Jon Cunliffe, deputy governor for financial stability at the Bank of England, has called for a clear regulatory framework for crypto to address risks amid the recent market downturn.
In a written speech at the British High Commissioner's Residence in Singapore on Tuesday, Cunliffe said regulators needed to “get on with the job” of incorporating crypto and blockchain into existing frameworks. He cited certain events leading up to what some have called the next crypto winter, including the price of Bitcoin (BTC) losing “70% of its value since November,” the collapse of Terra (LUNA) — now called Terra Classic (LUNC), stablecoins becoming depegged from the U.S. dollar and Three Arrows Capital filing for bankruptcy in Singapore.
“The lesson we should not take from this episode is that "crypto" is somehow "over" and we do not need to be concerned about it anymore,” said Cunliffe. “Crypto technologies offer the prospect of substantive innovation and improvement in finance. But to be...
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