Elizabeth McCaul, a supervisory board member of the European Central Bank (ECB), has called for additional oversight of crypto firms operating in a borderless state outside typical attempts at supervision.

“In the crypto world [...] The very concept of borders and jurisdictions is being challenged,” said McCaul. “How can we supervise firms that have no physical borders? We need to put more thought into imagining what international coordination will look like and how it can be effective in regulating the crypto world.”