The ongoing FTX saga is proof that the cryptocurrency industry urgently needs to embrace some level of regulatory oversight.
News of FTX’s collapse hit the market like a bombshell. The catastrophic damage associated with the event sparked major concerns among many US lawmakers. For them, urgent regulations must be in place to govern the sector.
“The crypto sector has been operating with far too much ambiguity because (a) regulators refuse to give well-meaning actors clear guidance and (b) lawmakers refuse to act,” Patrick Toomey, Pennsylvania senator and member of the Republican Party said in a thread.
The USA is Way Behind
Other US lawmakers including Senator Sherrod Brown, Representative Patrick McHenry, and Representative Maxine Waters, also shared the same perspective.
The second black swan event following the LUNA crash held an overwhelmingly bearish outlook on investors with holdings stuck on FTX. As stated by those…
