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Richard Squire on the Crypto Bankruptcies
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Given the recent collapse of some of the major players in the crypto space, its future is uncertain. Joining us for the very first episode of the Bite Sized Business Law Podcast to discuss crypto bankruptcies and what some are calling the ‘crypto winter’, is business law professor and faculty director of Fordham University School of Law’s Corporate Law Center, Richard Squire. Richard breaks down some of the similarities that exist between the auto industry bubble, the dot-com bubble, the 2008 financial crisis, and what we’re currently seeing in the crypto space. We discuss the interconnectedness between companies and whether or not insolvency leads to insolvency before Richard sheds light on what he expects for the future of crypto. You’ll hear his thoughts on whether or not we should expect more regulation, why he doesn’t believe there is a path forward for FTX, and the likelihood of FTX’s creditors getting their money back. To find out why Richard is actually positive about the future of crypto despite its current state, tune in today!
Key Points From This Episode:
- An introduction to Professor of Business Law, Richard Squire.
- Today’s topic: crypto bankruptcies or the ‘crypto winter’.
- Parallels between the auto industry bubble, the dot-com bubble, the 2008 financial crisis, and what’s happening currently in crypto.
- To what extent there will be contagion.
- Concerns about the Federal Home Loan Bank system lending billions to crypto companies and whether or not insolvency leads to insolvency.
- The expansion of the monetary base by the Federal Reserve in recent years and how this has affected what has happened in crypto.
- Whether or not we should expect more regulation on crypto than that which already exists.
- Why big firms are in favor of stricter regulations.
- Whether or not there’s a path forward for FTX, as its CEO believes there is.
- The likelihood of the FTX creditors getting their money back.
- The emergence of markets where you can buy and sell FTX claims and whether or not they are specific to crypto bankruptcy.
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