According to @LexSokolin, calls within crypto to avoid mark-to-market by labeling some quotes as fake are a red flag for market integrity and risk management, source: @LexSokolin on X, Oct 13, 2025. He adds that marking to market can break structured products and that market prices can be manipulated, lessons he recalls from Lehman, source: @LexSokolin on X, Oct 13, 2025. He stresses that mark-to-market is how information flows, which signals traders should anchor collateral valuation, liquidation thresholds, and NAV to transparent, real-time prices to prevent hidden leverage, source: @LexSokolin on X, Oct 13, 2025. For positioning, prioritize venues and instruments with robust mark-to-market processes and liquidity depth, and be cautious when projects promote alternative valuation methods that could impair price discovery and widen spreads, source: @LexSokolin on X, Oct 13, 2025.