11901	494	20	views	view	VERB
cblr-11901	494	21	the	the	DET
cblr-11901	494	22	benefits	benefit	NOUN
cblr-11901	494	23	of	of	ADP
cblr-11901	494	24	preventing	prevent	VERB
cblr-11901	494	25	undesirable	undesirable	ADJ
cblr-11901	494	26	market	market	NOUN
cblr-11901	494	27	practices	practice	NOUN
cblr-11901	494	28	outweigh	outweigh	VERB
cblr-11901	494	29	the	the	DET
cblr-11901	494	30	costs	cost	NOUN
cblr-11901	494	31	.	.	PUNCT
cblr-11901	495	1	this	this	PRON
cblr-11901	495	2	leads	lead	VERB
cblr-11901	495	3	the	the	DET
cblr-11901	495	4	sec	sec	PROPN
cblr-11901	495	5	to	to	PART
cblr-11901	495	6	regulate	regulate	VERB
cblr-11901	495	7	under	under	ADP
cblr-11901	495	8	existing	exist	VERB
cblr-11901	495	9	,	,	PUNCT
cblr-11901	495	10	imperfect	imperfect	ADJ
cblr-11901	495	11	,	,	PUNCT
cblr-11901	495	12	regulatory	regulatory	ADJ
cblr-11901	495	13	structures	structure	NOUN
cblr-11901	495	14	while	while	SCONJ
cblr-11901	495	15	moving	move	VERB
cblr-11901	495	16	towards	towards	ADP
cblr-11901	495	17	regulations	regulation	NOUN
cblr-11901	495	18	more	more	ADV
cblr-11901	495	19	tailored	tailor	VERB
cblr-11901	495	20	to	to	ADP
cblr-11901	495	21	new	new	ADJ
cblr-11901	495	22	financial	financial	ADJ
cblr-11901	495	23	market	market	NOUN
cblr-11901	495	24	developments	development	NOUN
cblr-11901	495	25	.	.	PUNCT
cblr-11901	496	1	this	this	DET
cblr-11901	496	2	framework	framework	NOUN
cblr-11901	496	3	may	may	AUX
cblr-11901	496	4	help	help	VERB
cblr-11901	496	5	to	to	PART
cblr-11901	496	6	understand	understand	VERB
cblr-11901	496	7	when	when	SCONJ
cblr-11901	496	8	the	the	DET
cblr-11901	496	9	sec	sec	PROPN
cblr-11901	496	10	asserts	assert	VERB
cblr-11901	496	11	jurisdiction	jurisdiction	NOUN
cblr-11901	496	12	over	over	ADP
cblr-11901	496	13	new	new	ADJ
cblr-11901	496	14	financial	financial	ADJ
cblr-11901	496	15	market	market	NOUN
cblr-11901	496	16	developments	development	NOUN
cblr-11901	496	17	by	by	ADP
cblr-11901	496	18	drawing	draw	VERB
cblr-11901	496	19	on	on	ADP
cblr-11901	496	20	its	its	PRON
cblr-11901	496	21	jurisdiction	jurisdiction	NOUN
cblr-11901	496	22	over	over	ADP
cblr-11901	496	23	existing	exist	VERB
cblr-11901	496	24	products	product	NOUN
cblr-11901	496	25	.	.	PUNCT
cblr-11901	497	1	this	this	PRON
cblr-11901	497	2	may	may	AUX
cblr-11901	497	3	help	help	VERB
cblr-11901	497	4	to	to	PART
cblr-11901	497	5	conceptualize	conceptualize	VERB
cblr-11901	497	6	its	its	PRON
cblr-11901	497	7	approach	approach	NOUN
cblr-11901	497	8	to	to	ADP
cblr-11901	497	9	regulating	regulate	VERB
cblr-11901	497	10	recent	recent	ADJ
cblr-11901	497	11	fintech	fintech	NOUN
cblr-11901	497	12	developments	development	NOUN
cblr-11901	497	13	and	and	CCONJ
cblr-11901	497	14	reduce	reduce	VERB
cblr-11901	497	15	uncertainty	uncertainty	NOUN
cblr-11901	497	16	about	about	ADP
cblr-11901	497	17	how	how	SCONJ
cblr-11901	497	18	the	the	DET
cblr-11901	497	19	agency	agency	NOUN
cblr-11901	497	20	will	will	AUX
cblr-11901	497	21	approach	approach	VERB
cblr-11901	497	22	to	to	ADP
cblr-11901	497	23	new	new	ADJ
cblr-11901	497	24	assets	asset	NOUN
cblr-11901	497	25	and	and	CCONJ
cblr-11901	497	26	services	service	NOUN
cblr-11901	497	27	in	in	ADP
cblr-11901	497	28	the	the	DET
cblr-11901	497	29	future	future	NOUN
cblr-11901	497	30	.	.	PUNCT
cblr-11901	498	1	167	167	NUM
cblr-11901	498	2	see	see	VERB
cblr-11901	498	3	supra	supra	PROPN
cblr-11901	498	4	section	section	PROPN
cblr-11901	498	5	ii.b.2	ii.b.2	PROPN
cblr-11901	498	6	.	.	PUNCT
cblr-11901	499	1	168	168	NUM
cblr-11901	500	1	i	i	PRON
cblr-11901	500	2	d.	d.	PROPN
cblr-11901	500	3	169	169	NUM
cblr-11901	500	4	see	see	VERB
cblr-11901	500	5	,	,	PUNCT
cblr-11901	500	6	e.g.	e.g.	ADV
cblr-11901	500	7	,	,	PUNCT
cblr-11901	500	8	robinhood	robinhood	PROPN
cblr-11901	500	9	,	,	PUNCT
cblr-11901	500	10	prospectus	prospectus	NOUN
cblr-11901	500	11	(	(	PUNCT
cblr-11901	500	12	form	form	VERB
cblr-11901	500	13	s-1	s-1	NOUN
cblr-11901	500	14	registration	registration	NOUN
cblr-11901	500	15	statement	statement	NOUN
cblr-11901	500	16	)	)	PUNCT
cblr-11901	500	17	196–201	196–201	NUM
cblr-11901	500	18	(	(	PUNCT
cblr-11901	500	19	july	july	PROPN
cblr-11901	500	20	1	1	NUM
cblr-11901	500	21	,	,	PUNCT
cblr-11901	500	22	2021	2021	NUM
cblr-11901	500	23	)	)	PUNCT
cblr-11901	500	24	(	(	PUNCT
cblr-11901	500	25	reviewing	review	VERB
cblr-11901	500	26	legal	legal	ADJ
cblr-11901	500	27	proceedings	proceeding	NOUN
cblr-11901	500	28	)	)	PUNCT
cblr-11901	500	29	;	;	PUNCT
cblr-11901	500	30	dave	dave	PROPN
cblr-11901	500	31	michaels	michaels	PROPN
cblr-11901	500	32	&	&	CCONJ
cblr-11901	500	33	alexander	alexander	PROPN
cblr-11901	500	34	osipivich	osipivich	PROPN
cblr-11901	500	35	,	,	PUNCT
cblr-11901	500	36	robinhood	robinhood	PROPN
cblr-11901	500	37	financial	financial	ADJ
cblr-11901	500	38	to	to	PART
cblr-11901	500	39	pay	pay	VERB
cblr-11901	500	40	$	$	SYM
cblr-11901	500	41	65	65	NUM
cblr-11901	500	42	million	million	NUM
cblr-11901	500	43	to	to	PART
cblr-11901	500	44	settle	settle	VERB
cblr-11901	500	45	sec	sec	PROPN
cblr-11901	500	46	probe	probe	NOUN
cblr-11901	500	47	,	,	PUNCT
cblr-11901	501	1	wall	wall	PROPN
cblr-11901	501	2	st	st	PROPN
cblr-11901	501	3	.	.	PROPN
cblr-11901	501	4	j.	j.	PROPN
cblr-11901	501	5	(	(	PUNCT
cblr-11901	501	6	dec	dec	PROPN
cblr-11901	501	7	.	.	PROPN
cblr-11901	501	8	17	17	NUM
cblr-11901	501	9	,	,	PUNCT
cblr-11901	501	10	2020	2020	NUM
cblr-11901	501	11	)	)	PUNCT
cblr-11901	501	12	,	,	PUNCT
cblr-11901	501	13	https://www.wsj.com/articles/robinhoodto-pay-65-million-to-settle-sec-probe-11608213680	https://www.wsj.com/articles/robinhoodto-pay-65-million-to-settle-sec-probe-11608213680	PROPN
cblr-11901	502	1	[	[	X
cblr-11901	502	2	https://perma.cc/ya2eayuj	https://perma.cc/ya2eayuj	X
cblr-11901	502	3	]	]	X
cblr-11901	502	4	;	;	PUNCT
cblr-11901	502	5	chris	chris	PROPN
cblr-11901	502	6	prentice	prentice	PROPN
cblr-11901	502	7	&	&	CCONJ
cblr-11901	502	8	pete	pete	PROPN
cblr-11901	502	9	schroeder	schroeder	PROPN
cblr-11901	502	10	,	,	PUNCT
cblr-11901	502	11	robinhood	robinhood	PROPN
cblr-11901	502	12	fined	fine	VERB
cblr-11901	502	13	$	$	SYM
cblr-11901	502	14	70	70	NUM
cblr-11901	502	15	million	million	NUM
cblr-11901	502	16	for	for	ADP
cblr-11901	502	17	harming	harm	VERB
cblr-11901	502	18	‘	'	PUNCT
cblr-11901	502	19	millions	million	NOUN
cblr-11901	502	20	’	'	PUNCT
cblr-11901	502	21	via	via	ADP
cblr-11901	502	22	misleading	mislead	VERB
cblr-11901	502	23	info	info	NOUN
cblr-11901	502	24	,	,	PUNCT
cblr-11901	502	25	outages	outage	NOUN
cblr-11901	502	26	,	,	PUNCT
cblr-11901	502	27	reuters	reuter	NOUN
cblr-11901	502	28	(	(	PUNCT
cblr-11901	502	29	june	june	PROPN
cblr-11901	502	30	30	30	NUM
cblr-11901	502	31	,	,	PUNCT
cblr-11901	502	32	2021	2021	NUM
cblr-11901	502	33	)	)	PUNCT
cblr-11901	502	34	,	,	PUNCT
cblr-11901	502	35	https://www.reuters.com/technology/broker-robinhood-pay-70-mlnsystemic-supervisory-failures-2021-06-30/	https://www.reuters.com/technology/broker-robinhood-pay-70-mlnsystemic-supervisory-failures-2021-06-30/	PROPN
cblr-11901	503	1	[	[	X
cblr-11901	503	2	https://perma.cc/k34f-7eph	https://perma.cc/k34f-7eph	X
cblr-11901	503	3	]	]	PUNCT
cblr-11901	503	4	.	.	PUNCT
cblr-11901	503	5	170	170	NUM
cblr-11901	503	6	see	see	VERB
cblr-11901	503	7	supra	supra	PROPN
cblr-11901	503	8	section	section	PROPN
cblr-11901	503	9	ii.b.2	ii.b.2	PROPN
cblr-11901	503	10	.	.	PUNCT
cblr-11901	504	1	no	no	INTJ
cblr-11901	504	2	.	.	NOUN
cblr-11901	504	3	1	1	NUM
cblr-11901	504	4	]	]	PUNCT
cblr-11901	504	5	regulating	regulate	VERB
cblr-11901	504	6	democratized	democratized	ADJ
cblr-11901	504	7	finance	finance	NOUN
cblr-11901	504	8	525	525	NUM
cblr-11901	504	9	b.	b.	NOUN
cblr-11901	504	10	when	when	SCONJ
cblr-11901	504	11	and	and	CCONJ
cblr-11901	504	12	how	how	SCONJ
cblr-11901	504	13	the	the	DET
cblr-11901	504	14	sec	sec	PROPN
cblr-11901	504	15	may	may	AUX
cblr-11901	504	16	limit	limit	VERB
cblr-11901	504	17	market	market	NOUN
cblr-11901	504	18	access	access	NOUN
cblr-11901	504	19	limiting	limit	VERB
cblr-11901	504	20	market	market	NOUN
cblr-11901	504	21	access	access	NOUN
cblr-11901	504	22	would	would	AUX
cblr-11901	504	23	be	be	AUX
cblr-11901	504	24	a	a	DET
cblr-11901	504	25	significant	significant	ADJ
cblr-11901	504	26	change	change	NOUN
cblr-11901	504	27	in	in	ADP
cblr-11901	504	28	the	the	DET
cblr-11901	504	29	agency	agency	NOUN
cblr-11901	504	30	’s	’s	PART
cblr-11901	504	31	historic	historic	ADJ
cblr-11901	504	32	approach	approach	NOUN
cblr-11901	504	33	to	to	ADP
cblr-11901	504	34	focusing	focus	VERB
cblr-11901	504	35	new	new	ADJ
cblr-11901	504	36	regulation	regulation	NOUN
cblr-11901	504	37	on	on	ADP
cblr-11901	504	38	improving	improve	VERB
cblr-11901	504	39	market	market	NOUN
cblr-11901	504	40	access	access	NOUN
cblr-11901	504	41	and	and	CCONJ
cblr-11901	504	42	participation.171	participation.171	NOUN
cblr-11901	504	43	however	however	ADV
cblr-11901	504	44	,	,	PUNCT
cblr-11901	504	45	the	the	DET
cblr-11901	504	46	continued	continue	VERB
cblr-11901	504	47	democratization	democratization	NOUN
cblr-11901	504	48	of	of	ADP
cblr-11901	504	49	financial	financial	ADJ
cblr-11901	504	50	markets	market	NOUN
cblr-11901	504	51	raises	raise	VERB
cblr-11901	504	52	questions	question	NOUN
cblr-11901	504	53	about	about	ADP
cblr-11901	504	54	whether	whether	SCONJ
cblr-11901	504	55	the	the	DET
cblr-11901	504	56	agency	agency	NOUN
cblr-11901	504	57	should	should	AUX
cblr-11901	504	58	continue	continue	VERB
cblr-11901	504	59	to	to	PART
cblr-11901	504	60	promote	promote	VERB
cblr-11901	504	61	equal	equal	ADJ
cblr-11901	504	62	,	,	PUNCT
cblr-11901	504	63	increasing	increase	VERB
cblr-11901	504	64	access	access	NOUN
cblr-11901	504	65	to	to	ADP
cblr-11901	504	66	financial	financial	ADJ
cblr-11901	504	67	markets	market	NOUN
cblr-11901	504	68	.	.	PUNCT
cblr-11901	505	1	to	to	PART
cblr-11901	505	2	understand	understand	VERB
cblr-11901	505	3	how	how	SCONJ
cblr-11901	505	4	the	the	DET
cblr-11901	505	5	agency	agency	NOUN
cblr-11901	505	6	may	may	AUX
cblr-11901	505	7	approach	approach	VERB
cblr-11901	505	8	limitations	limitation	NOUN
cblr-11901	505	9	to	to	ADP
cblr-11901	505	10	market	market	NOUN
cblr-11901	505	11	access	access	NOUN
cblr-11901	505	12	,	,	PUNCT
cblr-11901	505	13	this	this	DET
cblr-11901	505	14	section	section	NOUN
cblr-11901	505	15	reviews	review	VERB
cblr-11901	505	16	factors	factor	VERB
cblr-11901	505	17	the	the	DET
cblr-11901	505	18	agency	agency	NOUN
cblr-11901	505	19	may	may	AUX
cblr-11901	505	20	consider	consider	VERB
cblr-11901	505	21	to	to	PART
cblr-11901	505	22	determine	determine	VERB
cblr-11901	505	23	whether	whether	SCONJ
cblr-11901	505	24	limitations	limitation	NOUN
cblr-11901	505	25	on	on	ADP
cblr-11901	505	26	market	market	NOUN
cblr-11901	505	27	assets	asset	NOUN
cblr-11901	505	28	for	for	ADP
cblr-11901	505	29	certain	certain	ADJ
cblr-11901	505	30	classes	class	NOUN
cblr-11901	505	31	of	of	ADP
cblr-11901	505	32	investors	investor	NOUN
cblr-11901	505	33	or	or	CCONJ
cblr-11901	505	34	assets	asset	NOUN
cblr-11901	505	35	are	be	AUX
cblr-11901	505	36	appropriate	appropriate	ADJ
cblr-11901	505	37	.	.	PUNCT
cblr-11901	506	1	1	1	X
cblr-11901	506	2	.	.	NUM
cblr-11901	506	3	types	type	NOUN
cblr-11901	506	4	of	of	ADP
cblr-11901	506	5	risk	risk	NOUN
cblr-11901	506	6	that	that	PRON
cblr-11901	506	7	may	may	AUX
cblr-11901	506	8	justify	justify	VERB
cblr-11901	506	9	limiting	limit	VERB
cblr-11901	506	10	market	market	NOUN
cblr-11901	506	11	access	access	NOUN
cblr-11901	506	12	first	first	ADV
cblr-11901	506	13	,	,	PUNCT
cblr-11901	506	14	the	the	DET
cblr-11901	506	15	agency	agency	NOUN
cblr-11901	506	16	would	would	AUX
cblr-11901	506	17	need	need	VERB
cblr-11901	506	18	to	to	PART
cblr-11901	506	19	identify	identify	VERB
cblr-11901	506	20	the	the	DET
cblr-11901	506	21	risks	risk	NOUN
cblr-11901	506	22	that	that	PRON
cblr-11901	506	23	would	would	AUX
cblr-11901	506	24	justify	justify	VERB
cblr-11901	506	25	limiting	limit	VERB
cblr-11901	506	26	market	market	NOUN
cblr-11901	506	27	access	access	NOUN
cblr-11901	506	28	.	.	PUNCT
cblr-11901	507	1	specifically	specifically	ADV
cblr-11901	507	2	,	,	PUNCT
cblr-11901	507	3	before	before	ADP
cblr-11901	507	4	imposing	impose	VERB
cblr-11901	507	5	a	a	DET
cblr-11901	507	6	limit	limit	NOUN
cblr-11901	507	7	on	on	ADP
cblr-11901	507	8	market	market	NOUN
cblr-11901	507	9	access	access	NOUN
cblr-11901	507	10	,	,	PUNCT
cblr-11901	507	11	regulators	regulator	NOUN
cblr-11901	507	12	must	must	AUX
cblr-11901	507	13	find	find	VERB
cblr-11901	507	14	that	that	SCONJ
cblr-11901	507	15	limitations	limitation	NOUN
cblr-11901	507	16	to	to	ADP
cblr-11901	507	17	a	a	DET
cblr-11901	507	18	given	give	VERB
cblr-11901	507	19	market	market	NOUN
cblr-11901	507	20	are	be	AUX
cblr-11901	507	21	justified	justify	VERB
cblr-11901	507	22	by	by	ADP
cblr-11901	507	23	either	either	CCONJ
cblr-11901	507	24	(	(	PUNCT
cblr-11901	507	25	1	1	X
cblr-11901	507	26	)	)	PUNCT
cblr-11901	507	27	absolute	absolute	ADJ
cblr-11901	507	28	risks	risk	NOUN
cblr-11901	507	29	,	,	PUNCT
cblr-11901	507	30	or	or	CCONJ
cblr-11901	507	31	(	(	PUNCT
cblr-11901	507	32	2	2	X
cblr-11901	507	33	)	)	PUNCT
cblr-11901	507	34	relative	relative	ADJ
cblr-11901	507	35	risks	risk	NOUN
cblr-11901	507	36	(	(	PUNCT
cblr-11901	507	37	those	those	PRON
cblr-11901	507	38	relative	relative	ADJ
cblr-11901	507	39	to	to	ADP
cblr-11901	507	40	other	other	ADJ
cblr-11901	507	41	market	market	NOUN
cblr-11901	507	42	participants	participant	NOUN
cblr-11901	507	43	)	)	PUNCT
cblr-11901	507	44	.	.	PUNCT
cblr-11901	508	1	this	this	PRON
cblr-11901	508	2	requires	require	VERB
cblr-11901	508	3	a	a	DET
cblr-11901	508	4	complex	complex	ADJ
cblr-11901	508	5	analysis	analysis	NOUN
cblr-11901	508	6	of	of	ADP
cblr-11901	508	7	the	the	DET
cblr-11901	508	8	risks	risk	NOUN
cblr-11901	508	9	and	and	CCONJ
cblr-11901	508	10	benefits	benefit	NOUN
cblr-11901	508	11	of	of	ADP
cblr-11901	508	12	market	market	NOUN
cblr-11901	508	13	participation	participation	NOUN
cblr-11901	508	14	across	across	ADP
cblr-11901	508	15	investor	investor	NOUN
cblr-11901	508	16	classes	class	NOUN
cblr-11901	508	17	as	as	ADV
cblr-11901	508	18	well	well	ADV
