As the cryptocurrency industry scored massive electoral wins in November and skyrocketing crypto prices currently push the global valuation to more than $3 trillion, federal regulators have issued warnings about the nascent industry’s potential to cause widespread disruptions to traditional banking and financial markets.

The reports, which highlight crypto’s volatility, lack of regulations, and growing ties to traditional markets, echo alerts issued about the subprime mortgage industry before the 2008 financial crisis.

“I think you could sort of look at this . . . as a signpost for the future,” said Mark Hays, associate director for cryptocurrency and financial technology at the consumer advocate group Americans for Financial Reform. “If things go wrong, a report like this is one of those things that you look back on to say, ‘What were the early warning signs?’”