By Jurica Dujmovic

The debate over whether crypto can serve as legitimate collateral is over.

BlackRock and Bank of New York Mellon settled it with the tokenized shares of BackRock’s Treasury Trust fund. And recently, even Uncle Sam — via Fannie Mae — accepted the decision, allowing Bitcoin (BTC, “B+”) to be used as collateral for a mortgage downpayment.

Even Moody’s has jumped on board. As of last month, it is now the first credit rating agency to bring independent credit analysis to infrastructure on the blockchain.

Now a more consequential question is taking shape …

Who gets to define what collateral is?

Washington took a swing at answering it last year … and only made things more…