[ad_1]
FTX fiasco means coming penalties for crypto in Washington DC
On Nov. 11, whereas the remainder of the nation was celebrating Veteran’s Day, Sam Bankman-Fried introduced that FTX — one of many world’s largest cryptocurrency exchanges by quantity — had filed for chapter. Lawmakers and pundits rapidly latched onto the fast disintegration of FTX to name for extra regulation of the crypto business. “The newest information additional underscores these considerations [about consumer harm] and highlights why prudent regulation of cryptocurrencies is certainly wanted,” stated White Home Press Secretary Karine Jean-Pierre.
It stays unclear what precisely transpired at FTX. Reviews indicating that between $1 billion and $2 billion of buyer funds are unaccounted for are deeply troubling. Widespread client hurt and indications of company impropriety solely improve the probability that Congress will take motion to manage the crypto business. As Congress seems towards overhauling the regulatory setting round crypto, it will be significant that lawmakers present regulatory readability with out hindering optimistic innovation.
Luke Hogg is coverage supervisor on the nonprofit Lincoln Community, the place he focuses on the intersection of rising applied sciences and public coverage.
Proceed Studying on Coin Telegraph
Source link