cblr-11901	508	19	as	as	ADP
cblr-11901	508	20	judgments	judgment	NOUN
cblr-11901	508	21	about	about	ADP
cblr-11901	508	22	the	the	DET
cblr-11901	508	23	amount	amount	NOUN
cblr-11901	508	24	of	of	ADP
cblr-11901	508	25	risk	risk	NOUN
cblr-11901	508	26	appropriate	appropriate	ADJ
cblr-11901	508	27	for	for	ADP
cblr-11901	508	28	classes	class	NOUN
cblr-11901	508	29	of	of	ADP
cblr-11901	508	30	investors	investor	NOUN
cblr-11901	508	31	to	to	PART
cblr-11901	508	32	adopt	adopt	VERB
cblr-11901	508	33	in	in	ADP
cblr-11901	508	34	their	their	PRON
cblr-11901	508	35	investment	investment	NOUN
cblr-11901	508	36	strategies	strategy	NOUN
cblr-11901	508	37	.	.	PUNCT
cblr-11901	509	1	absolute	absolute	ADJ
cblr-11901	509	2	risk	risk	NOUN
cblr-11901	509	3	refers	refer	VERB
cblr-11901	509	4	to	to	ADP
cblr-11901	509	5	the	the	DET
cblr-11901	509	6	individual	individual	ADJ
cblr-11901	509	7	investor	investor	NOUN
cblr-11901	509	8	’s	’s	PART
cblr-11901	509	9	risk	risk	NOUN
cblr-11901	509	10	of	of	ADP
cblr-11901	509	11	loss	loss	NOUN
cblr-11901	509	12	from	from	ADP
cblr-11901	509	13	accessing	access	VERB
cblr-11901	509	14	the	the	DET
cblr-11901	509	15	market	market	NOUN
cblr-11901	509	16	at	at	ADP
cblr-11901	509	17	issue	issue	NOUN
cblr-11901	509	18	.	.	PUNCT
cblr-11901	510	1	it	it	PRON
cblr-11901	510	2	is	be	AUX
cblr-11901	510	3	in	in	ADP
cblr-11901	510	4	the	the	DET
cblr-11901	510	5	nature	nature	NOUN
cblr-11901	510	6	of	of	ADP
cblr-11901	510	7	investing	invest	VERB
cblr-11901	510	8	in	in	ADP
cblr-11901	510	9	financial	financial	ADJ
cblr-11901	510	10	markets	market	NOUN
cblr-11901	510	11	that	that	PRON
cblr-11901	510	12	individuals	individual	NOUN
cblr-11901	510	13	accept	accept	VERB
cblr-11901	510	14	the	the	DET
cblr-11901	510	15	risk	risk	NOUN
cblr-11901	510	16	that	that	SCONJ
cblr-11901	510	17	they	they	PRON
cblr-11901	510	18	may	may	AUX
cblr-11901	510	19	lose	lose	VERB
cblr-11901	510	20	their	their	PRON
cblr-11901	510	21	investment.172	investment.172	NOUN
cblr-11901	510	22	if	if	SCONJ
cblr-11901	510	23	a	a	DET
cblr-11901	510	24	class	class	NOUN
cblr-11901	510	25	of	of	ADP
cblr-11901	510	26	investors	investor	NOUN
cblr-11901	510	27	’	'	PUNCT
cblr-11901	510	28	degree	degree	NOUN
cblr-11901	510	29	of	of	ADP
cblr-11901	510	30	risk	risk	NOUN
cblr-11901	510	31	becomes	become	VERB
cblr-11901	510	32	exceedingly	exceedingly	ADV
cblr-11901	510	33	high	high	ADJ
cblr-11901	510	34	relative	relative	ADJ
cblr-11901	510	35	to	to	ADP
cblr-11901	510	36	the	the	DET
cblr-11901	510	37	potential	potential	NOUN
cblr-11901	510	38	for	for	ADP
cblr-11901	510	39	a	a	DET
cblr-11901	510	40	return	return	NOUN
cblr-11901	510	41	,	,	PUNCT
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cblr-11901	510	43	,	,	PUNCT
cblr-11901	510	44	it	it	PRON
cblr-11901	510	45	may	may	AUX
cblr-11901	510	46	justify	justify	VERB
cblr-11901	510	47	limiting	limit	VERB
cblr-11901	510	48	their	their	PRON
cblr-11901	510	49	access	access	NOUN
cblr-11901	510	50	in	in	ADP
cblr-11901	510	51	the	the	DET
cblr-11901	510	52	relevant	relevant	ADJ
cblr-11901	510	53	market	market	NOUN
cblr-11901	510	54	.	.	PUNCT
cblr-11901	511	1	in	in	ADP
cblr-11901	511	2	an	an	DET
cblr-11901	511	3	extreme	extreme	ADJ
cblr-11901	511	4	scenario	scenario	NOUN
cblr-11901	511	5	,	,	PUNCT
cblr-11901	511	6	for	for	ADP
cblr-11901	511	7	instance	instance	NOUN
cblr-11901	511	8	,	,	PUNCT
cblr-11901	511	9	if	if	SCONJ
cblr-11901	511	10	there	there	PRON
cblr-11901	511	11	is	be	VERB
cblr-11901	511	12	a	a	DET
cblr-11901	511	13	near	near	ADJ
cblr-11901	511	14	-	-	PUNCT
cblr-11901	511	15	certain	certain	ADJ
cblr-11901	511	16	risk	risk	NOUN
cblr-11901	511	17	of	of	ADP
cblr-11901	511	18	lost	lose	VERB
cblr-11901	511	19	investment	investment	NOUN
cblr-11901	511	20	171	171	NUM
cblr-11901	511	21	see	see	NOUN
cblr-11901	511	22	supra	supra	PROPN
cblr-11901	511	23	section	section	NOUN
cblr-11901	511	24	ii.c	ii.c	VERB
cblr-11901	511	25	.	.	PUNCT
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cblr-11901	512	2	sec	sec	PROPN
cblr-11901	512	3	.	.	PUNCT
cblr-11901	512	4	exch	exch	PROPN
cblr-11901	512	5	.	.	PUNCT
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cblr-11901	512	7	.	.	PUNCT
cblr-11901	513	1	,	,	PUNCT
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cblr-11901	513	4	risk	risk	NOUN
cblr-11901	513	5	?	?	PUNCT
cblr-11901	513	6	,	,	PUNCT
cblr-11901	513	7	investor.gov	investor.gov	PROPN
cblr-11901	513	8	(	(	PUNCT
cblr-11901	513	9	jan	jan	PROPN
cblr-11901	513	10	.	.	PROPN
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cblr-11901	513	12	,	,	PUNCT
cblr-11901	513	13	2021	2021	NUM
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cblr-11901	513	15	,	,	PUNCT
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cblr-11901	514	1	[	[	X
cblr-11901	514	2	https://perma.cc/mtm7-e7hw	https://perma.cc/mtm7-e7hw	NOUN
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cblr-11901	514	4	(	(	PUNCT
cblr-11901	514	5	noting	note	VERB
cblr-11901	514	6	that	that	SCONJ
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cblr-11901	514	8	[	[	X
cblr-11901	514	9	a]ll	a]ll	PRON
cblr-11901	514	10	investments	investment	NOUN
cblr-11901	514	11	involve	involve	VERB
cblr-11901	514	12	some	some	DET
cblr-11901	514	13	degree	degree	NOUN
cblr-11901	514	14	of	of	ADP
cblr-11901	514	15	risk	risk	NOUN
cblr-11901	514	16	”	"	PUNCT
cblr-11901	514	17	)	)	PUNCT
cblr-11901	514	18	.	.	PUNCT
cblr-11901	515	1	526	526	NUM
cblr-11901	515	2	columbia	columbia	PROPN
cblr-11901	515	3	business	business	NOUN
cblr-11901	515	4	law	law	NOUN
cblr-11901	515	5	review	review	NOUN
cblr-11901	515	6	[	[	X
cblr-11901	515	7	vol	vol	NOUN
cblr-11901	515	8	.	.	PUNCT
cblr-11901	515	9	2023	2023	NUM
cblr-11901	515	10	without	without	ADP
cblr-11901	515	11	a	a	DET
cblr-11901	515	12	corresponding	corresponding	ADJ
cblr-11901	515	13	opportunity	opportunity	NOUN
cblr-11901	515	14	for	for	ADP
cblr-11901	515	15	gain	gain	NOUN
cblr-11901	515	16	,	,	PUNCT
cblr-11901	515	17	the	the	DET
cblr-11901	515	18	market	market	NOUN
cblr-11901	515	19	should	should	AUX
cblr-11901	515	20	not	not	PART
cblr-11901	515	21	be	be	AUX
cblr-11901	515	22	open	open	ADJ
cblr-11901	515	23	to	to	ADP
cblr-11901	515	24	that	that	DET
cblr-11901	515	25	investor	investor	NOUN
cblr-11901	515	26	.	.	PUNCT
cblr-11901	516	1	difficulties	difficulty	NOUN
cblr-11901	516	2	will	will	AUX
cblr-11901	516	3	arise	arise	VERB
cblr-11901	516	4	,	,	PUNCT
cblr-11901	516	5	however	however	ADV
cblr-11901	516	6	,	,	PUNCT
cblr-11901	516	7	in	in	ADP
cblr-11901	516	8	regulators	regulator	NOUN
cblr-11901	516	9	’	’	PART
cblr-11901	516	10	ability	ability	NOUN
cblr-11901	516	11	to	to	PART
cblr-11901	516	12	quantify	quantify	VERB
cblr-11901	516	13	risks	risk	NOUN
cblr-11901	516	14	and	and	CCONJ
cblr-11901	516	15	potential	potential	ADJ
cblr-11901	516	16	returns	return	NOUN
cblr-11901	516	17	–	–	PUNCT
cblr-11901	516	18	e.g.	e.g.	ADV
cblr-11901	516	19	how	how	SCONJ
cblr-11901	516	20	to	to	PART
cblr-11901	516	21	determine	determine	VERB
cblr-11901	516	22	that	that	SCONJ
cblr-11901	516	23	the	the	DET
cblr-11901	516	24	risk	risk	NOUN
cblr-11901	516	25	of	of	ADP
cblr-11901	516	26	loss	loss	NOUN
cblr-11901	516	27	is	be	AUX
cblr-11901	516	28	nearcertain	nearcertain	NOUN
cblr-11901	516	29	in	in	ADP
cblr-11901	516	30	this	this	DET
cblr-11901	516	31	scenario	scenario	NOUN
cblr-11901	516	32	.	.	PUNCT
cblr-11901	517	1	the	the	DET
cblr-11901	517	2	potentially	potentially	ADV
cblr-11901	517	3	greater	great	ADJ
cblr-11901	517	4	difficulty	difficulty	NOUN
cblr-11901	517	5	is	be	AUX
cblr-11901	517	6	how	how	SCONJ
cblr-11901	517	7	to	to	PART
cblr-11901	517	8	determine	determine	VERB
cblr-11901	517	9	the	the	DET
cblr-11901	517	10	appropriate	appropriate	ADJ
cblr-11901	517	11	degree	degree	NOUN
cblr-11901	517	12	of	of	ADP
cblr-11901	517	13	risk	risk	NOUN
cblr-11901	517	14	relative	relative	ADJ
cblr-11901	517	15	to	to	ADP
cblr-11901	517	16	potential	potential	ADJ
cblr-11901	517	17	return	return	NOUN
cblr-11901	517	18	that	that	PRON
cblr-11901	517	19	justifies	justify	VERB
cblr-11901	517	20	market	market	NOUN
cblr-11901	517	21	limitations173	limitations173	PROPN
cblr-11901	517	22	–	–	PUNCT
cblr-11901	517	23	line	line	NOUN
cblr-11901	517	24	drawing	drawing	NOUN
cblr-11901	517	25	may	may	AUX
cblr-11901	517	26	be	be	AUX
cblr-11901	517	27	inherently	inherently	ADV
cblr-11901	517	28	subjective	subjective	ADJ
cblr-11901	517	29	.	.	PUNCT
cblr-11901	518	1	the	the	DET
cblr-11901	518	2	analysis	analysis	NOUN
cblr-11901	518	3	becomes	become	VERB
cblr-11901	518	4	even	even	ADV
cblr-11901	518	5	more	more	ADV
cblr-11901	518	6	complicated	complicated	ADJ
cblr-11901	518	7	if	if	SCONJ
cblr-11901	518	8	one	one	PRON
cblr-11901	518	9	considers	consider	VERB
cblr-11901	518	10	not	not	PART
cblr-11901	518	11	just	just	ADV
cblr-11901	518	12	risk	risk	NOUN
cblr-11901	518	13	in	in	ADP
cblr-11901	518	14	particular	particular	ADJ
cblr-11901	518	15	markets	market	NOUN
cblr-11901	518	16	but	but	CCONJ
cblr-11901	518	17	also	also	ADV
cblr-11901	518	18	risks	risk	NOUN
cblr-11901	518	19	borne	bear	VERB
cblr-11901	518	20	by	by	ADP
cblr-11901	518	21	particular	particular	ADJ
cblr-11901	518	22	market	market	NOUN
cblr-11901	518	23	participants	participant	NOUN
cblr-11901	518	24	in	in	ADP
cblr-11901	518	25	particular	particular	ADJ
cblr-11901	518	26	markets.174	markets.174	NOUN
cblr-11901	518	27	it	it	PRON
cblr-11901	518	28	may	may	AUX
cblr-11901	518	29	be	be	AUX
cblr-11901	518	30	nearly	nearly	ADV
cblr-11901	518	31	impossible	impossible	ADJ
cblr-11901	518	32	to	to	PART
cblr-11901	518	33	delineate	delineate	VERB
cblr-11901	518	34	the	the	DET
cblr-11901	518	35	different	different	ADJ
cblr-11901	518	36	degrees	degree	NOUN
cblr-11901	518	37	of	of	ADP
cblr-11901	518	38	risks	risk	NOUN
cblr-11901	518	39	borne	bear	VERB
cblr-11901	518	40	by	by	ADP
cblr-11901	518	41	different	different	ADJ
cblr-11901	518	42	classes	class	NOUN
cblr-11901	518	43	of	of	ADP
cblr-11901	518	44	investors	investor	NOUN
cblr-11901	518	45	who	who	PRON
cblr-11901	518	46	may	may	AUX
cblr-11901	518	47	be	be	AUX
cblr-11901	518	48	interested	interested	ADJ
cblr-11901	518	49	in	in	ADP
cblr-11901	518	50	investing	invest	VERB
cblr-11901	518	51	in	in	ADP
cblr-11901	518	52	different	different	ADJ
cblr-11901	518	53	asset	asset	NOUN
cblr-11901	518	54	classes	class	NOUN
cblr-11901	518	55	.	.	PUNCT
cblr-11901	519	1	identifying	identify	VERB
cblr-11901	519	2	the	the	DET
cblr-11901	519	3	many	many	ADJ
cblr-11901	519	4	variations	variation	NOUN
cblr-11901	519	5	of	of	ADP
cblr-11901	519	6	measuring	measure	VERB
cblr-11901	519	7	absolute	absolute	ADJ
cblr-11901	519	8	risk	risk	NOUN
cblr-11901	519	9	is	be	AUX
cblr-11901	519	10	beyond	beyond	ADP
cblr-11901	519	11	the	the	DET
cblr-11901	519	12	scope	scope	NOUN
cblr-11901	519	13	of	of	ADP
cblr-11901	519	14	this	this	DET
cblr-11901	519	15	note	note	NOUN
cblr-11901	519	16	but	but	CCONJ
cblr-11901	519	17	the	the	DET
cblr-11901	519	18	agency	agency	NOUN
cblr-11901	519	19	must	must	AUX
cblr-11901	519	20	make	make	VERB
cblr-11901	519	21	these	these	DET
cblr-11901	519	22	determinations	determination	NOUN
cblr-11901	519	23	when	when	SCONJ
cblr-11901	519	24	intervening	intervene	VERB
cblr-11901	519	25	in	in	ADP
cblr-11901	519	26	markets	market	NOUN
cblr-11901	519	27	.	.	PUNCT
cblr-11901	520	1	the	the	DET
cblr-11901	520	2	second	second	ADJ
cblr-11901	520	3	type	type	NOUN
cblr-11901	520	4	of	of	ADP
cblr-11901	520	5	risk	risk	NOUN
cblr-11901	520	6	,	,	PUNCT
cblr-11901	520	7	relative	relative	ADJ
cblr-11901	520	8	risk	risk	NOUN
cblr-11901	520	9	,	,	PUNCT
cblr-11901	520	10	considers	consider	VERB
cblr-11901	520	11	the	the	DET
cblr-11901	520	12	level	level	NOUN
cblr-11901	520	13	of	of	ADP
cblr-11901	520	14	risk	risk	NOUN
cblr-11901	520	15	of	of	ADP
cblr-11901	520	16	one	one	NUM
cblr-11901	520	17	class	class	NOUN
cblr-11901	520	18	of	of	ADP
cblr-11901	520	19	investors	investor	NOUN
cblr-11901	520	20	compared	compare	VERB
cblr-11901	520	21	to	to	ADP
cblr-11901	520	22	other	other	ADJ
cblr-11901	520	23	market	market	NOUN
cblr-11901	520	24	participants	participant	NOUN
cblr-11901	520	25	.	.	PUNCT
cblr-11901	521	1	as	as	ADP
cblr-11901	521	2	with	with	ADP
cblr-11901	521	3	absolute	absolute	ADJ
cblr-11901	521	4	risk	risk	NOUN
cblr-11901	521	5	,	,	PUNCT
cblr-11901	521	6	it	it	PRON
cblr-11901	521	7	is	be	AUX
cblr-11901	521	8	inherent	inherent	ADJ
cblr-11901	521	9	in	in	ADP
cblr-11901	521	10	financial	financial	ADJ
cblr-11901	521	11	markets	market	NOUN
cblr-11901	521	12	that	that	SCONJ
cblr-11901	521	13	investors	investor	NOUN
cblr-11901	521	14	will	will	AUX
cblr-11901	521	15	enter	enter	VERB
cblr-11901	521	16	financial	financial	ADJ
cblr-11901	521	17	markets	market	NOUN
cblr-11901	521	18	with	with	ADP
cblr-11901	521	19	different	different	ADJ
cblr-11901	521	20	degrees	degree	NOUN
cblr-11901	521	21	of	of	ADP
cblr-11901	521	22	information	information	NOUN
cblr-11901	521	23	or	or	CCONJ
cblr-11901	521	24	expertise	expertise	NOUN
cblr-11901	521	25	and	and	CCONJ
cblr-11901	521	26	face	face	VERB
cblr-11901	521	27	different	different	ADJ
cblr-11901	521	28	degrees	degree	NOUN
cblr-11901	521	29	of	of	ADP
cblr-11901	521	30	risk.175	risk.175	NOUN
cblr-11901	521	31	however	however	ADV
cblr-11901	521	32	,	,	PUNCT
cblr-11901	521	33	as	as	ADP
cblr-11901	521	34	with	with	ADP
cblr-11901	521	35	the	the	DET
cblr-11901	521	36	consideration	consideration	NOUN
cblr-11901	521	37	of	of	ADP
cblr-11901	521	38	absolute	absolute	ADJ
cblr-11901	521	39	risk	risk	NOUN
cblr-11901	521	40	above	above	ADV
cblr-11901	521	41	,	,	PUNCT
cblr-11901	521	42	there	there	PRON
cblr-11901	521	43	may	may	AUX
cblr-11901	521	44	be	be	AUX
cblr-11901	521	45	unfairness	unfairness	ADJ
cblr-11901	521	46	if	if	SCONJ
cblr-11901	521	47	,	,	PUNCT
cblr-11901	521	48	for	for	ADP
cblr-11901	521	49	example	example	NOUN
cblr-11901	521	50	,	,	PUNCT
cblr-11901	521	51	one	one	NUM
cblr-11901	521	52	investor	investor	NOUN
cblr-11901	521	53	has	have	VERB
cblr-11901	521	54	a	a	DET
cblr-11901	521	55	95	95	NUM
cblr-11901	521	56	%	%	NOUN
cblr-11901	521	57	chance	chance	NOUN
cblr-11901	521	58	of	of	ADP
