Cryptocurrency’s categorical vocabulary has expanded faster than the public’s understanding of its products and infrastructure. Bitcoin and other crypto assets, stablecoins, tokenized bank deposits, tokenized securities and central bank digital currencies (CBDCs) are routinely grouped under the loose heading of digital assets, despite representing different claims, risks and use cases. Some are speculative assets. Some are payment instruments. Some are conventional financial products recorded on new infrastructure, while still others remain government research projects rather than products…