Alesia Haas, crypto exchange Coinbase's chief financial officer.believes the full impact of FTX’s collapse is yet to come.
"What we are seeing now is the fallout of FTX is becoming much more like the 2008 financial crisis where it's exposing poor credit practices and poor risk management," she said in an interview with the Wall Street Journal.
Haas believes it could take weeks to understand the full extent of the damage.
FTX, previously the second largest crypto-exchange globally, filed for bankruptcy protection in the US last week after traders pulled billions from the platform and rival crypto exchange Binance abandoned a rescue deal.
The collapse has sparked contagion fears amid renewed calls for tighter regulation and clearer rules on how to operate.
"We're going to see a drive towards regulation both in the US and globally," Haas said.