To ensure the stability of the financial system, societies must decide on the appropriate policy response to address risks in crypto before they become systemic. They should preferably act in a globally coordinated way. Options include banning specific crypto activities, containing crypto, regulating the sector or a combination of these (Aquilina et al (2023)). Containment may prevent risks in crypto from spilling over to the real economy and traditional financial system. The appropriate mix of measures will be needed to promote market integrity, investor protection and financial stability.