Calls for regulation grow louder as FTX contagion continues to spread
The FTX saga has made some crypto executives, researchers, analysts, and politicians more aligned with regulation than ever before.
New
Crypto executives and politicians are becoming increasingly vocal in their calls for crypto regulation as the aftermath of FTX's collapse continues to ripple through the industry.
In the past 24 hours alone, European Central Bank (ECB) President Christine Lagarde has called crypto regulation and oversight an “absolute necessity” for the European Union, while President of the U.S. House Financial Services Committee, Maxine Waters, announced that lawmakers are exploring the collapse of FTX in a Dec. 13 inquiry.
On November 28, US Senator and crypto proponent Cynthia Lummis described the collapse of FTX as a wake-up call to Congress, according to the Financial Times.
During an interview at the Financial Times Crypto and Digital Assets Summit, Lummis said the bipartisan bill she introduced this year would have prevented the FTX from collapsing as regulators would be in able to see if a trade fell below the threshold "immediately".
“These are things that, if they had been in place for FTX, would have raised alarm bells, which would have created enforcement actions and reviews by federal regulatory agencies,” said she explained.
Meanwhile, speaking on stage at the University of Nicosia as part of a Binance Meetup Nicosia, Binance CEO Changpeng Zhao said he believes regulation is a way to help the industry grow, to "protect consumers" and to enforce consequences for those caught breaking the law.
Stephanie Link, chief investment strategist and portfolio manager at investment adviser Hightower Advisors, also called for more regulation, saying crypto is “broken and irrelevant” until there is have regulations.
The FTX saga has made some crypto executives, researchers, analysts, and politicians more aligned with regulation than ever before.
New
Crypto executives and politicians are becoming increasingly vocal in their calls for crypto regulation as the aftermath of FTX's collapse continues to ripple through the industry.
In the past 24 hours alone, European Central Bank (ECB) President Christine Lagarde has called crypto regulation and oversight an “absolute necessity” for the European Union, while President of the U.S. House Financial Services Committee, Maxine Waters, announced that lawmakers are exploring the collapse of FTX in a Dec. 13 inquiry.
On November 28, US Senator and crypto proponent Cynthia Lummis described the collapse of FTX as a wake-up call to Congress, according to the Financial Times.
During an interview at the Financial Times Crypto and Digital Assets Summit, Lummis said the bipartisan bill she introduced this year would have prevented the FTX from collapsing as regulators would be in able to see if a trade fell below the threshold "immediately".
“These are things that, if they had been in place for FTX, would have raised alarm bells, which would have created enforcement actions and reviews by federal regulatory agencies,” said she explained.
Meanwhile, speaking on stage at the University of Nicosia as part of a Binance Meetup Nicosia, Binance CEO Changpeng Zhao said he believes regulation is a way to help the industry grow, to "protect consumers" and to enforce consequences for those caught breaking the law.
Stephanie Link, chief investment strategist and portfolio manager at investment adviser Hightower Advisors, also called for more regulation, saying crypto is “broken and irrelevant” until there is have regulations.
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