The CFTC commissioner compared the crypto contagion risk to the 2008 financial crisis.

Christy Goldsmith Romero of the Commodity Futures Trading Commission (CFTC) has used the collapse of the Terra ecosystem and its ripple effects as an illustration of how contagion risks within cryptocurrency markets are comparable to those felt by the traditional financial (TradFi) system during the 2008 global financial crisis (GFC).

In a speech delivered on October 26 at the ISDA Crypto Forum, Romero made the argument that closer ties between the crypto market and TradFi raise the risk that cryptocurrencies represent to global financial stability. He noted: