One key lesson of 2022 is that “money crypto” and “tech crypto” must be handled in a different way. Cash crypto on this context consists of crypto-financial companies reminiscent of custody, exchanges, market making, investing and lending. And tech crypto consists of open-source, public permissionless innovation reminiscent of blockchains, decentralized finance (DeFi), non-fungible tokens (NFT), Web3 gaming, wallets, instruments and infrastructure. Monetary stability and client safety failures in crypto didn’t come up from the failure of expertise, however the failure of oversight and controls. DeFi blue chips continued to function and not using a glitch final yr, whereas massive opaque, centralized crypto monetary establishments collapsed like dominoes.
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