Terra Luna
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.
South Korea: Asia's Highest Retail Crypto Adoption Rate and Its Policy Consequences
South Korea's digital asset policy — Virtual Asset User Protection Act, FSC regulation, Terra/Luna political fallout, and the policy implications of the world's highest retail crypto adoption rates.
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.