Crypto at the Crossroads as Exchanges Weigh Traditional Market Structures

Questions of price discovery and centralized infrastructure point to an asset class that may have to lose its rebellious luster to become more widely accepted.

Cryptocurrency trading is being hailed as a disruptive force for the future of capital markets. Yet many note that it not only bears a stark resemblance to the emergence and evolution of “traditional” financial instruments, but must also adopt some of their established market structures.

While spot trading still occurs in a largely unregulated context, the real innovations that have driven the evolution of crypto market structure have their roots in “traditional” financial markets and

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