The FTX_Official collapse has given more ammunition to TradFi players who want tougher global crypto rules, a response to a recent Financial Stability Board consultation shows. jackschickler reports
, the turbulent year in crypto has only given extra grist to the mill of TradFi players who want crypto actors to play by the same rules.
“Given recent market developments in the crypto-asset ecosystem and the uncertainty brought by the collapse of key market players, we support global regulators and standard setters in their mission to bring order and financial stability to crypto-asset markets,” said the Global Financial Markets Association, which represents capital market players such as investment banks.
Crypto risks “need to be considered properly, and therefore require tailoring and bespoke regulation,” said Binance in its response, adding that segregation of functions would need to proceed differently even if they are legally similar to TradFi services.
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