The rise of cryptocurrency as a new asset class poses significant challenges to financial regulators around the world. While regulators strive to protect consumers and investors from fraud, they are simultaneously faced with the dilemma of how to regulate an arguably groundbreaking technology in a way that does not cause their jurisdiction to fall detrimentally behind in its adoption. Together with the rise of cryptocurrency as an asset class has emerged a new vehicle with which to trade and invest in cryptocurrencies, namely cryptocurrency investment funds. Regulators around the world are now faced with challenging questions as to how cryptocurrency investment funds fit within existing private investment fund and investment management regulatory frameworks. Given the decentralized and transnational nature of cryptocurrency, cross-border regulatory cooperation and harmonization in this area is vital. This research will examine how cryptocurrency investment funds fit within and challenge existing regulatory frameworks within the U.S. and European Union.  It will explore how regulators in these jurisdictions can fulfill and strengthen their investor protection mandates in the cryptocurrency investment fund context, while cautiously embracing some of the opportunities presented by its underpinning technology.”