The Importation of Risk From Banking Into Crypto Assets

I think one of the real ironies here is that you see a reversal of the common assumption that digital assets export risk to the banking system. The Europeans, for example, with the passage of the markets and crypto assets framework have not one but two ways of regulating this innovation at a macro-predential level. Every other serious jurisdiction around the planet has federal and whole-of-country payment systems activities and charters. But hopefully, in the spirit of not letting a good crisis go to waste, what we've seen in the first quarter of this year so far really is a call to action"