At present many crypto markets are characterised by pseudonymity and high levels of information asymmetry. Which means that it is often impossible to know ex ante which actors have bad intentions. Or indeed, which platforms are at risk of the type of overreach that the Bank of Amsterdam was tempted into.
Then we can have an informed discussion about the pros and cons. As I said, attractive as it may be in its simplistic inevitability, the image of the pendulum is ill-suited to breaking a paradigm like too-big-too-fail. My second message to the panelists and the audience is to address the elephant in the room: “fury”, or funding in resolution.