The Global Digital Asset & Cryptocurrency Association welcomes the opportunity to comment on the Financial Stability Board’s proposed framework for the international regulation of crypto-asset activities. GDCA applauds the process undertaken by the FSB to solicit public engagement on this important topic, and welcomes the opportunity to be part of the ongoing dialogue. When the FSB published the framework on October 11, 2022, it cited market events in the earlier part of the year that had exposed “a number of structural vulnerabilities” in crypto-asset markets and related businesses. Indeed, events like the collapse of the Terra/Luna project, the fall of Three Arrows Capital, and other events highlighted the need for significant standards setting, professionalization, regulation, and reform across the digital asset space. In light of this recent turmoil, where does GDCA believe the industry should go from here?
Please click below to read the full response.