While the previous Chapter explores the origins of cryptography and explains the functional features of Blockchain, this Chapter provides a robust discussion of the various legal challenges and arguments surrounding this novel technology. While self-regulating markets have some desirable aspects, the anonymous or pseudonymous feature of cryptocurrency has its drawbacks which can lead to more fraud and corruption if left completely unchecked. Primarily, this Chapter focuses on administrative law implications and addresses the question of who could (and should) regulate cryptocurrency markets. The answer depends on how digital assets are classified. For example, if the digital asset is labelled a security, it will fall under the regulatory authority of the SEC but will be limited by the Supreme Court’s decision in SEC v. Howey. Further, this Chapter analyzes the constitutional implications of cryptocurrency–do people have a constitutional right to privacy when making financial transactions? This Chapter discusses the various constitutional rights that may be implicated and the arguments that may be used in future litigation.