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Platforms and Counterparty Risk
A balance shown on a platform is a claim on that platform. The distinction between a claim and a holding is the subject of most of the sector's failures.
Intermediate4 min read
Crypto
Spot Crypto ETFs
An exchange-traded wrapper holding the asset itself, traded through an ordinary brokerage account. The wrapper changes the custody and the protections, not the underlying volatility.
Intermediate3 min read
Crypto
Stablecoins
Tokens designed to hold a constant value against a currency. What they hold behind them, and who has a claim on it, differs enormously between them.
Intermediate4 min read
Crypto
The Regulatory Position
Which regulator covers a digital asset depends on whether it is a security, and that question has been contested in litigation for years.
Intermediate4 min read