Bernstein: The Collapse of Crypto Exchange FTX More Like Enron Than Lehman

Bernstein says there must be a distinction made between the centralized custodial gamers in crypto, specifically the exchanges, custodians, and crypto banks, as that is the place regulation is coming. It will contain guidelines round sustaining reserves and uniform accounting for custodial corporations, the dealer mentioned. Governments and regulators might also improve their scrutiny of offshore exchanges, the place rules are lighter, it added.