Financial regulation grows most vigorously in the shadow of a crisis. Many crypto infrastructure providers are currently in that shadow. The paradigmatic example is the FTX group, a collection of companies including several self-clearing exchanges and a proprietary trading firm. Much of the group recently filed for bankruptcy.
This has not created stress nearly as intense as the failure of Lehman Brothers in 2008, but it has generated a sufficiently loud call to action that new market
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