BOE’s Cunliffe says regulation can save crypto from itself, and it’s worth the effort

BOE’s Cunliffe says regulation can save crypto from itself, and it’s worth the effort


Bank of England Deputy Governor Sir Jon Cunliffe shared thoughts on cryptocurrency regulation and decentralized finance (DeFi) in a talk on Nov. 21. He intended to speak about stablecoins and central bank digital currency (CBDC), Cunliffe said at a conference in Coventry, but the collapse of FTX as he wrote his draft speech led him to some more general observations as well.

FTX and a number of other centralized crypto asset exchanges “appear to operate as conglomerates, bundling products and functions within one firm” without the tight controls of traditional finance, Cunliffe said. There is “some tentative and limited evidence” that the failure of FTX has stimulated transfers to decentralized platforms, although he took little comfort from this:

“It is not clear the extent to which these

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