Regulatory Scrutiny Builds

Regulators focus on whether Ledger's product is sufficiently distinct from failed centralized crypto lenders such as BlockFi, Celsius, Nexo, and Genesis. The main concern is not BTC collateral itself, but consumer suitability, liquidation transparency, and any hidden counterparty credit exposure.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.