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Financial regulation develops most vigorously in the shadow of a crisis. Many cryptographic infrastructure providers are currently in this shadow. The paradigmatic example is the FTX Group, a collection of companies comprising several self-clearing exchanges and a proprietary trading company. A large part of the group has recently filed for bankruptcy.

It didn’t create as much stress as the bankruptcy of Lehman Brothers in 2008, but it generated a call to action strong enough that the new market

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