FTX collapse shows need to regulate crypto - BoE

FTX, which has filed for US bankruptcy court protection, has said it owes its 50 biggest creditors nearly $3.1 billion.

He added that FTX's woes highlighted the need for regulators to put in place tighter controls as quickly as possible."We should not wait until it is large and connected to develop the regulatory frameworks necessary to prevent a crypto shock that could have a much greater destabilising impact," Cunliffe told a Warwick Business School event.

Cunliffe said the Bank of England will set out a public consultation to flesh out rules for stablecoins in more detail and on how coinholders' claims on the issuer and wallets should be structured to deliver redemption at par in line with commercial bank money.

Separately, the Bank of England and finance ministry are looking at the potential for a digital pound.

Source: Digital Coin News (digitalcoinnews.net)

How do you regulate a fraud?

Can you regulate defi though - does it even need to be regulated

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