cblr-11901	521	59	losing	lose	VERB
cblr-11901	521	60	their	their	PRON
cblr-11901	521	61	investment	investment	NOUN
cblr-11901	521	62	in	in	ADP
cblr-11901	521	63	a	a	DET
cblr-11901	521	64	173	173	NUM
cblr-11901	521	65	identifying	identify	VERB
cblr-11901	521	66	risks	risk	NOUN
cblr-11901	521	67	and	and	CCONJ
cblr-11901	521	68	returns	return	NOUN
cblr-11901	521	69	requires	require	VERB
cblr-11901	521	70	considering	consider	VERB
cblr-11901	521	71	the	the	DET
cblr-11901	521	72	nature	nature	NOUN
cblr-11901	521	73	of	of	ADP
cblr-11901	521	74	the	the	DET
cblr-11901	521	75	asset	asset	NOUN
cblr-11901	521	76	class	class	NOUN
cblr-11901	521	77	at	at	ADP
cblr-11901	521	78	issue	issue	NOUN
cblr-11901	521	79	.	.	PUNCT
cblr-11901	522	1	this	this	PRON
cblr-11901	522	2	may	may	AUX
cblr-11901	522	3	be	be	AUX
cblr-11901	522	4	especially	especially	ADV
cblr-11901	522	5	difficult	difficult	ADJ
cblr-11901	522	6	for	for	ADP
cblr-11901	522	7	new	new	ADJ
cblr-11901	522	8	asset	asset	NOUN
cblr-11901	522	9	classes	class	NOUN
cblr-11901	522	10	that	that	PRON
cblr-11901	522	11	promise	promise	VERB
cblr-11901	522	12	“	"	PUNCT
cblr-11901	522	13	revolutionary	revolutionary	ADJ
cblr-11901	522	14	”	"	PUNCT
cblr-11901	522	15	applications	application	NOUN
cblr-11901	522	16	,	,	PUNCT
cblr-11901	522	17	as	as	SCONJ
cblr-11901	522	18	illustrated	illustrate	VERB
cblr-11901	522	19	with	with	ADP
cblr-11901	522	20	the	the	DET
cblr-11901	522	21	rise	rise	NOUN
cblr-11901	522	22	of	of	ADP
cblr-11901	522	23	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	522	24	which	which	PRON
cblr-11901	522	25	some	some	PRON
cblr-11901	522	26	argued	argue	VERB
cblr-11901	522	27	would	would	AUX
cblr-11901	522	28	revolutionize	revolutionize	VERB
cblr-11901	522	29	payments	payment	NOUN
cblr-11901	522	30	while	while	SCONJ
cblr-11901	522	31	others	other	NOUN
cblr-11901	522	32	argued	argue	VERB
cblr-11901	522	33	this	this	PRON
cblr-11901	522	34	was	be	AUX
cblr-11901	522	35	unlikely	unlikely	ADJ
cblr-11901	522	36	.	.	PUNCT
cblr-11901	523	1	see	see	VERB
cblr-11901	523	2	,	,	PUNCT
cblr-11901	523	3	e.g.	e.g.	ADV
cblr-11901	523	4	,	,	PUNCT
cblr-11901	523	5	eswar	eswar	NOUN
cblr-11901	523	6	prasad	prasad	PROPN
cblr-11901	523	7	,	,	PUNCT
cblr-11901	523	8	opinion	opinion	NOUN
cblr-11901	523	9	,	,	PUNCT
cblr-11901	523	10	five	five	NUM
cblr-11901	523	11	myths	myth	NOUN
cblr-11901	523	12	about	about	ADP
cblr-11901	523	13	cryptocurrency	cryptocurrency	NOUN
cblr-11901	523	14	,	,	PUNCT
cblr-11901	523	15	brookings	brookings	PROPN
cblr-11901	523	16	inst	inst	PROPN
cblr-11901	523	17	.	.	PUNCT
cblr-11901	524	1	(	(	PUNCT
cblr-11901	524	2	may	may	PROPN
cblr-11901	524	3	24	24	NUM
cblr-11901	524	4	,	,	PUNCT
cblr-11901	524	5	2021	2021	NUM
cblr-11901	524	6	)	)	PUNCT
cblr-11901	524	7	,	,	PUNCT
cblr-11901	525	1	https://www.brookings.edu/opinions/five-myths-about-cryptocurrency/	https://www.brookings.edu/opinions/five-myths-about-cryptocurrency/	PROPN
cblr-11901	526	1	[	[	X
cblr-11901	526	2	https://perma.cc/vn4t-jbkx	https://perma.cc/vn4t-jbkx	X
cblr-11901	526	3	]	]	X
cblr-11901	526	4	(	(	PUNCT
cblr-11901	526	5	concluding	conclude	VERB
cblr-11901	526	6	that	that	SCONJ
cblr-11901	526	7	bitcoin	bitcoin	NOUN
cblr-11901	526	8	is	be	AUX
cblr-11901	526	9	not	not	PART
cblr-11901	526	10	efficient	efficient	ADJ
cblr-11901	526	11	for	for	ADP
cblr-11901	526	12	transactions	transaction	NOUN
cblr-11901	526	13	and	and	CCONJ
cblr-11901	526	14	is	be	AUX
cblr-11901	526	15	essentially	essentially	ADV
cblr-11901	526	16	a	a	DET
cblr-11901	526	17	speculative	speculative	ADJ
cblr-11901	526	18	asset	asset	NOUN
cblr-11901	526	19	)	)	PUNCT
cblr-11901	526	20	.	.	PUNCT
cblr-11901	527	1	174	174	NUM
cblr-11901	527	2	for	for	ADP
cblr-11901	527	3	example	example	NOUN
cblr-11901	527	4	,	,	PUNCT
cblr-11901	527	5	absolute	absolute	ADJ
cblr-11901	527	6	risk	risk	NOUN
cblr-11901	527	7	under	under	ADP
cblr-11901	527	8	this	this	DET
cblr-11901	527	9	framework	framework	NOUN
cblr-11901	527	10	would	would	AUX
cblr-11901	527	11	consider	consider	VERB
cblr-11901	527	12	separately	separately	ADV
cblr-11901	527	13	the	the	DET
cblr-11901	527	14	risks	risk	NOUN
cblr-11901	527	15	faced	face	VERB
cblr-11901	527	16	by	by	ADP
cblr-11901	527	17	uninformed	uninformed	ADJ
cblr-11901	527	18	retail	retail	ADJ
cblr-11901	527	19	investors	investor	NOUN
cblr-11901	527	20	and	and	CCONJ
cblr-11901	527	21	institutional	institutional	ADJ
cblr-11901	527	22	investors	investor	NOUN
cblr-11901	527	23	.	.	PUNCT
cblr-11901	528	1	see	see	VERB
cblr-11901	528	2	supra	supra	PROPN
cblr-11901	528	3	section	section	PROPN
cblr-11901	528	4	iii.d	iii.d	PROPN
cblr-11901	528	5	(	(	PUNCT
cblr-11901	528	6	reviewing	review	VERB
cblr-11901	528	7	differences	difference	NOUN
cblr-11901	528	8	in	in	ADP
cblr-11901	528	9	risks	risk	NOUN
cblr-11901	528	10	for	for	ADP
cblr-11901	528	11	retail	retail	ADJ
cblr-11901	528	12	and	and	CCONJ
cblr-11901	528	13	institutional	institutional	ADJ
cblr-11901	528	14	investors	investor	NOUN
cblr-11901	528	15	)	)	PUNCT
cblr-11901	528	16	.	.	PUNCT
cblr-11901	529	1	175	175	NUM
cblr-11901	529	2	united	united	PROPN
cblr-11901	529	3	states	states	PROPN
cblr-11901	529	4	v.	v.	ADP
cblr-11901	529	5	o’hagan	o’hagan	PROPN
cblr-11901	529	6	,	,	PUNCT
cblr-11901	529	7	521	521	NUM
cblr-11901	529	8	u.s	u.s	PROPN
cblr-11901	529	9	.	.	PROPN
cblr-11901	529	10	642	642	NUM
cblr-11901	529	11	,	,	PUNCT
cblr-11901	529	12	658	658	NUM
cblr-11901	529	13	(	(	PUNCT
cblr-11901	529	14	1997	1997	NUM
cblr-11901	529	15	)	)	PUNCT
cblr-11901	529	16	(	(	PUNCT
cblr-11901	529	17	“	"	PUNCT
cblr-11901	529	18	[	[	X
cblr-11901	529	19	i]nformational	i]nformational	ADJ
cblr-11901	529	20	disparity	disparity	NOUN
cblr-11901	529	21	is	be	AUX
cblr-11901	529	22	inevitable	inevitable	ADJ
cblr-11901	529	23	in	in	ADP
cblr-11901	529	24	the	the	DET
cblr-11901	529	25	securities	security	NOUN
cblr-11901	529	26	markets	market	NOUN
cblr-11901	529	27	[	[	X
cblr-11901	529	28	.	.	X
cblr-11901	529	29	]	]	X
cblr-11901	529	30	”	"	PUNCT
cblr-11901	529	31	)	)	PUNCT
cblr-11901	529	32	.	.	PUNCT
cblr-11901	530	1	no	no	INTJ
cblr-11901	531	1	.	.	NOUN
cblr-11901	531	2	1	1	NUM
cblr-11901	531	3	]	]	PUNCT
cblr-11901	531	4	regulating	regulate	VERB
cblr-11901	531	5	democratized	democratized	ADJ
cblr-11901	531	6	finance	finance	NOUN
cblr-11901	531	7	527	527	NUM
cblr-11901	531	8	given	give	VERB
cblr-11901	531	9	asset	asset	NOUN
cblr-11901	531	10	class	class	NOUN
cblr-11901	531	11	while	while	SCONJ
cblr-11901	531	12	another	another	PRON
cblr-11901	531	13	has	have	VERB
cblr-11901	531	14	a	a	DET
cblr-11901	531	15	5	5	NUM
cblr-11901	531	16	%	%	NOUN
cblr-11901	531	17	chance	chance	NOUN
cblr-11901	531	18	of	of	ADP
cblr-11901	531	19	lost	lose	VERB
cblr-11901	531	20	investment	investment	NOUN
cblr-11901	531	21	when	when	SCONJ
cblr-11901	531	22	investing	invest	VERB
cblr-11901	531	23	in	in	ADP
cblr-11901	531	24	the	the	DET
cblr-11901	531	25	same	same	ADJ
cblr-11901	531	26	product	product	NOUN
cblr-11901	531	27	due	due	ADP
cblr-11901	531	28	to	to	ADP
cblr-11901	531	29	asymmetries	asymmetry	NOUN
cblr-11901	531	30	in	in	ADP
cblr-11901	531	31	access	access	NOUN
cblr-11901	531	32	to	to	ADP
cblr-11901	531	33	information	information	NOUN
cblr-11901	531	34	or	or	CCONJ
cblr-11901	531	35	expertise	expertise	NOUN
cblr-11901	531	36	.	.	PUNCT
cblr-11901	532	1	insider	insider	NOUN
cblr-11901	532	2	trading	trading	NOUN
cblr-11901	532	3	is	be	AUX
cblr-11901	532	4	often	often	ADV
cblr-11901	532	5	justified	justify	VERB
cblr-11901	532	6	along	along	ADP
cblr-11901	532	7	lines	line	NOUN
cblr-11901	532	8	relating	relate	VERB
cblr-11901	532	9	to	to	ADP
cblr-11901	532	10	relative	relative	ADJ
cblr-11901	532	11	risk	risk	NOUN
cblr-11901	532	12	–	–	PUNCT
cblr-11901	532	13	considering	consider	VERB
cblr-11901	532	14	the	the	DET
cblr-11901	532	15	need	need	NOUN
cblr-11901	532	16	to	to	PART
cblr-11901	532	17	increase	increase	VERB
cblr-11901	532	18	market	market	NOUN
cblr-11901	532	19	fairness	fairness	NOUN
cblr-11901	532	20	by	by	ADP
cblr-11901	532	21	reducing	reduce	VERB
cblr-11901	532	22	unfair	unfair	ADJ
cblr-11901	532	23	advantages	advantage	NOUN
cblr-11901	532	24	to	to	ADP
cblr-11901	532	25	market	market	NOUN
cblr-11901	532	26	participants	participant	NOUN
cblr-11901	532	27	(	(	PUNCT
cblr-11901	532	28	those	those	PRON
cblr-11901	532	29	with	with	ADP
cblr-11901	532	30	access	access	NOUN
cblr-11901	532	31	to	to	ADP
cblr-11901	532	32	material	material	NOUN
cblr-11901	532	33	,	,	PUNCT
cblr-11901	532	34	nonpublic	nonpublic	ADJ
cblr-11901	532	35	information).176	information).176	NOUN
cblr-11901	532	36	similar	similar	ADJ
cblr-11901	532	37	principles	principle	NOUN
cblr-11901	532	38	may	may	AUX
cblr-11901	532	39	also	also	ADV
cblr-11901	532	40	justify	justify	VERB
cblr-11901	532	41	limitations	limitation	NOUN
cblr-11901	532	42	on	on	ADP
cblr-11901	532	43	market	market	NOUN
cblr-11901	532	44	access	access	NOUN
cblr-11901	532	45	if	if	SCONJ
cblr-11901	532	46	the	the	DET
cblr-11901	532	47	market	market	NOUN
cblr-11901	532	48	is	be	AUX
cblr-11901	532	49	significantly	significantly	ADV
cblr-11901	532	50	unfair	unfair	ADJ
cblr-11901	532	51	due	due	ADP
cblr-11901	532	52	to	to	ADP
cblr-11901	532	53	its	its	PRON
cblr-11901	532	54	structure	structure	NOUN
cblr-11901	532	55	.	.	PUNCT
cblr-11901	533	1	this	this	PRON
cblr-11901	533	2	may	may	AUX
cblr-11901	533	3	be	be	AUX
cblr-11901	533	4	of	of	ADP
cblr-11901	533	5	less	less	ADJ
cblr-11901	533	6	concern	concern	NOUN
cblr-11901	533	7	than	than	ADP
cblr-11901	533	8	absolute	absolute	ADJ
cblr-11901	533	9	risk	risk	NOUN
cblr-11901	533	10	given	give	VERB
cblr-11901	533	11	the	the	DET
cblr-11901	533	12	potential	potential	NOUN
cblr-11901	533	13	to	to	PART
cblr-11901	533	14	continue	continue	VERB
cblr-11901	533	15	to	to	PART
cblr-11901	533	16	earn	earn	VERB
cblr-11901	533	17	reasonable	reasonable	ADJ
cblr-11901	533	18	returns	return	NOUN
cblr-11901	533	19	even	even	ADV
cblr-11901	533	20	if	if	SCONJ
cblr-11901	533	21	there	there	PRON
cblr-11901	533	22	is	be	VERB
cblr-11901	533	23	significant	significant	ADJ
cblr-11901	533	24	relative	relative	ADJ
cblr-11901	533	25	risk	risk	NOUN
cblr-11901	533	26	,	,	PUNCT
cblr-11901	533	27	but	but	CCONJ
cblr-11901	533	28	regulators	regulator	NOUN
cblr-11901	533	29	should	should	AUX
cblr-11901	533	30	still	still	ADV
cblr-11901	533	31	consider	consider	VERB
cblr-11901	533	32	this	this	DET
cblr-11901	533	33	type	type	NOUN
cblr-11901	533	34	of	of	ADP
cblr-11901	533	35	risks	risk	NOUN
cblr-11901	533	36	to	to	PART
cblr-11901	533	37	ensure	ensure	VERB
cblr-11901	533	38	investors	investor	NOUN
cblr-11901	533	39	do	do	AUX
cblr-11901	533	40	not	not	PART
cblr-11901	533	41	perceive	perceive	VERB
cblr-11901	533	42	the	the	DET
cblr-11901	533	43	market	market	NOUN
cblr-11901	533	44	as	as	ADP
cblr-11901	533	45	inordinately	inordinately	ADV
cblr-11901	533	46	unfair	unfair	ADJ
cblr-11901	533	47	.	.	PUNCT
cblr-11901	534	1	considered	consider	VERB
cblr-11901	534	2	together	together	ADV
cblr-11901	534	3	,	,	PUNCT
cblr-11901	534	4	significantly	significantly	ADV
cblr-11901	534	5	high	high	ADJ
cblr-11901	534	6	levels	level	NOUN
cblr-11901	534	7	of	of	ADP
cblr-11901	534	8	absolute	absolute	ADJ
cblr-11901	534	9	or	or	CCONJ
cblr-11901	534	10	relative	relative	ADJ
cblr-11901	534	11	risk	risk	NOUN
cblr-11901	534	12	relative	relative	ADJ
cblr-11901	534	13	to	to	ADP
cblr-11901	534	14	potential	potential	ADJ
cblr-11901	534	15	gains	gain	NOUN
cblr-11901	534	16	may	may	AUX
cblr-11901	534	17	lead	lead	VERB
cblr-11901	534	18	regulators	regulator	NOUN
cblr-11901	534	19	to	to	PART
cblr-11901	534	20	conclude	conclude	VERB
cblr-11901	534	21	that	that	SCONJ
cblr-11901	534	22	restrictions	restriction	NOUN
cblr-11901	534	23	on	on	ADP
cblr-11901	534	24	market	market	NOUN
cblr-11901	534	25	access	access	NOUN
cblr-11901	534	26	are	be	AUX
cblr-11901	534	27	warranted	warrant	VERB
cblr-11901	534	28	.	.	PUNCT
cblr-11901	535	1	however	however	ADV
cblr-11901	535	2	,	,	PUNCT
cblr-11901	535	3	regulators	regulator	NOUN
cblr-11901	535	4	face	face	VERB
cblr-11901	535	5	difficult	difficult	ADJ
cblr-11901	535	6	questions	question	NOUN
cblr-11901	535	7	of	of	ADP
cblr-11901	535	8	how	how	SCONJ
cblr-11901	535	9	to	to	PART
cblr-11901	535	10	measure	measure	VERB
cblr-11901	535	11	these	these	DET
cblr-11901	535	12	risks	risk	NOUN
cblr-11901	535	13	and	and	CCONJ
cblr-11901	535	14	when	when	SCONJ
cblr-11901	535	15	the	the	DET
cblr-11901	535	16	degree	degree	NOUN
cblr-11901	535	17	of	of	ADP
cblr-11901	535	18	risk	risk	NOUN
cblr-11901	535	19	reaches	reach	VERB
cblr-11901	535	20	a	a	DET
cblr-11901	535	21	point	point	NOUN
cblr-11901	535	22	warranting	warrant	VERB
cblr-11901	535	23	regulatory	regulatory	ADJ
cblr-11901	535	24	intervention.177	intervention.177	CCONJ
cblr-11901	535	25	an	an	DET
cblr-11901	535	26	additional	additional	ADJ
cblr-11901	535	27	complication	complication	NOUN
cblr-11901	535	28	is	be	AUX
cblr-11901	535	29	how	how	SCONJ
cblr-11901	535	30	to	to	PART
cblr-11901	535	31	consider	consider	VERB
cblr-11901	535	32	alternatives	alternative	NOUN
cblr-11901	535	33	to	to	ADP
cblr-11901	535	34	market	market	NOUN
cblr-11901	535	35	access	access	NOUN
cblr-11901	535	36	which	which	PRON
cblr-11901	535	37	may	may	AUX
cblr-11901	535	38	improve	improve	VERB
cblr-11901	535	39	risk	risk	NOUN
cblr-11901	535	40	measures	measure	NOUN
cblr-11901	535	41	for	for	ADP
cblr-11901	535	42	investors	investor	NOUN
cblr-11901	535	43	and	and	CCONJ
cblr-11901	535	44	assets	asset	NOUN
cblr-11901	535	45	.	.	PUNCT
cblr-11901	536	1	2	2	X
cblr-11901	536	2	.	.	X
cblr-11901	536	3	alternatives	alternative	NOUN
cblr-11901	536	4	to	to	ADP
cblr-11901	536	5	limiting	limit	VERB
cblr-11901	536	6	market	market	NOUN
cblr-11901	536	7	access	access	NOUN
cblr-11901	536	8	second	second	ADV
cblr-11901	536	9	,	,	PUNCT
cblr-11901	536	10	the	the	DET
cblr-11901	536	11	agency	agency	NOUN
cblr-11901	536	12	would	would	AUX
cblr-11901	536	13	need	need	VERB
cblr-11901	536	14	to	to	PART
cblr-11901	536	15	consider	consider	VERB
cblr-11901	536	16	alternatives	alternative	NOUN
cblr-11901	536	17	to	to	ADP
