New York Times: How Wall Street Escaped the Crypto Meltdown

New York Times: How Wall Street Escaped the Crypto Meltdown. “It’s not that financial giants didn’t want to be part of the fun. But Wall Street banks have been forced to sit it out — or, like [BNP Paribas], approach crypto with ingenuity — partly because of regulatory guardrails put in place after the 2008 financial crisis. At the same time, big money managers applied sophisticated strategies to limit their direct exposure to cryptocurrencies because they recognized the risks. So when the market crashed, they contained their losses.”

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