This year’s events – culminating recently with the implosion of one of the global crypto giants, FTX – “have revealed that the crypto industry risk management practices are weak, that stablecoins may not be stable, and that contagion risk within the crypto industry is high,” said Hsu, who has been steadily critical of the sector. Combining all of that, he said, “explains some of the banks’ postures towards crypto.”


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