When asked about the greatest challenges they expect to face, many organisations will echo the response attributed to a former British prime minister, Harold Macmillan: “Events, dear boy, events.”

When formulating the definitions for its master agreement, the International Swaps and Derivatives Association tries to plan for every kind of event. And there has been no shortage of events in the crypto sector over the past year.

On January 26, Isda published documents containing its standard