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The co-creator of Ethereum (ETH) rival Cardano (ADA) has warned investors of more repercussions from the recent collapse of crypto exchange FTX.
new video updateCharles Hoskinson says the FTX demise could prompt lawmakers to introduce new regulations for the digital asset industry.
Hoskinson said FTX is not a failure of the cryptocurrency itself, but of the flawed centralized infrastructure around it.
Crypto didnt fail. People failed. People in a position of trust. It involved depositing money on centralized exchanges and organizations that commissioned centralized businesses to do things on their behalf.
That’s the industry we’re trying to get rid of in the crypto space. Unfortunately, it’s mixed up now and it’s very likely that the impact will be new legislation, hopefully decent legislation, but it’s very likely that it won’t.
Hoskinson said the damage caused by FTX would have a cascading effect that would have a significant impact on other cryptocurrency companies. He said the aftermath could ultimately force American cryptocurrency companies to comply with tough new regulations.
“Unfortunately, this is the result of people who don’t know what they are doing taking positions of power and trust, creating cascading and devastating damage. This is just the tip of the iceberg. FTX Looking at the financial ties it had, it could create a chain of bankruptcies as it moves down the list, which unfortunately won’t bail out cryptocurrencies, but its competitors…
I do not understand [bailouts]We just get the privilege of cleaning up the mess, being blamed for it and having to deal with the economic consequences ourselves. Now I believe this is not going to kill cryptocurrency I believe our industry will be stronger in the future.
[FTX] It could be the straw that breaks the camel’s back and could change the way cryptocurrencies work in America, at least in the short to medium term. change lawmakers’ desires for
We can see a world where non-custodial wallets are no longer allowed in the United States. You can see the world around you.
Me
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Featured Image: Shutterstock/GrandeDuc/Natalia Siiatovskaia
