Jean-Paul Servais, the new chairman of the International Organization of Securities Commissions (IOSCO), said, "The FTX mine incident highlights the urgency of encryption regulation, especially the regulation of encryption "groups", such as FTX. Encrypted "groups" perform multiple roles, Examples include brokerage services, custody, proprietary trading, token offerings, which can create conflicts of interest. For investor protection reasons, there is a need to provide additional clarity to these crypto markets through targeted guidance on the application of IOSCO’s principles to crypto assets. "