A Year After FTX: The Lesson Europe Has Fixated On

• November 11 marked the one-year anniversary of FTX declaring bankruptcy and nine days from Sam Bankman-Fried being found guilty and sentenced to lifetime imprisonment.
• The trial's symbolism is debatable, with some seeing it as a catharsis for policymakers and others believing it exposed vulnerabilities in the crypto market.
• A regulated crypto-asset market could attract more risk-averse and institutional capital, but the downfall of FTX made regulatory conversations adversarial.
• The majority of the crypto industry agrees on core principles like proper authorization, custody, and client asset segregation.
• Exchanges are moving towards proof-of-reserves to support client asset segregation, but it has limitations as an accounting technique.
• Strong regulators in 2023 are important for exchanges to be seen as responsible.
• The FTX collapse accelerated the implementation of requirements already in train under the EU's Markets in Crypto-assets Regulation (MiCA).
• MiCA updates are part of an administrative process, and the incoming rulebook aims to prevent an FTX-style collapse.
• Ongoing writing of supplementary technical rules is happening, but they cannot go beyond the parameters set in the top-level law.
• There is a debate at the international level on how much asset and activity splitting is enough, especially for companies that are exchanges, have native tokens, and offer lending.
• The SEC coordinates and seeks to influence other market coordinators, and this question may reverberate globally.

The sentiment of the article is mostly neutral, discussing the aftermath of FTX's bankruptcy and the implications for the crypto market and regulation. It highlights the need for proper regulation and responsible practices in the industry.