Let crypto burn
Stephen Cecchetti is the Rosen Family chair in international finance at Brandeis International Business School. Kim Schoenholtz is clinical professor emeritus at NYU’s Stern School of Business. In the aftermath of the collapse of FTX, authorities should resist the urge to create a parallel legal and regulatory framework for the crypto industry. It is far better to do nothing, and just let crypto burn. Actively intervening would convey undeserved legitimacy upon a system that does little to support real economic activity....