cblr-11901	536	18	limiting	limit	VERB
cblr-11901	536	19	market	market	NOUN
cblr-11901	536	20	access	access	NOUN
cblr-11901	536	21	.	.	PUNCT
cblr-11901	537	1	there	there	PRON
cblr-11901	537	2	are	be	VERB
cblr-11901	537	3	countless	countless	ADJ
cblr-11901	537	4	ways	way	NOUN
cblr-11901	537	5	the	the	DET
cblr-11901	537	6	sec	sec	PROPN
cblr-11901	537	7	may	may	AUX
cblr-11901	537	8	reduce	reduce	VERB
cblr-11901	537	9	risks	risk	NOUN
cblr-11901	537	10	in	in	ADP
cblr-11901	537	11	financial	financial	ADJ
cblr-11901	537	12	market	market	NOUN
cblr-11901	537	13	participation	participation	NOUN
cblr-11901	537	14	short	short	ADJ
cblr-11901	537	15	of	of	ADP
cblr-11901	537	16	limiting	limit	VERB
cblr-11901	537	17	market	market	NOUN
cblr-11901	537	18	participation	participation	NOUN
cblr-11901	537	19	.	.	PUNCT
cblr-11901	538	1	these	these	DET
cblr-11901	538	2	new	new	ADJ
cblr-11901	538	3	regulations	regulation	NOUN
cblr-11901	538	4	may	may	AUX
cblr-11901	538	5	render	render	VERB
cblr-11901	538	6	more	more	ADJ
cblr-11901	538	7	direct	direct	ADJ
cblr-11901	538	8	limitations	limitation	NOUN
cblr-11901	538	9	on	on	ADP
cblr-11901	538	10	market	market	NOUN
cblr-11901	538	11	access	access	NOUN
cblr-11901	538	12	unnecessary	unnecessary	ADJ
cblr-11901	538	13	.	.	PUNCT
cblr-11901	539	1	to	to	PART
cblr-11901	539	2	illustrate	illustrate	VERB
cblr-11901	539	3	the	the	DET
cblr-11901	539	4	impact	impact	NOUN
cblr-11901	539	5	of	of	ADP
cblr-11901	539	6	such	such	ADJ
cblr-11901	539	7	regulations	regulation	NOUN
cblr-11901	539	8	on	on	ADP
cblr-11901	539	9	this	this	DET
cblr-11901	539	10	analysis	analysis	NOUN
cblr-11901	539	11	,	,	PUNCT
cblr-11901	539	12	one	one	PRON
cblr-11901	539	13	can	can	AUX
cblr-11901	539	14	review	review	VERB
cblr-11901	539	15	the	the	DET
cblr-11901	539	16	impact	impact	NOUN
cblr-11901	539	17	of	of	ADP
cblr-11901	539	18	one	one	NUM
cblr-11901	539	19	type	type	NOUN
cblr-11901	539	20	of	of	ADP
cblr-11901	539	21	regulatory	regulatory	ADJ
cblr-11901	539	22	intervention	intervention	NOUN
cblr-11901	539	23	based	base	VERB
cblr-11901	539	24	on	on	ADP
cblr-11901	539	25	nudge	nudge	VERB
cblr-11901	539	26	theory.178	theory.178	PROPN
cblr-11901	539	27	nudge	nudge	VERB
cblr-11901	539	28	theory	theory	NOUN
cblr-11901	539	29	refers	refer	VERB
cblr-11901	539	30	to	to	ADP
cblr-11901	539	31	176	176	NUM
cblr-11901	539	32	see	see	NOUN
cblr-11901	539	33	supra	supra	PROPN
cblr-11901	539	34	section	section	PROPN
cblr-11901	539	35	ii.c	ii.c	VERB
cblr-11901	539	36	(	(	PUNCT
cblr-11901	539	37	discussing	discuss	VERB
cblr-11901	539	38	regulation	regulation	NOUN
cblr-11901	539	39	of	of	ADP
cblr-11901	539	40	insider	insider	NOUN
cblr-11901	539	41	trading	trading	NOUN
cblr-11901	539	42	of	of	ADP
cblr-11901	539	43	securities	security	NOUN
cblr-11901	539	44	)	)	PUNCT
cblr-11901	539	45	.	.	PUNCT
cblr-11901	540	1	177	177	NUM
cblr-11901	540	2	see	see	VERB
cblr-11901	540	3	,	,	PUNCT
cblr-11901	540	4	e.g.	e.g.	ADV
cblr-11901	540	5	,	,	PUNCT
cblr-11901	540	6	john	john	PROPN
cblr-11901	540	7	c.	c.	PROPN
cblr-11901	540	8	iv	iv	NUM
cblr-11901	540	9	coates	coate	NOUN
cblr-11901	540	10	,	,	PUNCT
cblr-11901	540	11	cost	cost	NOUN
cblr-11901	540	12	-	-	PUNCT
cblr-11901	540	13	benefit	benefit	NOUN
cblr-11901	540	14	analysis	analysis	NOUN
cblr-11901	540	15	of	of	ADP
cblr-11901	540	16	financial	financial	ADJ
cblr-11901	540	17	regulation	regulation	NOUN
cblr-11901	540	18	:	:	PUNCT
cblr-11901	540	19	case	case	NOUN
cblr-11901	540	20	studies	study	NOUN
cblr-11901	540	21	and	and	CCONJ
cblr-11901	540	22	implications	implication	NOUN
cblr-11901	540	23	,	,	PUNCT
cblr-11901	540	24	124	124	NUM
cblr-11901	540	25	yale	yale	PROPN
cblr-11901	540	26	l.j	l.j	PROPN
cblr-11901	540	27	.	.	PROPN
cblr-11901	540	28	882	882	NUM
cblr-11901	540	29	(	(	PUNCT
cblr-11901	540	30	2015	2015	NUM
cblr-11901	540	31	)	)	PUNCT
cblr-11901	540	32	.	.	PUNCT
cblr-11901	541	1	178	178	NUM
cblr-11901	541	2	see	see	VERB
cblr-11901	541	3	cass	cass	PROPN
cblr-11901	541	4	sunstein	sunstein	PROPN
cblr-11901	541	5	&	&	CCONJ
cblr-11901	541	6	richard	richard	PROPN
cblr-11901	541	7	thaler	thaler	PROPN
cblr-11901	541	8	,	,	PUNCT
cblr-11901	541	9	nudge	nudge	VERB
cblr-11901	541	10	:	:	PUNCT
cblr-11901	541	11	improving	improve	VERB
cblr-11901	541	12	decisions	decision	NOUN
cblr-11901	541	13	about	about	ADP
cblr-11901	541	14	health	health	NOUN
cblr-11901	541	15	,	,	PUNCT
cblr-11901	541	16	wealth	wealth	NOUN
cblr-11901	541	17	,	,	PUNCT
cblr-11901	541	18	and	and	CCONJ
cblr-11901	541	19	happiness	happiness	NOUN
cblr-11901	541	20	(	(	PUNCT
cblr-11901	541	21	2008	2008	NUM
cblr-11901	541	22	)	)	PUNCT
cblr-11901	541	23	.	.	PUNCT
cblr-11901	542	1	see	see	AUX
cblr-11901	542	2	also	also	ADV
cblr-11901	542	3	barry	barry	PROPN
cblr-11901	542	4	528	528	NUM
cblr-11901	542	5	columbia	columbia	PROPN
cblr-11901	542	6	business	business	NOUN
cblr-11901	542	7	law	law	PROPN
cblr-11901	542	8	review	review	NOUN
cblr-11901	542	9	[	[	X
cblr-11901	542	10	vol	vol	NOUN
cblr-11901	542	11	.	.	PUNCT
cblr-11901	542	12	2023	2023	NUM
cblr-11901	542	13	an	an	DET
cblr-11901	542	14	approach	approach	NOUN
cblr-11901	542	15	wherein	wherein	SCONJ
cblr-11901	542	16	regulators	regulator	NOUN
cblr-11901	542	17	craft	craft	VERB
cblr-11901	542	18	regulations	regulation	NOUN
cblr-11901	542	19	to	to	PART
cblr-11901	542	20	guide	guide	VERB
cblr-11901	542	21	individuals	individual	NOUN
cblr-11901	542	22	to	to	ADP
cblr-11901	542	23	making	make	VERB
cblr-11901	542	24	decisions	decision	NOUN
cblr-11901	542	25	that	that	PRON
cblr-11901	542	26	regulators	regulator	NOUN
cblr-11901	542	27	consider	consider	VERB
cblr-11901	542	28	beneficial	beneficial	ADJ
cblr-11901	542	29	while	while	SCONJ
cblr-11901	542	30	allowing	allow	VERB
cblr-11901	542	31	individuals	individual	NOUN
cblr-11901	542	32	to	to	PART
cblr-11901	542	33	make	make	VERB
cblr-11901	542	34	decisions	decision	NOUN
cblr-11901	542	35	regulators	regulator	NOUN
cblr-11901	542	36	consider	consider	VERB
cblr-11901	542	37	harmful.179	harmful.179	NOUN
cblr-11901	542	38	in	in	ADP
cblr-11901	542	39	theory	theory	NOUN
cblr-11901	542	40	,	,	PUNCT
cblr-11901	542	41	this	this	PRON
cblr-11901	542	42	will	will	AUX
cblr-11901	542	43	lead	lead	VERB
cblr-11901	542	44	to	to	ADP
cblr-11901	542	45	net	net	ADJ
cblr-11901	542	46	positive	positive	ADJ
cblr-11901	542	47	outcomes	outcome	NOUN
cblr-11901	542	48	for	for	ADP
cblr-11901	542	49	many	many	ADJ
cblr-11901	542	50	individuals	individual	NOUN
cblr-11901	542	51	(	(	PUNCT
cblr-11901	542	52	who	who	PRON
cblr-11901	542	53	are	be	AUX
cblr-11901	542	54	guided	guide	VERB
cblr-11901	542	55	to	to	ADP
cblr-11901	542	56	the	the	DET
cblr-11901	542	57	beneficial	beneficial	ADJ
cblr-11901	542	58	actions	action	NOUN
cblr-11901	542	59	)	)	PUNCT
cblr-11901	542	60	while	while	SCONJ
cblr-11901	542	61	avoiding	avoid	VERB
cblr-11901	542	62	being	be	AUX
cblr-11901	542	63	overly	overly	ADV
cblr-11901	542	64	restrictive	restrictive	ADJ
cblr-11901	542	65	to	to	ADP
cblr-11901	542	66	people	people	NOUN
cblr-11901	542	67	who	who	PRON
cblr-11901	542	68	desire	desire	VERB
cblr-11901	542	69	to	to	PART
cblr-11901	542	70	engage	engage	VERB
cblr-11901	542	71	in	in	ADP
cblr-11901	542	72	practices	practice	NOUN
cblr-11901	542	73	regulators	regulator	NOUN
cblr-11901	542	74	consider	consider	VERB
cblr-11901	542	75	harmful	harmful	ADJ
cblr-11901	542	76	.	.	PUNCT
cblr-11901	543	1	such	such	DET
cblr-11901	543	2	an	an	DET
cblr-11901	543	3	approach	approach	NOUN
cblr-11901	543	4	in	in	ADP
cblr-11901	543	5	this	this	DET
cblr-11901	543	6	context	context	NOUN
cblr-11901	543	7	would	would	AUX
cblr-11901	543	8	aim	aim	VERB
cblr-11901	543	9	to	to	PART
cblr-11901	543	10	reduce	reduce	VERB
cblr-11901	543	11	absolute	absolute	ADJ
cblr-11901	543	12	or	or	CCONJ
cblr-11901	543	13	relative	relative	ADJ
cblr-11901	543	14	risks	risk	NOUN
cblr-11901	543	15	by	by	ADP
cblr-11901	543	16	guiding	guide	VERB
cblr-11901	543	17	certain	certain	ADJ
cblr-11901	543	18	classes	class	NOUN
cblr-11901	543	19	of	of	ADP
cblr-11901	543	20	investors	investor	NOUN
cblr-11901	543	21	to	to	PART
cblr-11901	543	22	make	make	VERB
cblr-11901	543	23	decisions	decision	NOUN
cblr-11901	543	24	that	that	PRON
cblr-11901	543	25	are	be	AUX
cblr-11901	543	26	less	less	ADV
cblr-11901	543	27	risky	risky	ADJ
cblr-11901	543	28	without	without	ADP
cblr-11901	543	29	restricting	restrict	VERB
cblr-11901	543	30	their	their	PRON
cblr-11901	543	31	access	access	NOUN
cblr-11901	543	32	from	from	ADP
cblr-11901	543	33	the	the	DET
cblr-11901	543	34	market	market	NOUN
cblr-11901	543	35	altogether	altogether	ADV
cblr-11901	543	36	.	.	PUNCT
cblr-11901	544	1	for	for	ADP
cblr-11901	544	2	example	example	NOUN
cblr-11901	544	3	,	,	PUNCT
cblr-11901	544	4	one	one	PRON
cblr-11901	544	5	may	may	AUX
cblr-11901	544	6	consider	consider	VERB
cblr-11901	544	7	a	a	DET
cblr-11901	544	8	nudge	nudge	VERB
cblr-11901	544	9	-	-	PUNCT
cblr-11901	544	10	based	base	VERB
cblr-11901	544	11	approach	approach	NOUN
cblr-11901	544	12	to	to	ADP
cblr-11901	544	13	reducing	reduce	VERB
cblr-11901	544	14	risks	risk	NOUN
cblr-11901	544	15	to	to	ADP
cblr-11901	544	16	seamless	seamless	ADJ
cblr-11901	544	17	access	access	NOUN
cblr-11901	544	18	to	to	ADP
cblr-11901	544	19	trading	trade	VERB
cblr-11901	544	20	in	in	ADP
cblr-11901	544	21	stocks	stock	NOUN
cblr-11901	544	22	and	and	CCONJ
cblr-11901	544	23	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	544	24	,	,	PUNCT
cblr-11901	544	25	which	which	PRON
cblr-11901	544	26	some	some	PRON
cblr-11901	544	27	have	have	AUX
cblr-11901	544	28	argued	argue	VERB
cblr-11901	544	29	encourages	encourage	VERB
cblr-11901	544	30	excessive	excessive	ADJ
cblr-11901	544	31	risk	risk	NOUN
cblr-11901	544	32	-	-	PUNCT
cblr-11901	544	33	taking.180	taking.180	NOUN
cblr-11901	544	34	a	a	DET
cblr-11901	544	35	nudge	nudge	NOUN
cblr-11901	544	36	-	-	PUNCT
cblr-11901	544	37	based	base	VERB
cblr-11901	544	38	approach	approach	NOUN
cblr-11901	544	39	may	may	AUX
cblr-11901	544	40	require	require	VERB
cblr-11901	544	41	a	a	DET
cblr-11901	544	42	consideration	consideration	NOUN
cblr-11901	544	43	of	of	ADP
cblr-11901	544	44	investment	investment	NOUN
cblr-11901	544	45	risks	risk	NOUN
cblr-11901	544	46	before	before	ADP
cblr-11901	544	47	making	make	VERB
cblr-11901	544	48	investment	investment	NOUN
cblr-11901	544	49	decisions	decision	NOUN
cblr-11901	544	50	.	.	PUNCT
cblr-11901	545	1	this	this	PRON
cblr-11901	545	2	may	may	AUX
cblr-11901	545	3	be	be	AUX
cblr-11901	545	4	done	do	VERB
cblr-11901	545	5	in	in	ADP
cblr-11901	545	6	a	a	DET
cblr-11901	545	7	variety	variety	NOUN
cblr-11901	545	8	of	of	ADP
cblr-11901	545	9	ways	way	NOUN
cblr-11901	545	10	:	:	PUNCT
cblr-11901	545	11	by	by	ADP
cblr-11901	545	12	simply	simply	ADV
cblr-11901	545	13	flagging	flag	VERB
cblr-11901	545	14	the	the	DET
cblr-11901	545	15	risks	risk	NOUN
cblr-11901	545	16	and	and	CCONJ
cblr-11901	545	17	costs	cost	NOUN
cblr-11901	545	18	before	before	ADP
cblr-11901	545	19	confirming	confirm	VERB
cblr-11901	545	20	a	a	DET
cblr-11901	545	21	trade	trade	NOUN
cblr-11901	545	22	,	,	PUNCT
cblr-11901	545	23	by	by	ADP
cblr-11901	545	24	requiring	require	VERB
cblr-11901	545	25	additional	additional	ADJ
cblr-11901	545	26	steps	step	NOUN
cblr-11901	545	27	to	to	PART
cblr-11901	545	28	confirm	confirm	VERB
cblr-11901	545	29	the	the	DET
cblr-11901	545	30	investor	investor	NOUN
cblr-11901	545	31	wants	want	VERB
cblr-11901	545	32	to	to	PART
cblr-11901	545	33	take	take	VERB
cblr-11901	545	34	a	a	DET
cblr-11901	545	35	trade	trade	NOUN
cblr-11901	545	36	,	,	PUNCT
cblr-11901	545	37	or	or	CCONJ
cblr-11901	545	38	by	by	ADP
cblr-11901	545	39	prominently	prominently	ADV
cblr-11901	545	40	displaying	display	VERB
cblr-11901	545	41	less	less	ADV
cblr-11901	545	42	risky	risky	ADJ
cblr-11901	545	43	trading	trading	NOUN
cblr-11901	545	44	strategies	strategy	NOUN
cblr-11901	545	45	but	but	CCONJ
cblr-11901	545	46	allowing	allow	VERB
cblr-11901	545	47	access	access	NOUN
cblr-11901	545	48	to	to	ADP
cblr-11901	545	49	riskier	risky	ADJ
cblr-11901	545	50	strategies	strategy	NOUN
cblr-11901	545	51	.	.	PUNCT
cblr-11901	546	1	each	each	DET
cblr-11901	546	2	approach	approach	NOUN
cblr-11901	546	3	could	could	AUX
cblr-11901	546	4	reduce	reduce	VERB
cblr-11901	546	5	the	the	DET
cblr-11901	546	6	potential	potential	NOUN
cblr-11901	546	7	for	for	ADP
cblr-11901	546	8	uninformed	uninformed	ADJ
cblr-11901	546	9	risktaking	risktaking	NOUN
cblr-11901	546	10	but	but	CCONJ
cblr-11901	546	11	still	still	ADV
cblr-11901	546	12	allow	allow	VERB
cblr-11901	546	13	investors	investor	NOUN
cblr-11901	546	14	to	to	PART
cblr-11901	546	15	make	make	VERB
cblr-11901	546	16	decisions	decision	NOUN
cblr-11901	546	17	that	that	PRON
cblr-11901	546	18	may	may	AUX
cblr-11901	546	19	ultimately	ultimately	ADV
cblr-11901	546	20	be	be	AUX
cblr-11901	546	21	against	against	ADP
cblr-11901	546	22	self	self	NOUN
cblr-11901	546	23	-	-	PUNCT
cblr-11901	546	24	interest	interest	NOUN
cblr-11901	546	25	,	,	PUNCT
cblr-11901	546	26	in	in	ADP
cblr-11901	546	27	line	line	NOUN
cblr-11901	546	28	with	with	ADP
cblr-11901	546	29	other	other	ADJ
cblr-11901	546	30	nudgebased	nudgebase	VERB
cblr-11901	546	31	approaches.181	approaches.181	PROPN
cblr-11901	546	32	again	again	ADV
cblr-11901	546	33	,	,	PUNCT
cblr-11901	546	34	there	there	PRON
cblr-11901	546	35	are	be	VERB
cblr-11901	546	36	countless	countless	ADJ
cblr-11901	546	37	potential	potential	ADJ
cblr-11901	546	38	regulations	regulation	NOUN
cblr-11901	546	39	that	that	PRON
cblr-11901	546	40	would	would	AUX
cblr-11901	546	41	reduce	reduce	VERB
cblr-11901	546	42	risks	risk	NOUN
cblr-11901	546	43	to	to	ADP
cblr-11901	546	44	a	a	DET
cblr-11901	546	45	degree	degree	NOUN
cblr-11901	546	46	that	that	SCONJ
cblr-11901	546	47	direct	direct	ADJ
cblr-11901	546	48	limitations	limitation	NOUN
cblr-11901	546	49	on	on	ADP
cblr-11901	546	50	markets	market	NOUN
cblr-11901	546	51	are	be	AUX
cblr-11901	546	52	no	no	ADV
cblr-11901	546	53	longer	long	ADV
cblr-11901	546	54	deemed	deem	VERB
cblr-11901	546	55	necessary	necessary	ADJ
cblr-11901	546	56	.	.	PUNCT
cblr-11901	547	1	the	the	DET
cblr-11901	547	2	key	key	ADJ
