Cryptoskeptics

A group of retired professionals examining how the crypto industry is structured and the dangers it poses to the financial system and the public.

We map how the crypto industry is organized competitively, show how concentrated and foreign-controlled its key segments are, and explain why these firms should be held to the same rules that govern banks and securities markets.

A functional map of the industry across six segments: who competes where, how concentrated each market is (measured by HHI, the standard antitrust metric), and where single firms stack conflicting roles. With a Preface making the case for regulation.

A non-partisan, all-volunteer group of retired professionals with government, legal, and academic experience. Meet the team and read our mission.

Shorter pieces on crypto market structure, regulation, and the risks the industry poses, published as they are written.