Cryptocurrency has a bright future. Market forces will determine. People entered this with their eyes tightly shut, neglecting basic fundamentals that lay beneath it.
Even the White House has taken notice of Sam Bankman-Fried FTX's recent demise. Regulating bodies are closely examining the detrimental repercussions of such fallouts in the developing industry, both globally and only in the US. The future of cryptocurrency will ultimately be decided by the markets, according to U.S. Senator Bill Cassidy in this regard.
With "Crypto Untainted"
Senator Cassidy claimed that individuals had made fundamentally flawed investments in cryptocurrency projects. Speaking to CNBC on Friday, he claimed that the crypto environment was not necessarily completely tainted by people making irrational investments. Leaders in the industry warned that the ramifications from FTX will affect all ecosystem participants. The incident, according to Binance CEO CZ, will result in stricter oversight and licencing requirements moving ahead. He predicted at the time that obtaining licences would become more challenging and that regulatory oversight of cryptocurrency exchanges would expand.
Cryptocurrency has a bright future. Market forces will determine. People entered this with their eyes tightly shut, neglecting basic fundamentals that lay beneath it. You shouldn't conduct any business dealings in that manner. Cryptography isn't fully ruined by this.
The U.S. Securities and Exchanges Commission (SEC) is likewise looking into any possible misuse of FTX US user funds. In addition, the White House administration has already made hints that it will take the FTX tragedy into account when formulating regulatory rules. A White House official recently claimed that the lives of regular Americans are being harmed by the lack of regulation of cryptocurrencies. Recent cryptocurrency-related occurrences have demonstrated the need for regulation, the officer said.
The troubled crypto exchange is currently going through chapter 11 bankruptcy proceedings. Sam Bankman-working Fried's style was challenged earlier this week by John Ray, the new CEO of FTX. He described the current state of the business as "a complete failure" in a court document as part of the bankruptcy procedure.