[erosenbe0]

Ummm the whole point is that it is a measure of relatively unregulated dollar for dollar transactions not subject to any clearinghouse, exchange, or blockchain regulation or visibility. LIBOR is supposed to be the benchmark of dollars anywhere, so to speak. So you're talking about apples and oranges

[csdvrx]

Well, you do with what you have (and the prices of apples may be correlated enough with the price of oranges to act as a proxy if you can't get the price of oranges), and the pros of "resilient to rigging" might be worth more than the cons.

[erosenbe0]

I agree with that. More information and less rigging is a more efficient market, which is a win-win for nearly everyone.

Maybe the big players could agree to record a decent portion of the transactions transparently across a clearinghouse or blockchain that would be audited manually or cryptographically. Then you have real-time approximation of rates.