Charley Cooper, former chief operating officer at the US Commodity Futures Trading Commission, has a warning for crypto bosses as the market crumbles: tread carefully.

“Crypto companies need to project a little humility in the face of job losses, hiring freezes and rescinding offers,” said Cooper, who is now managing director at blockchain firm R3. “And if they refuse to show they are learning any lessons, government actors will step in to clamp down on how they operate and how the markets function.”