Member Views

Crypto Regulation: From Crisis to Opportunity

In 2022 the global financial markets were rattled by a series of adverse developments in the crypto segment, which culminated in the FTX meltdown and the multiple ripple effects the markets are likely to continue to grapple with in the course of this year. The implications of the crypto debacle, while clearly negative in the near term, also concern the longer-term trajectories of market development and regulation.

Lessons of the FTX Collapse

The collapse of FTX in many ways is an example of the problems associated with a weakly regulated financial enterprise, as much as it is a demonstration of the problems associated with crypto finance in its current state. 

As a financial enterprise, the bankruptcy of FTX shows the major failings that can arise in an organization with an exceptionally weak governance structure as regards internal financial controls, record-keeping and the oversight of an independent board of directors. There also appear to have been shortcomings in the scope and scrutiny of its outside auditors.

The Downturn in the Dollar is Not Just About Rates

BWC advisory council member Rebecca Patterson argues in a piece for the Financial Times that "to understand the most recent dollar weakness — and more importantly, where it is likely to be headed next — events outside the US will matter as much or more than what happens within its borders."

Keith B. Carter

BWC would like to welcome new member Keith B. Carter. Keith advises companies and governments on strategic use of data, fintech policy, talent development, and data-driven communications.

His passion is teaching design thinking, data-driven decision-making, robotic process automation, algorithmic trading, and, especially, actionable intelligence, which he characterizes as the right information, in the right person's hands, at the right time to improve outcomes.

Element Capital

BWC's newest organizational member is Element Capital Management. Element is an alternative investment manager with a "modern macro" style of global macro investing. 

Maybank Singapore

BWC welcomes our new organizational member Maybank Singapore. Singapore is one of Maybank's largest overseas operations. It's staffed by over 2,000 employees. They offer retail, private wealth, and small and medium-sized enterprise banking services; and their Singapore branch operates the Global Banking business to cater to the banking needs of corporate and institutional clients.

Their engagement with the Committee will be led by Chandran Dharmarajan, Head of Brand and Communications. We appreciate their support for our mission, and we look forward to their engagement!

Good and Bad Debt

"I believe the time is ripe for a re-evaluation of borrowing strategies by Caribbean governments," writes DeLisle Worrell, BWC member and former governor of the Central Bank of Barbados, in Good and Bad Debt, this month's issue of his newsletter.

Crown Agents Bank

BWC’s newest organizational member is Crown Agents Bank. Crown Agents connects emerging and frontier markets to the rest of the world, using FX and payments technology.

They transform the way payments and FX move through emerging markets, reducing friction so more money gets to those who need it. Their solutions help fix the pain points of usually challenging, expensive, unreliable, and opaque emerging markets payments. They connect hard-to-reach regions to global financial infrastructure, giving access to the best prices and the fastest, most reliable settlement.

United Overseas Bank

BWC welcomes new organizational member United Overseas Bank, the third largest bank in Southeast Asia. UOB provides commercial, corporate, and personal banking services; private banking and asset management services; and corporate finance, venture capital, investment, and insurance services.

They are headquartered in Singapore and operate throughout nineteen countries in Asia, Europe, and North America.

Crypto Is Worth Fixing. Regulators Should Get Moving

"To maintain their credibility, and to derive the greatest benefit from blockchain technology, regulators should intervene and crack down on scams, protect investors, and ensure market integrity," Bloomberg Opinion columnist and BWC Board of Directors Chair William C. Dudley commented.