That being said, it’s hard to say this year was anything but a black mark for the industry in the eyes of regulators. The collapse of Terra/Luna, the bankruptcies of basically the entire crypto lender sector (minus Nexo, which still ended up leaving the U.S.), the meltdown of FTX (the largest exchange failure in years) – these are all events that will pressure regulators worldwide. The Facebook (now Meta)-led Libra (later Diem) project and the global backlash to it tells us how regulators may respond as well. It may not be a quick response, but years after Facebook first introduced Libra, lawmakers from different nations developed stablecoin regulations to rein in the sector. I suspect we’ll see a similar response in reaction to this year’s events.