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The events of the past few weeks embody–in the most regrettable way—the perilous state of the digital asset market.
<p><span>In the fall of 2008, global financial markets reeled as evidence emerged indicating that market participants failed to effectively manage risks in the then-unregulated $400 trillion (notional) swaps market. The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) directed the Commodity Futures Trading Commission (Commission) to develop and implement formal rules, and bring the swaps market under the ambit of the Commission’s authority.</span><span> The Commission introduced clearing requirements, a vital regul...