Why are regulators worried about crypto exchanges and broker disintermediation?
Could you elaborate on the reasons why regulators are expressing concern over the potential disintermediation of crypto exchanges and brokers? Is it due to concerns over market manipulation, lack of transparency, or the potential risks posed to retail investors? How do these exchanges and brokers currently function in the crypto ecosystem, and what are some of the key mechanisms or practices that regulators are looking to scrutinize? Additionally, are there any specific regulatory frameworks or policies that are being discussed to mitigate these risks and ensure a safe and fair crypto market?