Circle CEO: FTX Crisis Crypto's 'Lehman Brothers' Moment

Jeremy Allaire, co-founder and CEO of Circle, said the FTX insolvency crisis, which has thrown the crypto market into turmoil, is the "Lehman Brothers" moment for crypto.

"Finally, as someone who's been involved in this industry for 10 years, it is disappointing that a technology that was spawned in reaction to the Lehman Bros. moment of 2008 has given rise to its own version of the same," he said.