“Cryptocurrency was supposed to break from the traditional financial system, and all of its fragility and vulnerabilities,” said Goldsmith Romero, who occupies one of the Democratic seats on the five-person commission that oversees derivatives trading. “However, this spring, unregulated crypto markets revealed their vulnerabilities to similar financial stability risks as traditional finance, with parallel themes from the 2008 financial crisis.”
Crypto Echoes Risks of 2008 Financial Crisis, Says US CFTC Commissioner
