I would like to thank Tobias Etzel, Paul Grau, Rachel Hand, Maria Lebedeva, and Lui-Hsian Wong for their most helpful comments and inputs to an earlier draft. Any remaining errors and inconsistencies are my own. 2. See Droll and Minto (2022) on the role of law and regulation in shaping technological trends in post-trading, including the use of blockchains. 3.
Data from https://coinmarketcap.com/, accessed 31 March 2023. 4. See http://ushakrisna.com/ABS.pdf, Basel Committee on Banking Supervision (2011) and Bertay, Gong and Wagner (2017). 5. See Allen (2022a). 6. See Deutsche Bundesbank (2022). 7. See B[https://www.bis.org/bcbs/publ/d546.pdf]asel Committee on Banking Supervision (2023) and Cornelli, Doerr, Frist and Gambacorta (2023). 8. See McCaul (2023) for a discussion on how to improve the oversight of crypto asset markets. 9.