I think an underlying vulnerability in the exchange ecosystem right now is Tether, specifically its legality under banking laws in the various countries where exchanges are established and using Tether. Pegging an electronic token to the USD as a service to depositors is about as close as you can get to a bank without actually being a bank.
it's pretty much another liberty reserve and that didn't end so great for anyone involved. if governments want to get heavy on it it's all sitting in a bank account waiting to be frozen.