cblr-11901	547	3	point	point	NOUN
cblr-11901	547	4	is	be	AUX
cblr-11901	547	5	that	that	SCONJ
cblr-11901	547	6	once	once	SCONJ
cblr-11901	547	7	a	a	DET
cblr-11901	547	8	given	give	VERB
cblr-11901	547	9	regulation	regulation	NOUN
cblr-11901	547	10	is	be	AUX
cblr-11901	547	11	chosen	choose	VERB
cblr-11901	547	12	,	,	PUNCT
cblr-11901	547	13	the	the	DET
cblr-11901	547	14	agency	agency	NOUN
cblr-11901	547	15	would	would	AUX
cblr-11901	547	16	then	then	ADV
cblr-11901	547	17	re	re	VERB
cblr-11901	547	18	-	-	VERB
cblr-11901	547	19	evaluate	evaluate	VERB
cblr-11901	547	20	the	the	DET
cblr-11901	547	21	schwartz	schwartz	NOUN
cblr-11901	547	22	,	,	PUNCT
cblr-11901	547	23	why	why	SCONJ
cblr-11901	547	24	not	not	PART
cblr-11901	547	25	nudge	nudge	VERB
cblr-11901	547	26	?	?	PUNCT
cblr-11901	548	1	a	a	DET
cblr-11901	548	2	review	review	NOUN
cblr-11901	548	3	of	of	ADP
cblr-11901	548	4	cass	cass	PROPN
cblr-11901	548	5	sunstein	sunstein	PROPN
cblr-11901	548	6	’s	’s	PROPN
cblr-11901	548	7	why	why	SCONJ
cblr-11901	548	8	nudge	nudge	VERB
cblr-11901	548	9	,	,	PUNCT
cblr-11901	548	10	behavioral	behavioral	ADJ
cblr-11901	548	11	scientist	scientist	NOUN
cblr-11901	548	12	(	(	PUNCT
cblr-11901	548	13	apr	apr	PROPN
cblr-11901	548	14	.	.	PROPN
cblr-11901	548	15	17	17	NUM
cblr-11901	548	16	,	,	PUNCT
cblr-11901	548	17	2014	2014	NUM
cblr-11901	548	18	)	)	PUNCT
cblr-11901	548	19	,	,	PUNCT
cblr-11901	548	20	https://behavioralscientist.org/nudge-review-cass-sunsteins-why-nudge/	https://behavioralscientist.org/nudge-review-cass-sunsteins-why-nudge/	NOUN
cblr-11901	549	1	[	[	X
cblr-11901	549	2	https://perma.cc/h96v-qpjf	https://perma.cc/h96v-qpjf	PROPN
cblr-11901	549	3	]	]	PUNCT
cblr-11901	549	4	.	.	PUNCT
cblr-11901	550	1	179	179	NUM
cblr-11901	550	2	see	see	VERB
cblr-11901	550	3	sunstein	sunstein	PROPN
cblr-11901	550	4	&	&	CCONJ
cblr-11901	550	5	thaler	thaler	PROPN
cblr-11901	550	6	,	,	PUNCT
cblr-11901	550	7	supra	supra	PROPN
cblr-11901	550	8	note	note	NOUN
cblr-11901	550	9	178	178	NUM
cblr-11901	550	10	.	.	PUNCT
cblr-11901	551	1	180	180	NUM
cblr-11901	551	2	see	see	VERB
cblr-11901	551	3	supra	supra	PROPN
cblr-11901	551	4	section	section	NOUN
cblr-11901	551	5	iii.b	iii.b	PROPN
cblr-11901	551	6	(	(	PUNCT
cblr-11901	551	7	reviewing	review	VERB
cblr-11901	551	8	criticisms	criticism	NOUN
cblr-11901	551	9	of	of	ADP
cblr-11901	551	10	robinhood	robinhood	PROPN
cblr-11901	551	11	including	include	VERB
cblr-11901	551	12	for	for	ADP
cblr-11901	551	13	pfof	pfof	NOUN
cblr-11901	551	14	and	and	CCONJ
cblr-11901	551	15	gamification	gamification	NOUN
cblr-11901	551	16	)	)	PUNCT
cblr-11901	551	17	.	.	PUNCT
cblr-11901	552	1	181	181	NUM
cblr-11901	552	2	see	see	VERB
cblr-11901	552	3	schwartz	schwartz	PROPN
cblr-11901	552	4	,	,	PUNCT
cblr-11901	552	5	supra	supra	PROPN
cblr-11901	552	6	note	note	PROPN
cblr-11901	552	7	178	178	NUM
cblr-11901	552	8	(	(	PUNCT
cblr-11901	552	9	reviewing	review	VERB
cblr-11901	552	10	that	that	SCONJ
cblr-11901	552	11	this	this	DET
cblr-11901	552	12	approach	approach	NOUN
cblr-11901	552	13	steers	steer	VERB
cblr-11901	552	14	individuals	individual	NOUN
cblr-11901	552	15	towards	towards	ADP
cblr-11901	552	16	proper	proper	ADJ
cblr-11901	552	17	decisions	decision	NOUN
cblr-11901	552	18	while	while	SCONJ
cblr-11901	552	19	allowing	allow	VERB
cblr-11901	552	20	them	they	PRON
cblr-11901	552	21	to	to	PART
cblr-11901	552	22	resist	resist	VERB
cblr-11901	552	23	“	"	PUNCT
cblr-11901	552	24	nudges	nudge	NOUN
cblr-11901	552	25	if	if	SCONJ
cblr-11901	552	26	they	they	PRON
cblr-11901	552	27	choose	choose	VERB
cblr-11901	552	28	to	to	PART
cblr-11901	552	29	do	do	VERB
cblr-11901	552	30	so	so	ADV
cblr-11901	552	31	”	"	PUNCT
cblr-11901	552	32	)	)	PUNCT
cblr-11901	552	33	.	.	PUNCT
cblr-11901	553	1	no	no	INTJ
cblr-11901	554	1	.	.	NOUN
cblr-11901	554	2	1	1	NUM
cblr-11901	554	3	]	]	PUNCT
cblr-11901	554	4	regulating	regulate	VERB
cblr-11901	554	5	democratized	democratize	VERB
cblr-11901	554	6	finance	finance	NOUN
cblr-11901	554	7	529	529	NUM
cblr-11901	554	8	absolute	absolute	ADJ
cblr-11901	554	9	and	and	CCONJ
cblr-11901	554	10	relative	relative	ADJ
cblr-11901	554	11	risks	risk	NOUN
cblr-11901	554	12	to	to	ADP
cblr-11901	554	13	investors	investor	NOUN
cblr-11901	554	14	before	before	ADP
cblr-11901	554	15	determining	determine	VERB
cblr-11901	554	16	that	that	SCONJ
cblr-11901	554	17	more	more	ADV
cblr-11901	554	18	direct	direct	ADJ
cblr-11901	554	19	forms	form	NOUN
cblr-11901	554	20	of	of	ADP
cblr-11901	554	21	market	market	NOUN
cblr-11901	554	22	limitation	limitation	NOUN
cblr-11901	554	23	are	be	AUX
cblr-11901	554	24	necessary	necessary	ADJ
cblr-11901	554	25	.	.	PUNCT
cblr-11901	555	1	3	3	X
cblr-11901	555	2	.	.	X
cblr-11901	555	3	limiting	limit	VERB
cblr-11901	555	4	market	market	NOUN
cblr-11901	555	5	access	access	NOUN
cblr-11901	555	6	without	without	ADP
cblr-11901	555	7	being	be	AUX
cblr-11901	555	8	overinclusive	overinclusive	ADJ
cblr-11901	555	9	third	third	ADV
cblr-11901	555	10	,	,	PUNCT
cblr-11901	555	11	once	once	SCONJ
cblr-11901	555	12	regulators	regulator	NOUN
cblr-11901	555	13	determine	determine	VERB
cblr-11901	555	14	that	that	SCONJ
cblr-11901	555	15	the	the	DET
cblr-11901	555	16	risks	risk	NOUN
cblr-11901	555	17	justify	justify	VERB
cblr-11901	555	18	market	market	NOUN
cblr-11901	555	19	limitations	limitation	NOUN
cblr-11901	555	20	,	,	PUNCT
cblr-11901	555	21	and	and	CCONJ
cblr-11901	555	22	alternative	alternative	ADJ
cblr-11901	555	23	means	mean	NOUN
cblr-11901	555	24	of	of	ADP
cblr-11901	555	25	regulation	regulation	NOUN
cblr-11901	555	26	do	do	AUX
cblr-11901	555	27	not	not	PART
cblr-11901	555	28	sufficiently	sufficiently	ADV
cblr-11901	555	29	reduce	reduce	VERB
cblr-11901	555	30	these	these	DET
cblr-11901	555	31	risks	risk	NOUN
cblr-11901	555	32	,	,	PUNCT
cblr-11901	555	33	the	the	DET
cblr-11901	555	34	agency	agency	NOUN
cblr-11901	555	35	may	may	AUX
cblr-11901	555	36	then	then	ADV
cblr-11901	555	37	consider	consider	VERB
cblr-11901	555	38	the	the	DET
cblr-11901	555	39	proper	proper	ADJ
cblr-11901	555	40	means	mean	NOUN
cblr-11901	555	41	to	to	PART
cblr-11901	555	42	limit	limit	VERB
cblr-11901	555	43	market	market	NOUN
cblr-11901	555	44	access	access	NOUN
cblr-11901	555	45	.	.	PUNCT
cblr-11901	556	1	such	such	ADJ
cblr-11901	556	2	restrictions	restriction	NOUN
cblr-11901	556	3	may	may	AUX
cblr-11901	556	4	consider	consider	VERB
cblr-11901	556	5	both	both	CCONJ
cblr-11901	556	6	the	the	DET
cblr-11901	556	7	assets	asset	NOUN
cblr-11901	556	8	themselves	themselves	PRON
cblr-11901	556	9	as	as	ADV
cblr-11901	556	10	well	well	ADV
cblr-11901	556	11	as	as	ADP
cblr-11901	556	12	classes	class	NOUN
cblr-11901	556	13	of	of	ADP
cblr-11901	556	14	potential	potential	ADJ
cblr-11901	556	15	investors	investor	NOUN
cblr-11901	556	16	.	.	PUNCT
cblr-11901	557	1	as	as	ADP
cblr-11901	557	2	with	with	ADP
cblr-11901	557	3	the	the	DET
cblr-11901	557	4	consideration	consideration	NOUN
cblr-11901	557	5	of	of	ADP
cblr-11901	557	6	alternatives	alternative	NOUN
cblr-11901	557	7	to	to	ADP
cblr-11901	557	8	restrictions	restriction	NOUN
cblr-11901	557	9	on	on	ADP
cblr-11901	557	10	market	market	NOUN
cblr-11901	557	11	access	access	NOUN
cblr-11901	557	12	above	above	ADV
cblr-11901	557	13	,	,	PUNCT
cblr-11901	557	14	there	there	PRON
cblr-11901	557	15	are	be	VERB
cblr-11901	557	16	many	many	ADJ
cblr-11901	557	17	ways	way	NOUN
cblr-11901	557	18	to	to	PART
cblr-11901	557	19	restrict	restrict	VERB
cblr-11901	557	20	access	access	NOUN
cblr-11901	557	21	short	short	ADV
cblr-11901	557	22	of	of	ADP
cblr-11901	557	23	across	across	ADP
cblr-11901	557	24	-	-	PUNCT
cblr-11901	557	25	the	the	DET
cblr-11901	557	26	-	-	PUNCT
cblr-11901	557	27	board	board	NOUN
cblr-11901	557	28	limits	limit	NOUN
cblr-11901	557	29	on	on	ADP
cblr-11901	557	30	access	access	NOUN
cblr-11901	557	31	to	to	ADP
cblr-11901	557	32	a	a	DET
cblr-11901	557	33	particular	particular	ADJ
cblr-11901	557	34	market	market	NOUN
cblr-11901	557	35	.	.	PUNCT
cblr-11901	558	1	because	because	SCONJ
cblr-11901	558	2	different	different	ADJ
cblr-11901	558	3	classes	class	NOUN
cblr-11901	558	4	of	of	ADP
cblr-11901	558	5	investors	investor	NOUN
cblr-11901	558	6	do	do	AUX
cblr-11901	558	7	not	not	PART
cblr-11901	558	8	face	face	VERB
cblr-11901	558	9	the	the	DET
cblr-11901	558	10	same	same	ADJ
cblr-11901	558	11	degree	degree	NOUN
cblr-11901	558	12	of	of	ADP
cblr-11901	558	13	risks	risk	NOUN
cblr-11901	558	14	,	,	PUNCT
cblr-11901	558	15	limiting	limit	VERB
cblr-11901	558	16	access	access	NOUN
cblr-11901	558	17	for	for	ADP
cblr-11901	558	18	certain	certain	ADJ
cblr-11901	558	19	groups	group	NOUN
cblr-11901	558	20	investing	invest	VERB
cblr-11901	558	21	in	in	ADP
cblr-11901	558	22	certain	certain	ADJ
cblr-11901	558	23	asset	asset	NOUN
cblr-11901	558	24	classes	class	NOUN
cblr-11901	558	25	may	may	AUX
cblr-11901	558	26	be	be	AUX
cblr-11901	558	27	more	more	ADV
cblr-11901	558	28	appropriate	appropriate	ADJ
cblr-11901	558	29	than	than	ADP
cblr-11901	558	30	across	across	ADP
cblr-11901	558	31	-	-	PUNCT
cblr-11901	558	32	the	the	DET
cblr-11901	558	33	-	-	PUNCT
cblr-11901	558	34	board	board	NOUN
cblr-11901	558	35	restrictions	restriction	NOUN
cblr-11901	558	36	.	.	PUNCT
cblr-11901	559	1	regulators	regulator	NOUN
cblr-11901	559	2	must	must	AUX
cblr-11901	559	3	draw	draw	VERB
cblr-11901	559	4	lines	line	NOUN
cblr-11901	559	5	in	in	ADP
cblr-11901	559	6	tailoring	tailor	VERB
cblr-11901	559	7	restrictions	restriction	NOUN
cblr-11901	559	8	to	to	PART
cblr-11901	559	9	prevent	prevent	VERB
cblr-11901	559	10	harms	harm	NOUN
cblr-11901	559	11	from	from	ADP
cblr-11901	559	12	investors	investor	NOUN
cblr-11901	559	13	facing	face	VERB
cblr-11901	559	14	unjustifiably	unjustifiably	ADV
cblr-11901	559	15	high	high	ADJ
cblr-11901	559	16	risks	risk	NOUN
cblr-11901	559	17	while	while	SCONJ
cblr-11901	559	18	retaining	retain	VERB
cblr-11901	559	19	the	the	DET
cblr-11901	559	20	benefits	benefit	NOUN
cblr-11901	559	21	of	of	ADP
cblr-11901	559	22	facilitating	facilitate	VERB
cblr-11901	559	23	market	market	NOUN
cblr-11901	559	24	transactions	transaction	NOUN
cblr-11901	559	25	(	(	PUNCT
cblr-11901	559	26	e.g.	e.g.	ADV
cblr-11901	559	27	,	,	PUNCT
cblr-11901	559	28	allowing	allow	VERB
cblr-11901	559	29	investors	investor	NOUN
cblr-11901	559	30	to	to	PART
cblr-11901	559	31	benefit	benefit	VERB
cblr-11901	559	32	from	from	ADP
cblr-11901	559	33	investment	investment	NOUN
cblr-11901	559	34	returns	return	NOUN
cblr-11901	559	35	and	and	CCONJ
cblr-11901	559	36	entities	entity	NOUN
cblr-11901	559	37	to	to	PART
cblr-11901	559	38	gain	gain	VERB
cblr-11901	559	39	from	from	ADP
cblr-11901	559	40	access	access	NOUN
cblr-11901	559	41	investor	investor	NOUN
cblr-11901	559	42	capital	capital	NOUN
cblr-11901	559	43	)	)	PUNCT
cblr-11901	559	44	.	.	PUNCT
cblr-11901	560	1	to	to	PART
cblr-11901	560	2	illustrate	illustrate	VERB
cblr-11901	560	3	how	how	SCONJ
cblr-11901	560	4	regulators	regulator	NOUN
cblr-11901	560	5	may	may	AUX
cblr-11901	560	6	limit	limit	VERB
cblr-11901	560	7	market	market	NOUN
cblr-11901	560	8	access	access	NOUN
cblr-11901	560	9	,	,	PUNCT
cblr-11901	560	10	this	this	DET
cblr-11901	560	11	section	section	NOUN
cblr-11901	560	12	reviews	review	VERB
cblr-11901	560	13	three	three	NUM
cblr-11901	560	14	potential	potential	ADJ
cblr-11901	560	15	methods	method	NOUN
cblr-11901	560	16	:	:	PUNCT
cblr-11901	560	17	(	(	PUNCT
cblr-11901	560	18	1	1	X
cblr-11901	560	19	)	)	PUNCT
cblr-11901	560	20	an	an	DET
cblr-11901	560	21	outright	outright	ADJ
cblr-11901	560	22	ban	ban	NOUN
cblr-11901	560	23	on	on	ADP
cblr-11901	560	24	certain	certain	ADJ
cblr-11901	560	25	markets	market	NOUN
cblr-11901	560	26	,	,	PUNCT
cblr-11901	560	27	(	(	PUNCT
cblr-11901	560	28	2	2	X
cblr-11901	560	29	)	)	PUNCT
cblr-11901	560	30	a	a	DET
cblr-11901	560	31	charter	charter	NOUN
cblr-11901	560	32	-	-	PUNCT
cblr-11901	560	33	based	base	VERB
cblr-11901	560	34	approach	approach	NOUN
cblr-11901	560	35	,	,	PUNCT
cblr-11901	560	36	and	and	CCONJ
cblr-11901	560	37	(	(	PUNCT
cblr-11901	560	38	3	3	X
cblr-11901	560	39	)	)	PUNCT
cblr-11901	560	40	an	an	DET
cblr-11901	560	41	approach	approach	NOUN
cblr-11901	560	42	requiring	require	VERB
cblr-11901	560	43	“	"	PUNCT
cblr-11901	560	44	pooling	pool	VERB
cblr-11901	560	45	”	"	PUNCT
cblr-11901	560	46	of	of	ADP
cblr-11901	560	47	investments	investment	NOUN
cblr-11901	560	48	with	with	ADP
cblr-11901	560	49	institutional	institutional	ADJ
cblr-11901	560	50	investors	investor	NOUN
cblr-11901	560	51	.	.	PUNCT
cblr-11901	561	1	in	in	ADP
cblr-11901	561	2	an	an	DET
cblr-11901	561	3	extreme	extreme	ADJ
cblr-11901	561	4	scenario	scenario	NOUN
cblr-11901	561	5	,	,	PUNCT
cblr-11901	561	6	regulators	regulator	NOUN
cblr-11901	561	7	may	may	AUX
cblr-11901	561	8	completely	completely	ADV
cblr-11901	561	9	ban	ban	VERB
cblr-11901	561	10	the	the	DET
cblr-11901	561	11	buying	buying	NOUN
cblr-11901	561	12	and	and	CCONJ
cblr-11901	561	13	selling	selling	NOUN
cblr-11901	561	14	of	of	ADP
cblr-11901	561	15	certain	certain	ADJ
cblr-11901	561	16	assets	asset	NOUN
cblr-11901	561	17	across	across	ADP
cblr-11901	561	18	investor	investor	NOUN
cblr-11901	561	19	classes	class	NOUN
cblr-11901	561	20	.	.	PUNCT
cblr-11901	562	1	doing	do	VERB
cblr-11901	562	2	so	so	ADV
cblr-11901	562	3	would	would	AUX
cblr-11901	562	4	essentially	essentially	ADV
cblr-11901	562	5	state	state	VERB
cblr-11901	562	6	that	that	SCONJ
cblr-11901	562	7	the	the	DET
cblr-11901	562	8	benefits	benefit	NOUN
cblr-11901	562	9	of	of	ADP
cblr-11901	562	10	entering	enter	VERB
cblr-11901	562	11	this	this	DET
cblr-11901	562	12	market	market	NOUN
cblr-11901	562	13	can	can	AUX
cblr-11901	562	14	not	not	PART
cblr-11901	562	15	outweigh	outweigh	VERB
cblr-11901	562	16	its	its	PRON
cblr-11901	562	17	risks	risk	NOUN
cblr-11901	562	18	or	or	CCONJ
cblr-11901	562	19	other	other	ADJ
cblr-11901	562	20	costs	cost	NOUN
cblr-11901	562	21	,	,	PUNCT
cblr-11901	562	22	regardless	regardless	ADV
cblr-11901	562	23	of	of	ADP
cblr-11901	562	24	one	one	NUM
cblr-11901	562	25	’s	’s	PART
cblr-11901	562	26	level	level	NOUN
cblr-11901	562	27	of	of	ADP
cblr-11901	562	28	investment	investment	NOUN
