MiCA proponent cites FTX in advocating for regulation: ‘Crypto assets are not play money’ By Cointelegraph

European Parliament economics committee member Stefan Berger has compared the current situation with FTX to the 2008 financial crisis, using “such Lehman Brothers moments” in justifying the need for regulating crypto.

In a Nov. 9 tweet, Berger said proper regulation was needed to avoid issues which “cost enormous trust” in the crypto space, amid FTX reporting financial difficulties. The parliamentary committee member pointed to the Markets in Crypto-Assets, or MiCA, framework currently moving through the European Council as a way to require crypto firms to “ensure internal risk management mechanisms.”