A Libertarian think tank has taken aim at the U.S. Securities and Exchange Commission’s approach to cryptocurrency, claiming that the agency’s moves to rein in a crypto-bubble could stifle innovation and block access to middle-class investors.

In a white paper released Thursday titled “Cryptocurrency and the SEC’s Limitless Power Grab: Why Speculative Consumer Goods Are Not ‘Securities,’” John Berlau, a senior fellow at the Competitive Enterprise Institute, claims blockchain and cryptocurrency innovations have the potential to be as transformative as the internet. But Berlau cautioned that innovation could “come to a screeching halt under the weight of burdensome regulation.”

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