14% of the US population own cryptocurrency, as estimated in May 2021 by Gemini, a cryptocurrency exchange. But, despite the increasing popularity of cryptocurrency among both individuals and institutions, US regulatory guidance has been limited on the legal classification of cryptocurrency. Kimmelman v. Wayne Insurance Group brought to light that the US government’s lack of regulatory guidance on cryptocurrency may have created a silent property exposure, particularly for homeowners insurers. As cryptocurrency continues to grow in popularity, the size of this potential “Silent Crypto” exposure could be growing as well.
Click to read full report CRYPTO- 2021 Vol 7 2