FTX
CFTC (Commodity Futures Trading Commission)
The CFTC's crypto jurisdiction over Bitcoin and Ether as commodities, the FTX enforcement action, and its expanding role under the CLARITY Act.
Innovation vs. Consumer Protection: The Core Tension in Crypto Regulation
Every major crypto regulatory decision involves a fundamental tension: how much regulatory burden is acceptable to protect consumers, and how much protection must be sacrificed to enable innovation? The political economy of this tradeoff determines regulatory outcomes.
Systemic Risk and Crypto: From 2022 Contagion to FSB Frameworks
The 2022 crypto market collapse — $2 trillion in losses, Terra/Luna, Celsius, Three Arrows Capital, FTX — demonstrated crypto's systemic risk potential. The policy response has been the FSB's high-level recommendations and MiCA's stablecoin provisions.
What FTX Taught Policymakers: The Exchange Collapse That Changed Everything
The November 2022 collapse of FTX and the disappearance of $8 billion in customer funds reshaped crypto regulation worldwide, from the GENIUS Act's asset protection provisions to Singapore's DTSP framework.