Excerpt
Excerpt
April 2023, Paper: "Crypto market events over the past year demonstrate the risks inherent in an extremely volatile asset class that operates largely outside of existing regulatory frameworks. Turbulence in crypto asset markets in the spring of 2022 led to the collapse of a large algorithmic stablecoin project, which, in turn, triggered a wave of high-profile failures, ultimately including that of FTX, then the world’s third-largest exchange. Amid allegations of pervasive fraud, millions of FTX customers were unable to access their crypto assets, and have little recourse in recovering assets that are missing due to mismanagement and malfeasance."