The Recent Scandalous Crypto Collapses: Regulatory Prospects on the Horizon?
The Recent Scandalous Crypto Collapses: Regulatory Prospects on the Horizon?
Monisha P Zaman
 
ABSTRACT: The scary story for crypto investors is that in 2022 alone seven biggest crypto collapses (worth many hundreds of billions of dollars) took place, and there may be more in the offing, who knows! Naturally, the question is if the regulations at different levels (global, regional and national) are one step ahead in the game. This article looks at some select recent scandalous cryptocurrency collapse cases such as FTX, Celsius, and Three Arrows Capital (3AC), along with the fall of Silicon Valley Bank impacting the crypto world, in the last couple of years (2022-23), often the scenario dubbed ‘the Crypto Winter’. In the wake of such crypto collapses, it is felt more urgently than ever before that the cryptocurrency domain needs to be rightly regulated for global financial stability, customer confidence and protection, and sound digital trade across borders in the years to come. The article explores and critically appraises the crypto regulatory landscapes as they stand now at the global and European Union levels and also in the United Kingdom and the United States and their prospects. In light of the findings, some practical ground rules as lessons learnt and recommendations for any crypto regulatory regime anywhere in the world will be offered.

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