cblr-11901	562	29	expertise.182	expertise.182	NOUN
cblr-11901	562	30	such	such	DET
cblr-11901	562	31	an	an	DET
cblr-11901	562	32	182	182	NUM
cblr-11901	562	33	china	china	NOUN
cblr-11901	562	34	took	take	VERB
cblr-11901	562	35	this	this	DET
cblr-11901	562	36	approach	approach	NOUN
cblr-11901	562	37	when	when	SCONJ
cblr-11901	562	38	it	it	PRON
cblr-11901	562	39	banned	ban	VERB
cblr-11901	562	40	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	562	41	in	in	ADP
cblr-11901	562	42	2021	2021	NUM
cblr-11901	562	43	,	,	PUNCT
cblr-11901	562	44	justifying	justify	VERB
cblr-11901	562	45	its	its	PRON
cblr-11901	562	46	intervention	intervention	NOUN
cblr-11901	562	47	by	by	ADP
cblr-11901	562	48	focusing	focus	VERB
cblr-11901	562	49	on	on	ADP
cblr-11901	562	50	both	both	DET
cblr-11901	562	51	risks	risk	NOUN
cblr-11901	562	52	to	to	ADP
cblr-11901	562	53	investors	investor	NOUN
cblr-11901	562	54	and	and	CCONJ
cblr-11901	562	55	concerns	concern	NOUN
cblr-11901	562	56	about	about	ADP
cblr-11901	562	57	the	the	DET
cblr-11901	562	58	effect	effect	NOUN
cblr-11901	562	59	these	these	DET
cblr-11901	562	60	assets	asset	NOUN
cblr-11901	562	61	would	would	AUX
cblr-11901	562	62	have	have	VERB
cblr-11901	562	63	on	on	ADP
cblr-11901	562	64	the	the	DET
cblr-11901	562	65	country	country	NOUN
cblr-11901	562	66	’s	’s	PART
cblr-11901	562	67	monetary	monetary	ADJ
cblr-11901	562	68	policy	policy	NOUN
cblr-11901	562	69	.	.	PUNCT
cblr-11901	563	1	eswar	eswar	PROPN
cblr-11901	563	2	prasad	prasad	PROPN
cblr-11901	563	3	,	,	PUNCT
cblr-11901	563	4	china	china	PROPN
cblr-11901	563	5	has	have	VERB
cblr-11901	563	6	good	good	ADJ
cblr-11901	563	7	reason	reason	NOUN
cblr-11901	563	8	to	to	PART
cblr-11901	563	9	fear	fear	VERB
cblr-11901	563	10	bitcoin	bitcoin	NOUN
cblr-11901	563	11	,	,	PUNCT
cblr-11901	563	12	barrons	barron	NOUN
cblr-11901	563	13	(	(	PUNCT
cblr-11901	563	14	oct	oct	PROPN
cblr-11901	563	15	.	.	PROPN
cblr-11901	563	16	15	15	NUM
cblr-11901	563	17	,	,	PUNCT
cblr-11901	563	18	2021	2021	NUM
cblr-11901	563	19	)	)	PUNCT
cblr-11901	563	20	,	,	PUNCT
cblr-11901	563	21	https://www.barrons.com/articles/chinas-bitcoin-bancrypto-regulation-central-banks-51634242888	https://www.barrons.com/articles/chinas-bitcoin-bancrypto-regulation-central-banks-51634242888	X
cblr-11901	564	1	[	[	PUNCT
cblr-11901	564	2	https://perma.cc/w3vw	https://perma.cc/w3vw	NUM
cblr-11901	564	3	530	530	NUM
cblr-11901	564	4	columbia	columbia	PROPN
cblr-11901	564	5	business	business	NOUN
cblr-11901	564	6	law	law	PROPN
cblr-11901	564	7	review	review	NOUN
cblr-11901	564	8	[	[	X
cblr-11901	564	9	vol	vol	NOUN
cblr-11901	564	10	.	.	PUNCT
cblr-11901	565	1	2023	2023	NUM
cblr-11901	565	2	action	action	NOUN
cblr-11901	565	3	would	would	AUX
cblr-11901	565	4	indicate	indicate	VERB
cblr-11901	565	5	that	that	SCONJ
cblr-11901	565	6	regulators	regulator	NOUN
cblr-11901	565	7	are	be	AUX
cblr-11901	565	8	declaring	declare	VERB
cblr-11901	565	9	they	they	PRON
cblr-11901	565	10	are	be	AUX
cblr-11901	565	11	positioned	position	VERB
cblr-11901	565	12	to	to	PART
cblr-11901	565	13	determine	determine	VERB
cblr-11901	565	14	a	a	DET
cblr-11901	565	15	given	give	VERB
cblr-11901	565	16	market	market	NOUN
cblr-11901	565	17	’s	’s	PART
cblr-11901	565	18	potential	potential	ADJ
cblr-11901	565	19	risks	risk	NOUN
cblr-11901	565	20	and	and	CCONJ
cblr-11901	565	21	returns	return	NOUN
cblr-11901	565	22	(	(	PUNCT
cblr-11901	565	23	moreso	moreso	INTJ
cblr-11901	565	24	than	than	SCONJ
cblr-11901	565	25	private	private	ADJ
cblr-11901	565	26	investors	investor	NOUN
cblr-11901	565	27	hoping	hope	VERB
cblr-11901	565	28	to	to	PART
cblr-11901	565	29	enter	enter	VERB
cblr-11901	565	30	this	this	DET
cblr-11901	565	31	market	market	NOUN
cblr-11901	565	32	)	)	PUNCT
cblr-11901	565	33	and	and	CCONJ
cblr-11901	565	34	that	that	SCONJ
cblr-11901	565	35	there	there	PRON
cblr-11901	565	36	are	be	VERB
cblr-11901	565	37	no	no	DET
cblr-11901	565	38	alternative	alternative	ADJ
cblr-11901	565	39	regulations	regulation	NOUN
cblr-11901	565	40	that	that	PRON
cblr-11901	565	41	could	could	AUX
cblr-11901	565	42	limit	limit	VERB
cblr-11901	565	43	such	such	ADJ
cblr-11901	565	44	risks	risk	NOUN
cblr-11901	565	45	for	for	ADP
cblr-11901	565	46	investors	investor	NOUN
cblr-11901	565	47	.	.	PUNCT
cblr-11901	566	1	given	give	VERB
cblr-11901	566	2	the	the	DET
cblr-11901	566	3	difficulty	difficulty	NOUN
cblr-11901	566	4	in	in	ADP
cblr-11901	566	5	evaluating	evaluate	VERB
cblr-11901	566	6	a	a	DET
cblr-11901	566	7	market	market	NOUN
cblr-11901	566	8	’s	’s	PART
cblr-11901	566	9	risks	risk	NOUN
cblr-11901	566	10	and	and	CCONJ
cblr-11901	566	11	potential	potential	ADJ
cblr-11901	566	12	returns	return	NOUN
cblr-11901	566	13	for	for	ADP
cblr-11901	566	14	all	all	DET
cblr-11901	566	15	investors	investor	NOUN
cblr-11901	566	16	,	,	PUNCT
cblr-11901	566	17	this	this	DET
cblr-11901	566	18	approach	approach	NOUN
cblr-11901	566	19	is	be	AUX
cblr-11901	566	20	likely	likely	ADJ
cblr-11901	566	21	to	to	PART
cblr-11901	566	22	be	be	AUX
cblr-11901	566	23	overly	overly	ADV
cblr-11901	566	24	inclusive	inclusive	ADJ
cblr-11901	566	25	and	and	CCONJ
cblr-11901	566	26	may	may	AUX
cblr-11901	566	27	not	not	PART
cblr-11901	566	28	account	account	VERB
cblr-11901	566	29	for	for	ADP
cblr-11901	566	30	different	different	ADJ
cblr-11901	566	31	investor	investor	NOUN
cblr-11901	566	32	classes	class	NOUN
cblr-11901	566	33	capacity	capacity	NOUN
cblr-11901	566	34	to	to	PART
cblr-11901	566	35	measure	measure	VERB
cblr-11901	566	36	potential	potential	ADJ
cblr-11901	566	37	benefits	benefit	NOUN
cblr-11901	566	38	and	and	CCONJ
cblr-11901	566	39	risks	risk	NOUN
cblr-11901	566	40	.	.	PUNCT
cblr-11901	567	1	thus	thus	ADV
cblr-11901	567	2	,	,	PUNCT
cblr-11901	567	3	an	an	DET
cblr-11901	567	4	outright	outright	ADJ
cblr-11901	567	5	ban	ban	NOUN
cblr-11901	567	6	on	on	ADP
cblr-11901	567	7	accessing	access	VERB
cblr-11901	567	8	a	a	DET
cblr-11901	567	9	given	give	VERB
cblr-11901	567	10	market	market	NOUN
cblr-11901	567	11	,	,	PUNCT
cblr-11901	567	12	due	due	ADP
cblr-11901	567	13	to	to	ADP
cblr-11901	567	14	perceived	perceive	VERB
cblr-11901	567	15	risks	risk	NOUN
cblr-11901	567	16	in	in	ADP
cblr-11901	567	17	the	the	DET
cblr-11901	567	18	market	market	NOUN
cblr-11901	567	19	to	to	ADP
cblr-11901	567	20	investors	investor	NOUN
cblr-11901	567	21	,	,	PUNCT
cblr-11901	567	22	may	may	AUX
cblr-11901	567	23	be	be	AUX
cblr-11901	567	24	rare.183	rare.183	ADJ
cblr-11901	567	25	an	an	DET
cblr-11901	567	26	alternative	alternative	NOUN
cblr-11901	567	27	to	to	ADP
cblr-11901	567	28	an	an	DET
cblr-11901	567	29	outright	outright	ADJ
cblr-11901	567	30	ban	ban	NOUN
cblr-11901	567	31	is	be	AUX
cblr-11901	567	32	a	a	DET
cblr-11901	567	33	charteror	charteror	NOUN
cblr-11901	567	34	licensingbased	licensingbase	VERB
cblr-11901	567	35	approach	approach	NOUN
cblr-11901	567	36	,	,	PUNCT
cblr-11901	567	37	which	which	PRON
cblr-11901	567	38	has	have	AUX
cblr-11901	567	39	been	be	AUX
cblr-11901	567	40	recommended	recommend	VERB
cblr-11901	567	41	by	by	ADP
cblr-11901	567	42	proponents	proponent	NOUN
cblr-11901	567	43	of	of	ADP
cblr-11901	567	44	greater	great	ADJ
cblr-11901	567	45	regulation	regulation	NOUN
cblr-11901	567	46	of	of	ADP
cblr-11901	567	47	fintech	fintech	NOUN
cblr-11901	567	48	entities.184	entities.184	NOUN
cblr-11901	567	49	licensing	licensing	NOUN
cblr-11901	567	50	and	and	CCONJ
cblr-11901	567	51	charters	charter	NOUN
cblr-11901	567	52	are	be	AUX
cblr-11901	567	53	used	use	VERB
cblr-11901	567	54	in	in	ADP
cblr-11901	567	55	a	a	DET
cblr-11901	567	56	variety	variety	NOUN
cblr-11901	567	57	of	of	ADP
cblr-11901	567	58	financial	financial	ADJ
cblr-11901	567	59	market	market	NOUN
cblr-11901	567	60	contexts	contexts	NOUN
cblr-11901	567	61	,	,	PUNCT
cblr-11901	567	62	allowing	allow	VERB
cblr-11901	567	63	federal	federal	ADJ
cblr-11901	567	64	agencies	agency	NOUN
cblr-11901	567	65	to	to	PART
cblr-11901	567	66	limit	limit	VERB
cblr-11901	567	67	access	access	NOUN
cblr-11901	567	68	to	to	ADP
cblr-11901	567	69	markets	market	NOUN
cblr-11901	567	70	while	while	SCONJ
cblr-11901	567	71	creating	create	VERB
cblr-11901	567	72	tailored	tailor	VERB
cblr-11901	567	73	regulatory	regulatory	ADJ
cblr-11901	567	74	requirements	requirement	NOUN
cblr-11901	567	75	for	for	ADP
cblr-11901	567	76	licensed	licensed	ADJ
cblr-11901	567	77	or	or	CCONJ
cblr-11901	567	78	chartered	charter	VERB
cblr-11901	567	79	entities.185	entities.185	NOUN
cblr-11901	567	80	licensing	licensing	NOUN
cblr-11901	567	81	allows	allow	VERB
cblr-11901	567	82	regulators	regulator	NOUN
cblr-11901	567	83	to	to	PART
cblr-11901	567	84	limit	limit	VERB
cblr-11901	567	85	investors	investor	NOUN
cblr-11901	567	86	in	in	ADP
cblr-11901	567	87	markets	market	NOUN
cblr-11901	567	88	deemed	deem	VERB
cblr-11901	567	89	too	too	ADV
cblr-11901	567	90	risky	risky	ADJ
cblr-11901	567	91	for	for	ADP
cblr-11901	567	92	the	the	DET
cblr-11901	567	93	general	general	ADJ
cblr-11901	567	94	population	population	NOUN
cblr-11901	567	95	based	base	VERB
cblr-11901	567	96	on	on	ADP
cblr-11901	567	97	some	some	DET
cblr-11901	567	98	set	set	VERB
cblr-11901	567	99	criteria	criterion	NOUN
cblr-11901	567	100	.	.	PUNCT
cblr-11901	568	1	for	for	ADP
cblr-11901	568	2	instance	instance	NOUN
cblr-11901	568	3	,	,	PUNCT
cblr-11901	568	4	the	the	DET
cblr-11901	568	5	“	"	PUNCT
cblr-11901	568	6	accredited	accredited	ADJ
cblr-11901	568	7	investors	investor	NOUN
cblr-11901	568	8	”	"	PUNCT
cblr-11901	568	9	regulations	regulation	NOUN
cblr-11901	568	10	limits	limit	VERB
cblr-11901	568	11	participation	participation	NOUN
cblr-11901	568	12	in	in	ADP
cblr-11901	568	13	certain	certain	ADJ
cblr-11901	568	14	private	private	ADJ
cblr-11901	568	15	offerings	offering	NOUN
cblr-11901	568	16	to	to	ADP
cblr-11901	568	17	investors	investor	NOUN
cblr-11901	568	18	who	who	PRON
cblr-11901	568	19	meet	meet	VERB
cblr-11901	568	20	certain	certain	ADJ
cblr-11901	568	21	requirements.186	requirements.186	PROPN
cblr-11901	568	22	this	this	DET
cblr-11901	568	23	approach	approach	NOUN
cblr-11901	568	24	allows	allow	VERB
cblr-11901	568	25	firms	firm	NOUN
cblr-11901	568	26	to	to	PART
cblr-11901	568	27	access	access	VERB
cblr-11901	568	28	financing	financing	NOUN
cblr-11901	568	29	while	while	SCONJ
cblr-11901	568	30	reducing	reduce	VERB
cblr-11901	568	31	regulatory	regulatory	ADJ
cblr-11901	568	32	burdens	burden	NOUN
cblr-11901	568	33	by	by	ADP
cblr-11901	568	34	limiting	limit	VERB
cblr-11901	568	35	access	access	NOUN
cblr-11901	568	36	to	to	ADP
cblr-11901	568	37	certain	certain	ADJ
cblr-11901	568	38	offerings	offering	NOUN
cblr-11901	568	39	to	to	ADP
cblr-11901	568	40	investors	investor	NOUN
cblr-11901	568	41	able	able	ADJ
cblr-11901	568	42	to	to	PART
cblr-11901	568	43	accept	accept	VERB
cblr-11901	568	44	mckx	mckx	NOUN
cblr-11901	568	45	]	]	PUNCT
cblr-11901	568	46	.	.	PUNCT
cblr-11901	569	1	a	a	DET
cblr-11901	569	2	similar	similar	ADJ
cblr-11901	569	3	approach	approach	NOUN
cblr-11901	569	4	in	in	ADP
cblr-11901	569	5	the	the	DET
cblr-11901	569	6	united	united	PROPN
cblr-11901	569	7	states	states	PROPN
cblr-11901	569	8	seems	seem	VERB
cblr-11901	569	9	unlikely	unlikely	ADJ
cblr-11901	569	10	,	,	PUNCT
cblr-11901	569	11	however	however	ADV
cblr-11901	569	12	,	,	PUNCT
cblr-11901	569	13	absent	absent	ADJ
cblr-11901	569	14	national	national	ADJ
cblr-11901	569	15	security	security	NOUN
cblr-11901	569	16	or	or	CCONJ
cblr-11901	569	17	other	other	ADJ
cblr-11901	569	18	non	non	ADJ
cblr-11901	569	19	-	-	ADJ
cblr-11901	569	20	financial	financial	ADJ
cblr-11901	569	21	risks	risk	NOUN
cblr-11901	569	22	.	.	PUNCT
cblr-11901	570	1	183	183	NUM
cblr-11901	570	2	of	of	ADP
cblr-11901	570	3	course	course	NOUN
cblr-11901	570	4	,	,	PUNCT
cblr-11901	570	5	there	there	PRON
cblr-11901	570	6	may	may	AUX
cblr-11901	570	7	be	be	AUX
cblr-11901	570	8	other	other	ADJ
cblr-11901	570	9	reasons	reason	NOUN
cblr-11901	570	10	to	to	PART
cblr-11901	570	11	ban	ban	VERB
cblr-11901	570	12	access	access	NOUN
cblr-11901	570	13	to	to	ADP
cblr-11901	570	14	given	give	VERB
cblr-11901	570	15	market	market	NOUN
cblr-11901	570	16	–	–	PUNCT
cblr-11901	570	17	namely	namely	ADV
cblr-11901	570	18	that	that	SCONJ
cblr-11901	570	19	the	the	DET
cblr-11901	570	20	product	product	NOUN
cblr-11901	570	21	financed	finance	VERB
cblr-11901	570	22	in	in	ADP
cblr-11901	570	23	the	the	DET
cblr-11901	570	24	market	market	NOUN
cblr-11901	570	25	is	be	AUX
cblr-11901	570	26	harmful	harmful	ADJ
cblr-11901	570	27	to	to	ADP
cblr-11901	570	28	particular	particular	ADJ
cblr-11901	570	29	groups	group	NOUN
cblr-11901	570	30	or	or	CCONJ
cblr-11901	570	31	other	other	ADJ
cblr-11901	570	32	governmental	governmental	ADJ
cblr-11901	570	33	policies	policy	NOUN
cblr-11901	570	34	.	.	PUNCT
cblr-11901	571	1	however	however	ADV
cblr-11901	571	2	,	,	PUNCT
cblr-11901	571	3	this	this	DET
cblr-11901	571	4	determination	determination	NOUN
cblr-11901	571	5	is	be	AUX
cblr-11901	571	6	likely	likely	ADJ
cblr-11901	571	7	something	something	PRON
cblr-11901	571	8	that	that	PRON
cblr-11901	571	9	a	a	DET
cblr-11901	571	10	separate	separate	ADJ
cblr-11901	571	11	regulatory	regulatory	ADJ
cblr-11901	571	12	agency	agency	NOUN
cblr-11901	571	13	,	,	PUNCT
cblr-11901	571	14	rather	rather	ADV
cblr-11901	571	15	than	than	ADP
cblr-11901	571	16	financial	financial	ADJ
cblr-11901	571	17	market	market	NOUN
cblr-11901	571	18	regulators	regulator	NOUN
cblr-11901	571	19	,	,	PUNCT
cblr-11901	571	20	would	would	AUX
cblr-11901	571	21	make	make	VERB
cblr-11901	571	22	.	.	PUNCT
cblr-11901	572	1	184	184	NUM
cblr-11901	572	2	saule	saule	PROPN
cblr-11901	572	3	t.	t.	PROPN
cblr-11901	572	4	omarova	omarova	PROPN
cblr-11901	572	5	,	,	PUNCT
cblr-11901	572	6	dealing	deal	VERB
cblr-11901	572	7	with	with	ADP
cblr-11901	572	8	disruption	disruption	NOUN
cblr-11901	572	9	:	:	PUNCT
cblr-11901	572	10	emerging	emerge	VERB
cblr-11901	572	11	approaches	approach	NOUN
cblr-11901	572	12	to	to	ADP
cblr-11901	572	13	fintech	fintech	NOUN
cblr-11901	572	14	regulation	regulation	NOUN
cblr-11901	572	15	,	,	PUNCT
cblr-11901	572	16	61	61	NUM
cblr-11901	572	17	wash	wash	NOUN
cblr-11901	572	18	.	.	PUNCT
