Bernstein says there needs to be a distinction made between the centralized custodial players in crypto, namely the exchanges, custodians, and crypto banks, as this is where regulation is coming. This will involve rules around maintaining reserves and uniform accounting for custodial firms, the broker said. Governments and regulators may also increase their scrutiny of offshore exchanges, where regulations are lighter, it added.
The Collapse of Crypto Exchange FTX More Like Enron Than Lehman
