The Financial Stability Board is shaking up its stance on cryptos, which are "evolving and could reach a point where they represent a threat to global financial stability." That's due to their "scale, structural vulnerabilities and increasing interconnectedness with the traditional financial system," which vary across jurisdictions and may not be in compliance with applicable laws and regulations. The FSB also cited wider public policy concerns, like "low levels of investor and consumer understanding of crypto, money laundering, cyber-crime and ransomware." BlockFi to pay $100M in penalties to U.S. regulators over crypto lending product. Flashback: The report is a big change from its previous stance published in 2018, which concluded that crypto did not "pose a material risk to global financial stability." However, the FSB now sees the market as fast-evolving, underscoring the need for a timely and pre-emptive evaluation of possible responses. Take for example the recent advertising blitz
