Elizabeth McCaul, a member of the European Central Bank’s supervisory board, said in a blog post on Wednesday that major global crypto companies like FTX and Binance need tougher rules and more international regulatory cooperation. McCaul, a member of the ECB’s bank supervision arm, stated that recent attempts to regulate crypto, such as the European Union’s Markets in Crypto Assets regulation, or MiCA, would not fully address the issue of complex international structures, or “ecosystem” companies that claim to have no headquarters.