FTX's collapse could trigger 'appetite' for tougher regulation, says Andrew Yang

"This is definitely a very, very negative thing for human beings and for the regulatory environment," Yang said. New

Calls for tougher regulations around cryptocurrencies and digital assets are likely to intensify following the collapse of FTX – something former US presidential candidate Andrew Yang , said is not conducive to making America a hotbed of blockchain innovation.

Speaking at the Texas Blockchain Summit in Austin on November 18, Yang acknowledged that the bankruptcy of FTX and its sister company Alameda Research would make common sense crypto regulation more difficult in the short term.

“I always thought smart regulation was a good thing. I think it would help the industry mature and make it more mainstream. But, unfortunately, we missed a beat – like a major beat,” he said, referring to the collective failures of FTX, FTX US and Alameda Research.

"Because of FTX and the issues and the headlines and the real people who have been hurt, there's going to be an appetite for regulation that in my mind might not hit the mark," he said. -he declares. "Because you want to be able to balance the very real concerns with the need to keep America as the home of innovation and the development of these tools."

Yang acknowledged that the path to digital asset regulatory clarity is more difficult due to the hyperpoliticization of the two-party system. As such, the FTX fiasco will only embolden crypto's biggest opponents to try and crush the industry. Yang said he was working with the Bipartisan Policy Center, a Washington, D.C.-based think tank, to educate members of Congress about blockchain technology and its value proposition:

"[W]e work with the Bipartisan Policy Center to liaise with members of Congress or their offices or policy teams and just educate them on what these tools are and what they can do and the issues they can solve and why their constituents care and appreciate them.We work with...