Crypto regulation has long been unclear in Europe, but the EU has now reached a provisional deal that will regulate the crypto industry within the entire union. Meanwhile, the Basel Committee proposes that banks shouldn't be allowed to have more than 1% of their assets in bitcoin.
The dust has far from settled in the crypto industry as contagion effects continue to play out. The crypto hedge fund Three Arrows Capital has started its liquidation process after defaulting on a massive loan from crypto lender Blockfi. Both crypto exchange FTX and crypto lender Ledn are allegedly attempting to acquire the struggling Blockfi.