-two-months/ Collateral damage from UST • Celsius Network bankruptcy, July 2022 • Three Arrows Capital bankruptcy, July 2022 • Voyager Digital bankruptcy, July 2022 • Compute North bankruptcy, September

(Internal) Advantages Schwartz & Clements (1999) • Overcome market imperfections. • Capitalize on economies of scale. Deng et al. (2021) • Allowing lower-growth firms to: • Easily undertake unaffordable

should be consistent with the rule of law, transparent and enforceable. If new laws and regulations are needed, such as to deal with clear cases of market imperfections, they should be designed in a way