In light of recent volatility in crypto markets and news of several crypto entities filing for bankruptcy, market participants are increasingly scrutinizing the credit of crypto intermediaries and considering whether there will be an influx of additional filings. In thinking through credit risk, one critical preliminary set of questions that market participants should ask is which bankruptcy regime is likely to apply to a crypto intermediary, what are crypto asset-holder rights likely to be under that regime, and what are creditor rights more broadly. For certain common types of crypto intermediaries, a regime other than the U.S. Bankruptcy Code (the “Code”) may be the most likely. For others, continue reading. . .