The crypto market is still facing challenges in terms of stability, and there are several factors contributing to this instability ¹ ² ³.

*Lack of Regulation*: One of the main issues is the lack of comprehensive and consistent global regulations, which creates an environment of uncertainty and risk.

*Consumer Protection Risks*: There are substantial consumer protection risks due to limited or inadequate disclosure and oversight, which can lead to significant financial losses for investors.

*Operational Risks*: Many crypto exchanges, wallets, and other service providers lack strong operational, governance, and risk practices, making them vulnerable to disruptions, hacking, and other operational risks.

*Macro and Financial Stability Implications*: Widespread adoption of crypto assets can have implications for macroeconomic and financial stability, particularly in emerging markets and low-income jurisdictions, where it can undermine the effectiveness of monetary policy, circumvent capital flow management

Regulation is crucial for the stability of the crypto market. Without it, we'll continue to see these risks and challenges persist. 