Wouldn't it be nice if such a rehypothecation law -- or, really, any law -- were applicable to cryptocurrency? Regulators were way behind the boat on this one, so far behind that I have to wonder what the ultimate reason for that was.

$3T in faith-based assets that are an economic burden to maintain is enough to have a real impact on the real economy if they go belly up. There are plenty of people who have borrowed in USD against these.

As far as Europe goes, yes. We really blew up Deutsche Bank in particular.