cblr-11901	573	1	u.	u.	PROPN
cblr-11901	573	2	j.l	j.l	PROPN
cblr-11901	573	3	.	.	PROPN
cblr-11901	573	4	&	&	CCONJ
cblr-11901	573	5	pol’y	pol’y	NOUN
cblr-11901	573	6	41	41	NUM
cblr-11901	573	7	(	(	PUNCT
cblr-11901	573	8	2020	2020	NUM
cblr-11901	573	9	)	)	PUNCT
cblr-11901	573	10	.	.	PUNCT
cblr-11901	574	1	185	185	NUM
cblr-11901	574	2	omarova	omarova	NOUN
cblr-11901	574	3	,	,	PUNCT
cblr-11901	574	4	supra	supra	PROPN
cblr-11901	574	5	note	note	PROPN
cblr-11901	574	6	184	184	NUM
cblr-11901	574	7	,	,	PUNCT
cblr-11901	574	8	at	at	ADP
cblr-11901	574	9	42	42	NUM
cblr-11901	574	10	.	.	PUNCT
cblr-11901	575	1	186	186	NUM
cblr-11901	575	2	15	15	NUM
cblr-11901	575	3	u.s.c.a	u.s.c.a	PROPN
cblr-11901	575	4	.	.	PUNCT
cblr-11901	575	5	§	§	PROPN
cblr-11901	575	6	77d	77d	NOUN
cblr-11901	575	7	.	.	PUNCT
cblr-11901	576	1	see	see	VERB
cblr-11901	576	2	also	also	ADV
cblr-11901	576	3	christopher	christopher	PROPN
cblr-11901	576	4	r.	r.	PROPN
cblr-11901	576	5	zimmerman	zimmerman	PROPN
cblr-11901	576	6	,	,	PUNCT
cblr-11901	576	7	accredited	accredit	VERB
cblr-11901	576	8	investors	investor	NOUN
cblr-11901	576	9	:	:	PUNCT
cblr-11901	576	10	a	a	DET
cblr-11901	576	11	need	need	NOUN
cblr-11901	576	12	for	for	ADP
cblr-11901	576	13	increased	increase	VERB
cblr-11901	576	14	protection	protection	NOUN
cblr-11901	576	15	in	in	ADP
cblr-11901	576	16	private	private	ADJ
cblr-11901	576	17	offerings	offering	NOUN
cblr-11901	576	18	,	,	PUNCT
cblr-11901	576	19	114	114	NUM
cblr-11901	576	20	nw	nw	NOUN
cblr-11901	576	21	.	.	PUNCT
cblr-11901	576	22	u.	u.	PROPN
cblr-11901	576	23	l.	l.	PROPN
cblr-11901	576	24	rev	rev	PROPN
cblr-11901	576	25	.	.	PROPN
cblr-11901	576	26	507	507	NUM
cblr-11901	576	27	,	,	PUNCT
cblr-11901	576	28	509–10	509–10	X
cblr-11901	576	29	(	(	PUNCT
cblr-11901	576	30	2019	2019	NUM
cblr-11901	576	31	)	)	PUNCT
cblr-11901	576	32	;	;	PUNCT
cblr-11901	576	33	eaglesham	eaglesham	PROPN
cblr-11901	576	34	&	&	CCONJ
cblr-11901	576	35	jones	jones	PROPN
cblr-11901	576	36	,	,	PUNCT
cblr-11901	576	37	supra	supra	PROPN
cblr-11901	576	38	note	note	VERB
cblr-11901	576	39	200	200	NUM
cblr-11901	576	40	(	(	PUNCT
cblr-11901	576	41	reviewing	review	VERB
cblr-11901	576	42	the	the	DET
cblr-11901	576	43	growth	growth	NOUN
cblr-11901	576	44	of	of	ADP
cblr-11901	576	45	accredited	accredit	VERB
cblr-11901	576	46	investors	investor	NOUN
cblr-11901	576	47	to	to	ADP
cblr-11901	576	48	16	16	NUM
cblr-11901	576	49	million	million	NUM
cblr-11901	576	50	households	household	NOUN
cblr-11901	576	51	in	in	ADP
cblr-11901	576	52	2018	2018	NUM
cblr-11901	576	53	from	from	ADP
cblr-11901	576	54	only	only	ADV
cblr-11901	576	55	1.5	1.5	NUM
cblr-11901	576	56	million	million	NUM
cblr-11901	576	57	households	household	NOUN
cblr-11901	576	58	in	in	ADP
cblr-11901	576	59	1982	1982	NUM
cblr-11901	576	60	)	)	PUNCT
cblr-11901	576	61	.	.	PUNCT
cblr-11901	577	1	no	no	INTJ
cblr-11901	578	1	.	.	NOUN
cblr-11901	578	2	1	1	NUM
cblr-11901	578	3	]	]	PUNCT
cblr-11901	578	4	regulating	regulate	VERB
cblr-11901	578	5	democratized	democratized	ADJ
cblr-11901	578	6	finance	finance	NOUN
cblr-11901	578	7	531	531	NUM
cblr-11901	578	8	relatively	relatively	ADV
cblr-11901	578	9	higher	high	ADJ
cblr-11901	578	10	risks	risk	NOUN
cblr-11901	578	11	in	in	ADP
cblr-11901	578	12	this	this	DET
cblr-11901	578	13	market.187	market.187	PROPN
cblr-11901	578	14	chartering	chartering	NOUN
cblr-11901	578	15	,	,	PUNCT
cblr-11901	578	16	by	by	ADP
cblr-11901	578	17	contrast	contrast	NOUN
cblr-11901	578	18	,	,	PUNCT
cblr-11901	578	19	focuses	focus	VERB
cblr-11901	578	20	on	on	ADP
cblr-11901	578	21	the	the	DET
cblr-11901	578	22	enterprise.188	enterprise.188	ADJ
cblr-11901	578	23	charters	charter	NOUN
cblr-11901	578	24	,	,	PUNCT
cblr-11901	578	25	used	use	VERB
cblr-11901	578	26	in	in	ADP
cblr-11901	578	27	banking	banking	NOUN
cblr-11901	578	28	regulation	regulation	NOUN
cblr-11901	578	29	,	,	PUNCT
cblr-11901	578	30	authorize	authorize	VERB
cblr-11901	578	31	certain	certain	ADJ
cblr-11901	578	32	institutions	institution	NOUN
cblr-11901	578	33	to	to	PART
cblr-11901	578	34	operate	operate	VERB
cblr-11901	578	35	in	in	ADP
cblr-11901	578	36	a	a	DET
cblr-11901	578	37	market	market	NOUN
cblr-11901	578	38	subject	subject	NOUN
cblr-11901	578	39	to	to	ADP
cblr-11901	578	40	tailored	tailor	VERB
cblr-11901	578	41	regulations.189	regulations.189	NOUN
cblr-11901	578	42	some	some	DET
cblr-11901	578	43	bank	bank	NOUN
cblr-11901	578	44	regulators	regulator	NOUN
cblr-11901	578	45	such	such	ADJ
cblr-11901	578	46	as	as	ADP
cblr-11901	578	47	the	the	DET
cblr-11901	578	48	new	new	PROPN
cblr-11901	578	49	york	york	PROPN
cblr-11901	578	50	department	department	PROPN
cblr-11901	578	51	of	of	ADP
cblr-11901	578	52	financial	financial	ADJ
cblr-11901	578	53	services	service	NOUN
cblr-11901	578	54	proposed	propose	VERB
cblr-11901	578	55	expanding	expand	VERB
cblr-11901	578	56	charters	charter	NOUN
cblr-11901	578	57	to	to	PART
cblr-11901	578	58	fintech	fintech	VERB
cblr-11901	578	59	entities.190	entities.190	NOUN
cblr-11901	578	60	an	an	DET
cblr-11901	578	61	expansion	expansion	NOUN
cblr-11901	578	62	of	of	ADP
cblr-11901	578	63	this	this	DET
cblr-11901	578	64	approach	approach	NOUN
cblr-11901	578	65	to	to	PART
cblr-11901	578	66	cover	cover	VERB
cblr-11901	578	67	fintech	fintech	NOUN
cblr-11901	578	68	institutions	institution	NOUN
cblr-11901	578	69	or	or	CCONJ
cblr-11901	578	70	assets	asset	NOUN
cblr-11901	578	71	would	would	AUX
cblr-11901	578	72	allow	allow	VERB
cblr-11901	578	73	the	the	DET
cblr-11901	578	74	agency	agency	NOUN
cblr-11901	578	75	to	to	PART
cblr-11901	578	76	permit	permit	VERB
cblr-11901	578	77	only	only	ADV
cblr-11901	578	78	such	such	ADJ
cblr-11901	578	79	entities	entity	NOUN
cblr-11901	578	80	or	or	CCONJ
cblr-11901	578	81	products	product	NOUN
cblr-11901	578	82	deemed	deem	VERB
cblr-11901	578	83	to	to	PART
cblr-11901	578	84	benefit	benefit	VERB
cblr-11901	578	85	investors	investor	NOUN
cblr-11901	578	86	when	when	SCONJ
cblr-11901	578	87	subject	subject	ADJ
cblr-11901	578	88	to	to	ADP
cblr-11901	578	89	its	its	PRON
cblr-11901	578	90	regulations	regulation	NOUN
cblr-11901	578	91	.	.	PUNCT
cblr-11901	579	1	similar	similar	ADJ
cblr-11901	579	2	to	to	ADP
cblr-11901	579	3	banks	bank	NOUN
cblr-11901	579	4	,	,	PUNCT
cblr-11901	579	5	this	this	PRON
cblr-11901	579	6	may	may	AUX
cblr-11901	579	7	come	come	VERB
cblr-11901	579	8	alongside	alongside	ADP
cblr-11901	579	9	examination	examination	NOUN
cblr-11901	579	10	and	and	CCONJ
cblr-11901	579	11	other	other	ADJ
cblr-11901	579	12	specific	specific	ADJ
cblr-11901	579	13	requirements	requirement	NOUN
cblr-11901	579	14	to	to	PART
cblr-11901	579	15	avoid	avoid	VERB
cblr-11901	579	16	risks	risk	NOUN
cblr-11901	579	17	,	,	PUNCT
cblr-11901	579	18	such	such	ADJ
cblr-11901	579	19	as	as	ADP
cblr-11901	579	20	the	the	DET
cblr-11901	579	21	risks	risk	NOUN
cblr-11901	579	22	of	of	ADP
cblr-11901	579	23	runs	run	NOUN
cblr-11901	579	24	on	on	ADP
cblr-11901	579	25	assets	asset	NOUN
cblr-11901	579	26	,	,	PUNCT
cblr-11901	579	27	due	due	ADP
cblr-11901	579	28	to	to	ADP
cblr-11901	579	29	concerns	concern	NOUN
cblr-11901	579	30	about	about	ADP
cblr-11901	579	31	insufficient	insufficient	ADJ
cblr-11901	579	32	capital	capital	NOUN
cblr-11901	579	33	or	or	CCONJ
cblr-11901	579	34	fraud.191	fraud.191	NOUN
cblr-11901	579	35	both	both	DET
cblr-11901	579	36	chartering	charter	VERB
cblr-11901	579	37	and	and	CCONJ
cblr-11901	579	38	licensing	licensing	NOUN
cblr-11901	579	39	would	would	AUX
cblr-11901	579	40	limit	limit	VERB
cblr-11901	579	41	market	market	NOUN
cblr-11901	579	42	access	access	NOUN
cblr-11901	579	43	in	in	ADP
cblr-11901	579	44	a	a	DET
cblr-11901	579	45	more	more	ADV
cblr-11901	579	46	tailored	tailored	ADJ
cblr-11901	579	47	way	way	NOUN
cblr-11901	579	48	than	than	ADP
cblr-11901	579	49	outright	outright	ADJ
cblr-11901	579	50	bans	ban	NOUN
cblr-11901	579	51	.	.	PUNCT
cblr-11901	580	1	a	a	DET
cblr-11901	580	2	third	third	ADJ
cblr-11901	580	3	method	method	NOUN
cblr-11901	580	4	to	to	PART
cblr-11901	580	5	limit	limit	VERB
cblr-11901	580	6	market	market	NOUN
cblr-11901	580	7	access	access	NOUN
cblr-11901	580	8	is	be	AUX
cblr-11901	580	9	to	to	PART
cblr-11901	580	10	require	require	VERB
cblr-11901	580	11	the	the	DET
cblr-11901	580	12	use	use	NOUN
cblr-11901	580	13	of	of	ADP
cblr-11901	580	14	investment	investment	NOUN
cblr-11901	580	15	vehicles	vehicle	NOUN
cblr-11901	580	16	to	to	PART
cblr-11901	580	17	access	access	VERB
cblr-11901	580	18	certain	certain	ADJ
cblr-11901	580	19	asset	asset	NOUN
cblr-11901	580	20	classes	class	NOUN
cblr-11901	580	21	.	.	PUNCT
cblr-11901	581	1	investing	invest	VERB
cblr-11901	581	2	with	with	ADP
cblr-11901	581	3	larger	large	ADJ
cblr-11901	581	4	institutions	institution	NOUN
cblr-11901	581	5	remains	remain	VERB
cblr-11901	581	6	the	the	DET
cblr-11901	581	7	dominant	dominant	ADJ
cblr-11901	581	8	approach	approach	NOUN
cblr-11901	581	9	for	for	ADP
cblr-11901	581	10	retail	retail	ADJ
cblr-11901	581	11	investors	investor	NOUN
cblr-11901	581	12	to	to	PART
cblr-11901	581	13	access	access	VERB
cblr-11901	581	14	financial	financial	ADJ
cblr-11901	581	15	assets.192	assets.192	NOUN
cblr-11901	581	16	this	this	PRON
cblr-11901	581	17	has	have	AUX
cblr-11901	581	18	begun	begin	VERB
cblr-11901	581	19	to	to	PART
cblr-11901	581	20	shift	shift	VERB
cblr-11901	581	21	,	,	PUNCT
cblr-11901	581	22	however	however	ADV
cblr-11901	581	23	,	,	PUNCT
cblr-11901	581	24	as	as	SCONJ
cblr-11901	581	25	online	online	ADJ
cblr-11901	581	26	retail	retail	ADJ
cblr-11901	581	27	brokers	broker	NOUN
cblr-11901	581	28	reduce	reduce	VERB
cblr-11901	581	29	barriers	barrier	NOUN
cblr-11901	581	30	to	to	ADP
cblr-11901	581	31	direct	direct	VERB
cblr-11901	581	32	investing	investing	NOUN
cblr-11901	581	33	in	in	ADP
cblr-11901	581	34	stocks	stock	NOUN
cblr-11901	581	35	,	,	PUNCT
cblr-11901	581	36	digital	digital	ADJ
cblr-11901	581	37	assets	asset	NOUN
cblr-11901	581	38	and	and	CCONJ
cblr-11901	581	39	other	other	ADJ
cblr-11901	581	40	financial	financial	ADJ
cblr-11901	581	41	instruments.193	instruments.193	NOUN
cblr-11901	581	42	this	this	DET
cblr-11901	581	43	approach	approach	NOUN
cblr-11901	581	44	would	would	AUX
cblr-11901	581	45	aim	aim	VERB
cblr-11901	581	46	to	to	PART
cblr-11901	581	47	reverse	reverse	VERB
cblr-11901	581	48	that	that	DET
cblr-11901	581	49	trend	trend	NOUN
cblr-11901	581	50	by	by	ADP
cblr-11901	581	51	allowing	allow	VERB
cblr-11901	581	52	retail	retail	ADJ
cblr-11901	581	53	investors	investor	NOUN
cblr-11901	581	54	access	access	NOUN
cblr-11901	581	55	to	to	ADP
cblr-11901	581	56	certain	certain	ADJ
cblr-11901	581	57	types	type	NOUN
cblr-11901	581	58	187	187	NUM
cblr-11901	581	59	see	see	NOUN
cblr-11901	581	60	zimmerman	zimmerman	PROPN
cblr-11901	581	61	,	,	PUNCT
cblr-11901	581	62	supra	supra	PROPN
cblr-11901	581	63	note	note	NOUN
cblr-11901	581	64	186	186	NUM
cblr-11901	581	65	,	,	PUNCT
cblr-11901	581	66	at	at	ADP
cblr-11901	581	67	509–10	509–10	NOUN
cblr-11901	581	68	;	;	PUNCT
cblr-11901	581	69	what	what	PRON
cblr-11901	581	70	is	be	AUX
cblr-11901	581	71	an	an	DET
cblr-11901	581	72	accredited	accredited	ADJ
cblr-11901	581	73	investor	investor	NOUN
cblr-11901	581	74	?	?	PUNCT
cblr-11901	581	75	,	,	PUNCT
cblr-11901	581	76	carta	carta	PROPN
cblr-11901	581	77	(	(	PUNCT
cblr-11901	581	78	mar	mar	PROPN
cblr-11901	581	79	.	.	PROPN
cblr-11901	581	80	28	28	NUM
cblr-11901	581	81	,	,	PUNCT
cblr-11901	581	82	2022	2022	NUM
cblr-11901	581	83	)	)	PUNCT
cblr-11901	581	84	,	,	PUNCT
cblr-11901	581	85	https://carta.com/blog/accredited-investorrule/	https://carta.com/blog/accredited-investorrule/	NOUN
cblr-11901	581	86	[	[	X
cblr-11901	581	87	https://perma.cc/n7jb-aa8e	https://perma.cc/n7jb-aa8e	X
cblr-11901	581	88	]	]	PUNCT
cblr-11901	581	89	;	;	PUNCT
cblr-11901	581	90	see	see	VERB
cblr-11901	581	91	also	also	ADV
cblr-11901	581	92	matt	matt	PROPN
cblr-11901	581	93	levine	levine	PROPN
cblr-11901	581	94	,	,	PUNCT
cblr-11901	581	95	opinion	opinion	NOUN
cblr-11901	581	96	,	,	PUNCT
cblr-11901	581	97	earning	earn	VERB
cblr-11901	581	98	the	the	DET
cblr-11901	581	99	right	right	NOUN
cblr-11901	581	100	to	to	PART
cblr-11901	581	101	get	get	AUX
cblr-11901	581	102	swindled	swindle	VERB
cblr-11901	581	103	,	,	PUNCT
cblr-11901	581	104	bloomberg	bloomberg	PROPN
cblr-11901	581	105	(	(	PUNCT
cblr-11901	581	106	sept	sept	PROPN
cblr-11901	581	107	.	.	PROPN
cblr-11901	581	108	24	24	NUM
cblr-11901	581	109	,	,	PUNCT
cblr-11901	581	110	2018	2018	NUM
cblr-11901	581	111	)	)	PUNCT
cblr-11901	581	112	https://www.bloomberg.com/opinion/articles/2018-09-24/earning-the-rightto-get-swindled	https://www.bloomberg.com/opinion/articles/2018-09-24/earning-the-rightto-get-swindle	VERB
cblr-11901	582	1	[	[	X
cblr-11901	582	2	https://perma.cc/77lu-t694	https://perma.cc/77lu-t694	X
cblr-11901	582	3	]	]	PUNCT
cblr-11901	582	4	(	(	PUNCT
cblr-11901	582	5	reviewing	review	VERB
cblr-11901	582	6	the	the	DET
cblr-11901	582	7	growth	growth	NOUN
cblr-11901	582	8	of	of	ADP
cblr-11901	582	9	accredited	accredit	VERB
cblr-11901	582	10	investors	investor	NOUN
cblr-11901	582	11	and	and	CCONJ
cblr-11901	582	12	critiquing	critique	VERB
cblr-11901	582	13	the	the	DET
cblr-11901	582	14	exemption	exemption	NOUN
cblr-11901	582	15	methodology	methodology	NOUN
cblr-11901	582	16	)	)	PUNCT
cblr-11901	582	17	.	.	PUNCT
cblr-11901	583	1	188	188	NUM
cblr-11901	583	2	this	this	DET
cblr-11901	583	3	charter	charter	NOUN
cblr-11901	583	4	-	-	PUNCT
cblr-11901	583	5	based	base	VERB
cblr-11901	583	6	approach	approach	NOUN
cblr-11901	583	7	has	have	AUX
cblr-11901	583	8	been	be	AUX
cblr-11901	583	9	proposed	propose	VERB
cblr-11901	583	10	by	by	ADP
cblr-11901	583	11	professor	professor	PROPN
cblr-11901	583	12	saule	saule	PROPN
cblr-11901	583	13	omarova	omarova	PROPN
cblr-11901	583	14	in	in	ADP
cblr-11901	583	15	the	the	DET
cblr-11901	583	16	context	context	NOUN
cblr-11901	583	17	of	of	ADP
cblr-11901	583	18	fintech	fintech	NOUN
cblr-11901	583	19	institutions	institution	NOUN
cblr-11901	583	20	.	.	PUNCT
cblr-11901	584	1	professor	professor	NOUN
cblr-11901	584	2	omarova	omarova	PROPN
cblr-11901	584	3	also	also	ADV
