Crypto's 'shadow banks' don't want to play by the rules - setting the stage for a major crisis | Crypto Craft

  • Crypto's 'shadow banks' don't want to play by the rules - setting the stage for a major crisis

    From morningstar.com

    If a crypto firm runs what looks like a bank and operates like a bank, then it should be regulated like a bank. In the years following the 2008 financial crisis, U.S. regulators spent enormous efforts trying to reduce the risks created by "shadow banks" - financial institutions that perform bank-like functions without being subject to the same regulatory safeguards. Yet now the U.S. may be creating similar shadow banks in a new form: crypto companies operating with increasing access to the banking system - without many of the requirements applicable to traditional banks. The expansion of the crypto industry into ... (full story)

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