Josip Rupena, CEO of lending platform Milo and former Goldman Sachs analyst, has drawn parallels between the risks posed by crypto treasury companies and those of collateralized debt obligations (CDOs) that contributed to the 2008 financial crisis. Rupena highlighted that while crypto finance firms manage bearer assets without counterparty risk, they introduce complex layers of risk, including corporate governance, cybersecurity, and cash flow generation capabilities. These factors, he suggests, mirror the vulnerabilities seen in the securitized mortgage baskets that played a significant role in the financial downturn over a decade ago.