In the face of market failure, coase has given the opposite answer: external-utility problems can be solved by explicitly using the market, without government intervention. And zhang wuchang is more absolute, he said that there is no so-called external utility, there is only unclear property rights. Anyway, coase brought revolutionary innovation to market concepts. He made it clear that the key to the market was not the "price mechanism" of impersonal machinery, but the power of participants in economic activity. India's bitcoin exchange has set up a self-regulating organization that sets standards for KYC and AML standards, as local regulators are unclear about the industry's management and guidance. Earlier this month, India's central bank issued a warning against investments or use of cryptocurrencies such as bitcoin. In mid-november, India's Supreme Court has urged government authorities to regulate bitcoin, as it sought to clarify the legal status of bitcoin in India. Michael Zezas, an analyst at Morgan Stanley, also said the tax legislation would be a boon to the market in the short term, but may not be able to make fundamental changes. The current flattening of the us Treasury yield curve shows that the medium-term slowdown in the us economy and the recession of 2019 are not going away. A tax reform would widen the fiscal deficit, possibly in the future and exacerbate cyclical risks in the economy.