Crypto’s Path Forward Could Follow the Financial World's Departure From LIBOR

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But then scandal hit with the revelation in 2012 that banks were artificially controlling the rate, including by reporting borrowing rates at levels that would benefit their swap traders, and make banks look more insulated from risk than they were. Safeguards were few, and the system, which relied on banks to simply report what rates they would charge, basically left the mice guarding the cheese.

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