cblr-11901	584	4	reviews	review	VERB
cblr-11901	584	5	the	the	DET
cblr-11901	584	6	proposed	propose	VERB
cblr-11901	584	7	use	use	NOUN
cblr-11901	584	8	of	of	ADP
cblr-11901	584	9	such	such	ADJ
cblr-11901	584	10	charters	charter	NOUN
cblr-11901	584	11	by	by	ADP
cblr-11901	584	12	the	the	DET
cblr-11901	584	13	occ	occ	NOUN
cblr-11901	584	14	and	and	CCONJ
cblr-11901	584	15	the	the	DET
cblr-11901	584	16	ny	ny	PROPN
cblr-11901	584	17	dfs	dfs	PROPN
cblr-11901	584	18	.	.	PROPN
cblr-11901	585	1	see	see	VERB
cblr-11901	585	2	omarova	omarova	PROPN
cblr-11901	585	3	,	,	PUNCT
cblr-11901	585	4	supra	supra	PROPN
cblr-11901	585	5	note	note	PROPN
cblr-11901	585	6	184	184	NUM
cblr-11901	585	7	,	,	PUNCT
cblr-11901	585	8	at	at	ADP
cblr-11901	585	9	41–45	41–45	NUM
cblr-11901	585	10	.	.	PUNCT
cblr-11901	586	1	189	189	NUM
cblr-11901	587	1	i	i	PRON
cblr-11901	587	2	d.	d.	PROPN
cblr-11901	587	3	at	at	ADP
cblr-11901	587	4	42	42	NUM
cblr-11901	587	5	.	.	PUNCT
cblr-11901	588	1	190	190	NUM
cblr-11901	589	1	i	i	PRON
cblr-11901	589	2	d.	d.	PROPN
cblr-11901	589	3	at	at	ADP
cblr-11901	589	4	45	45	NUM
cblr-11901	589	5	.	.	SYM
cblr-11901	589	6	191	191	NUM
cblr-11901	589	7	see	see	VERB
cblr-11901	589	8	supra	supra	PROPN
cblr-11901	589	9	section	section	NOUN
cblr-11901	589	10	iii.a.2	iii.a.2	PROPN
cblr-11901	589	11	(	(	PUNCT
cblr-11901	589	12	reviewing	review	VERB
cblr-11901	589	13	the	the	DET
cblr-11901	589	14	risk	risk	NOUN
cblr-11901	589	15	of	of	ADP
cblr-11901	589	16	runs	run	NOUN
cblr-11901	589	17	on	on	ADP
cblr-11901	589	18	assets	asset	NOUN
cblr-11901	589	19	in	in	ADP
cblr-11901	589	20	the	the	DET
cblr-11901	589	21	cryptocurrency	cryptocurrency	NOUN
cblr-11901	589	22	context	context	NOUN
cblr-11901	589	23	)	)	PUNCT
cblr-11901	589	24	.	.	PUNCT
cblr-11901	590	1	192	192	NUM
cblr-11901	590	2	barr	barr	PROPN
cblr-11901	590	3	et	et	PROPN
cblr-11901	590	4	al	al	PROPN
cblr-11901	590	5	.	.	PROPN
cblr-11901	590	6	,	,	PUNCT
cblr-11901	590	7	supra	supra	PROPN
cblr-11901	590	8	note	note	PROPN
cblr-11901	590	9	143	143	NUM
cblr-11901	590	10	,	,	PUNCT
cblr-11901	590	11	at	at	ADP
cblr-11901	590	12	581	581	NUM
cblr-11901	590	13	.	.	NUM
cblr-11901	590	14	193	193	NUM
cblr-11901	591	1	i	i	PROPN
cblr-11901	591	2	d.	d.	PROPN
cblr-11901	591	3	532	532	NUM
cblr-11901	591	4	columbia	columbia	PROPN
cblr-11901	591	5	business	business	NOUN
cblr-11901	591	6	law	law	PROPN
cblr-11901	591	7	review	review	NOUN
cblr-11901	591	8	[	[	X
cblr-11901	591	9	vol	vol	NOUN
cblr-11901	591	10	.	.	PUNCT
cblr-11901	591	11	2023	2023	NUM
cblr-11901	591	12	of	of	ADP
cblr-11901	591	13	assets	asset	NOUN
cblr-11901	591	14	only	only	ADV
cblr-11901	591	15	when	when	SCONJ
cblr-11901	591	16	they	they	PRON
cblr-11901	591	17	invest	invest	VERB
cblr-11901	591	18	through	through	ADP
cblr-11901	591	19	authorized	authorize	VERB
cblr-11901	591	20	institutional	institutional	ADJ
cblr-11901	591	21	investment	investment	NOUN
cblr-11901	591	22	vehicles	vehicle	NOUN
cblr-11901	591	23	.	.	PUNCT
cblr-11901	592	1	this	this	PRON
cblr-11901	592	2	may	may	AUX
cblr-11901	592	3	reduce	reduce	VERB
cblr-11901	592	4	risks	risk	NOUN
cblr-11901	592	5	to	to	ADP
cblr-11901	592	6	investors	investor	NOUN
cblr-11901	592	7	based	base	VERB
cblr-11901	592	8	on	on	ADP
cblr-11901	592	9	a	a	DET
cblr-11901	592	10	market	market	NOUN
cblr-11901	592	11	’s	’s	PART
cblr-11901	592	12	structure	structure	NOUN
cblr-11901	592	13	creating	create	VERB
cblr-11901	592	14	unfairness	unfairness	NOUN
cblr-11901	592	15	between	between	ADP
cblr-11901	592	16	smaller	small	ADJ
cblr-11901	592	17	retail	retail	ADJ
cblr-11901	592	18	investors	investor	NOUN
cblr-11901	592	19	and	and	CCONJ
cblr-11901	592	20	larger	large	ADJ
cblr-11901	592	21	institutional	institutional	ADJ
cblr-11901	592	22	investors	investor	NOUN
cblr-11901	592	23	.	.	PUNCT
cblr-11901	593	1	the	the	DET
cblr-11901	593	2	downside	downside	NOUN
cblr-11901	593	3	to	to	ADP
cblr-11901	593	4	this	this	DET
cblr-11901	593	5	approach	approach	NOUN
cblr-11901	593	6	,	,	PUNCT
cblr-11901	593	7	however	however	ADV
cblr-11901	593	8	,	,	PUNCT
cblr-11901	593	9	is	be	AUX
cblr-11901	593	10	that	that	SCONJ
cblr-11901	593	11	it	it	PRON
cblr-11901	593	12	relies	rely	VERB
cblr-11901	593	13	on	on	ADP
cblr-11901	593	14	larger	large	ADJ
cblr-11901	593	15	institutions	institution	NOUN
cblr-11901	593	16	whose	whose	DET
cblr-11901	593	17	interests	interest	NOUN
cblr-11901	593	18	may	may	AUX
cblr-11901	593	19	diverge	diverge	VERB
cblr-11901	593	20	from	from	ADP
cblr-11901	593	21	the	the	DET
cblr-11901	593	22	retail	retail	ADJ
cblr-11901	593	23	investors	investor	NOUN
cblr-11901	593	24	.	.	PUNCT
cblr-11901	594	1	reducing	reduce	VERB
cblr-11901	594	2	the	the	DET
cblr-11901	594	3	potential	potential	NOUN
cblr-11901	594	4	for	for	ADP
cblr-11901	594	5	misaligned	misaligned	ADJ
cblr-11901	594	6	incentives	incentive	NOUN
cblr-11901	594	7	would	would	AUX
cblr-11901	594	8	likely	likely	ADV
cblr-11901	594	9	require	require	VERB
cblr-11901	594	10	additional	additional	ADJ
cblr-11901	594	11	regulations	regulation	NOUN
cblr-11901	594	12	relating	relate	VERB
cblr-11901	594	13	to	to	ADP
cblr-11901	594	14	the	the	DET
cblr-11901	594	15	relationship	relationship	NOUN
cblr-11901	594	16	between	between	ADP
cblr-11901	594	17	investors	investor	NOUN
cblr-11901	594	18	and	and	CCONJ
cblr-11901	594	19	institutions	institution	NOUN
cblr-11901	594	20	.	.	PUNCT
cblr-11901	595	1	in	in	ADP
cblr-11901	595	2	sum	sum	NOUN
cblr-11901	595	3	,	,	PUNCT
cblr-11901	595	4	this	this	DET
cblr-11901	595	5	section	section	NOUN
cblr-11901	595	6	considered	consider	VERB
cblr-11901	595	7	a	a	DET
cblr-11901	595	8	framework	framework	NOUN
cblr-11901	595	9	to	to	PART
cblr-11901	595	10	guide	guide	VERB
cblr-11901	595	11	how	how	SCONJ
cblr-11901	595	12	regulators	regulator	NOUN
cblr-11901	595	13	may	may	AUX
cblr-11901	595	14	limit	limit	VERB
cblr-11901	595	15	market	market	NOUN
cblr-11901	595	16	access	access	NOUN
cblr-11901	595	17	by	by	ADP
cblr-11901	595	18	reviewing	review	VERB
cblr-11901	595	19	such	such	ADJ
cblr-11901	595	20	restrictions	restriction	NOUN
cblr-11901	595	21	’	'	PUNCT
cblr-11901	595	22	potential	potential	ADJ
cblr-11901	595	23	justifications	justification	NOUN
cblr-11901	595	24	,	,	PUNCT
cblr-11901	595	25	risks	risk	NOUN
cblr-11901	595	26	,	,	PUNCT
cblr-11901	595	27	alternatives	alternative	NOUN
cblr-11901	595	28	,	,	PUNCT
cblr-11901	595	29	and	and	CCONJ
cblr-11901	595	30	methods	method	NOUN
cblr-11901	595	31	.	.	PUNCT
cblr-11901	596	1	considering	consider	VERB
cblr-11901	596	2	such	such	DET
cblr-11901	596	3	a	a	DET
cblr-11901	596	4	framework	framework	NOUN
cblr-11901	596	5	for	for	ADP
cblr-11901	596	6	when	when	SCONJ
cblr-11901	596	7	such	such	ADJ
cblr-11901	596	8	restrictions	restriction	NOUN
cblr-11901	596	9	are	be	AUX
cblr-11901	596	10	appropriate	appropriate	ADJ
cblr-11901	596	11	may	may	AUX
cblr-11901	596	12	provide	provide	VERB
cblr-11901	596	13	guidance	guidance	NOUN
cblr-11901	596	14	to	to	ADP
cblr-11901	596	15	regulators	regulator	NOUN
cblr-11901	596	16	and	and	CCONJ
cblr-11901	596	17	more	more	ADJ
cblr-11901	596	18	certainty	certainty	NOUN
cblr-11901	596	19	for	for	ADP
cblr-11901	596	20	market	market	NOUN
cblr-11901	596	21	participants	participant	NOUN
cblr-11901	596	22	as	as	ADP
cblr-11901	596	23	barriers	barrier	NOUN
cblr-11901	596	24	to	to	ADP
cblr-11901	596	25	entry	entry	NOUN
cblr-11901	596	26	on	on	ADP
cblr-11901	596	27	financial	financial	ADJ
cblr-11901	596	28	markets	market	NOUN
cblr-11901	596	29	continue	continue	VERB
cblr-11901	596	30	to	to	PART
cblr-11901	596	31	decrease	decrease	VERB
cblr-11901	596	32	.	.	PUNCT
cblr-11901	597	1	v.	v.	ADP
cblr-11901	597	2	conclusion	conclusion	NOUN
cblr-11901	597	3	financial	financial	ADJ
cblr-11901	597	4	regulators	regulator	NOUN
cblr-11901	597	5	are	be	AUX
cblr-11901	597	6	consistently	consistently	ADV
cblr-11901	597	7	required	require	VERB
cblr-11901	597	8	to	to	PART
cblr-11901	597	9	respond	respond	VERB
cblr-11901	597	10	to	to	ADP
cblr-11901	597	11	new	new	ADJ
cblr-11901	597	12	market	market	NOUN
cblr-11901	597	13	structure	structure	NOUN
cblr-11901	597	14	and	and	CCONJ
cblr-11901	597	15	technological	technological	ADJ
cblr-11901	597	16	developments	development	NOUN
cblr-11901	597	17	.	.	PUNCT
cblr-11901	598	1	at	at	ADP
cblr-11901	598	2	times	time	NOUN
cblr-11901	598	3	,	,	PUNCT
cblr-11901	598	4	an	an	DET
cblr-11901	598	5	agency	agency	NOUN
cblr-11901	598	6	may	may	AUX
cblr-11901	598	7	do	do	VERB
cblr-11901	598	8	so	so	ADV
cblr-11901	598	9	using	use	VERB
cblr-11901	598	10	its	its	PRON
cblr-11901	598	11	existing	exist	VERB
cblr-11901	598	12	regulatory	regulatory	ADJ
cblr-11901	598	13	authority	authority	NOUN
cblr-11901	598	14	.	.	PUNCT
cblr-11901	599	1	the	the	DET
cblr-11901	599	2	sec	sec	PROPN
cblr-11901	599	3	has	have	AUX
cblr-11901	599	4	,	,	PUNCT
cblr-11901	599	5	throughout	throughout	ADP
cblr-11901	599	6	its	its	PRON
cblr-11901	599	7	history	history	NOUN
cblr-11901	599	8	,	,	PUNCT
cblr-11901	599	9	applied	apply	VERB
cblr-11901	599	10	authority	authority	NOUN
cblr-11901	599	11	granted	grant	VERB
cblr-11901	599	12	the	the	DET
cblr-11901	599	13	agency	agency	NOUN
cblr-11901	599	14	in	in	ADP
cblr-11901	599	15	the	the	DET
cblr-11901	599	16	1930s	1930	NOUN
cblr-11901	599	17	to	to	ADP
cblr-11901	599	18	new	new	ADJ
cblr-11901	599	19	developments	development	NOUN
cblr-11901	599	20	.	.	PUNCT
cblr-11901	600	1	at	at	ADP
cblr-11901	600	2	other	other	ADJ
cblr-11901	600	3	times	time	NOUN
cblr-11901	600	4	,	,	PUNCT
cblr-11901	600	5	new	new	ADJ
cblr-11901	600	6	regulations	regulation	NOUN
cblr-11901	600	7	and	and	CCONJ
cblr-11901	600	8	new	new	ADJ
cblr-11901	600	9	grants	grant	NOUN
cblr-11901	600	10	of	of	ADP
cblr-11901	600	11	authority	authority	NOUN
cblr-11901	600	12	are	be	AUX
cblr-11901	600	13	necessary	necessary	ADJ
cblr-11901	600	14	.	.	PUNCT
cblr-11901	601	1	congress	congress	PROPN
cblr-11901	601	2	has	have	AUX
cblr-11901	601	3	often	often	ADV
cblr-11901	601	4	amended	amend	VERB
cblr-11901	601	5	agencies	agency	NOUN
cblr-11901	601	6	’	'	PUNCT
cblr-11901	601	7	regulatory	regulatory	ADJ
cblr-11901	601	8	authority	authority	NOUN
cblr-11901	601	9	to	to	PART
cblr-11901	601	10	allow	allow	VERB
cblr-11901	601	11	the	the	DET
cblr-11901	601	12	agency	agency	NOUN
cblr-11901	601	13	to	to	PART
cblr-11901	601	14	respond	respond	VERB
cblr-11901	601	15	to	to	ADP
cblr-11901	601	16	changes	change	NOUN
cblr-11901	601	17	in	in	ADP
cblr-11901	601	18	market	market	NOUN
cblr-11901	601	19	dynamics	dynamic	NOUN
cblr-11901	601	20	.	.	PUNCT
cblr-11901	602	1	both	both	DET
cblr-11901	602	2	approaches	approach	NOUN
cblr-11901	602	3	are	be	AUX
cblr-11901	602	4	on	on	ADP
cblr-11901	602	5	display	display	NOUN
cblr-11901	602	6	as	as	SCONJ
cblr-11901	602	7	the	the	DET
cblr-11901	602	8	sec	sec	PROPN
cblr-11901	602	9	has	have	AUX
cblr-11901	602	10	regulated	regulate	VERB
cblr-11901	602	11	cryptocurrencies	cryptocurrencie	NOUN
cblr-11901	602	12	and	and	CCONJ
cblr-11901	602	13	online	online	ADJ
cblr-11901	602	14	retail	retail	ADJ
cblr-11901	602	15	broker	broker	NOUN
cblr-11901	602	16	-	-	PUNCT
cblr-11901	602	17	dealers	dealer	NOUN
cblr-11901	602	18	.	.	PUNCT
cblr-11901	603	1	fintech	fintech	NOUN
cblr-11901	603	2	’s	’s	PART
cblr-11901	603	3	continued	continue	VERB
cblr-11901	603	4	reduction	reduction	NOUN
cblr-11901	603	5	to	to	ADP
cblr-11901	603	6	barriers	barrier	NOUN
cblr-11901	603	7	to	to	ADP
cblr-11901	603	8	access	access	NOUN
cblr-11901	603	9	presents	present	VERB
cblr-11901	603	10	new	new	ADJ
cblr-11901	603	11	concerns	concern	NOUN
cblr-11901	603	12	for	for	ADP
cblr-11901	603	13	financial	financial	ADJ
cblr-11901	603	14	market	market	NOUN
cblr-11901	603	15	regulators	regulator	NOUN
cblr-11901	603	16	.	.	PUNCT
cblr-11901	604	1	in	in	ADP
cblr-11901	604	2	addition	addition	NOUN
cblr-11901	604	3	to	to	ADP
cblr-11901	604	4	considering	consider	VERB
cblr-11901	604	5	whether	whether	SCONJ
cblr-11901	604	6	to	to	PART
cblr-11901	604	7	apply	apply	VERB
cblr-11901	604	8	existing	exist	VERB
cblr-11901	604	9	regulations	regulation	NOUN
cblr-11901	604	10	or	or	CCONJ
cblr-11901	604	11	develop	develop	VERB
cblr-11901	604	12	new	new	ADJ
cblr-11901	604	13	regulatory	regulatory	ADJ
cblr-11901	604	14	structures	structure	NOUN
cblr-11901	604	15	,	,	PUNCT
cblr-11901	604	16	fintech	fintech	NOUN
cblr-11901	604	17	may	may	AUX
cblr-11901	604	18	also	also	ADV
cblr-11901	604	19	lead	lead	VERB
cblr-11901	604	20	to	to	ADP
cblr-11901	604	21	reconsiderations	reconsideration	NOUN
cblr-11901	604	22	about	about	ADP
cblr-11901	604	23	how	how	SCONJ
cblr-11901	604	24	and	and	CCONJ
cblr-11901	604	25	whether	whether	SCONJ
cblr-11901	604	26	to	to	PART
cblr-11901	604	27	promote	promote	VERB
cblr-11901	604	28	market	market	NOUN
cblr-11901	604	29	access	access	NOUN
cblr-11901	604	30	across	across	ADP
cblr-11901	604	31	investor	investor	NOUN
cblr-11901	604	32	classes	class	NOUN
cblr-11901	604	33	.	.	PUNCT
cblr-11901	605	1	in	in	ADP
cblr-11901	605	2	considering	consider	VERB
cblr-11901	605	3	both	both	CCONJ
cblr-11901	605	4	challenges	challenge	NOUN
cblr-11901	605	5	,	,	PUNCT
cblr-11901	605	6	now	now	ADV
cblr-11901	605	7	is	be	AUX
cblr-11901	605	8	an	an	DET
cblr-11901	605	9	opportune	opportune	ADJ
cblr-11901	605	10	time	time	NOUN
cblr-11901	605	11	to	to	PART
cblr-11901	605	12	consider	consider	VERB
cblr-11901	605	13	frameworks	framework	NOUN
cblr-11901	605	14	that	that	PRON
cblr-11901	605	15	may	may	AUX
cblr-11901	605	16	provide	provide	VERB
cblr-11901	605	17	a	a	DET
cblr-11901	605	18	better	well	ADJ
cblr-11901	605	19	understanding	understanding	NOUN
cblr-11901	605	20	of	of	ADP
cblr-11901	605	21	how	how	SCONJ
cblr-11901	605	22	regulators	regulator	NOUN
cblr-11901	605	23	approach	approach	VERB
cblr-11901	605	24	new	new	ADJ
cblr-11901	605	25	regulations	regulation	NOUN
cblr-11901	605	26	for	for	ADP
cblr-11901	605	27	financial	financial	ADJ
cblr-11901	605	28	market	market	NOUN
cblr-11901	605	29	innovations	innovation	NOUN
cblr-11901	605	30	and	and	CCONJ
cblr-11901	605	31	democratized	democratize	VERB
cblr-11901	605	32	finance	finance	NOUN
cblr-11901	605	33	.	.	PUNCT