FTX crash made regulators hungry.
Calls for harsher regulations around cryptocurrencies and digital assets will likely grow louder in the aftermath of FTX’s collapse — something former United States presidential candidate Andrew Yang said isn’t conducive to making America a hotbed for blockchain innovation.
Speaking at the Texas Blockchain Summit in Austin on Nov. 18, Yang acknowledged that the bankruptcy of FTX and sister company Alameda Research would make common sense crypto regulation“I've always been in the camp that some intelligent regulation is a good thing. I think it would help the industry mature and make it more mainstream.
Yang acknowledged that the path to regulatory clarity on digital assets is more difficult because of the hyper-politicization of the two-party system. As such, the FTX fiasco will only emboldento try and squash the industry. Yang said he’s working with the Bipartisan Policy Center, a Washington, D.C.-based think tank, to educate congresspeople about blockchain technology and its value proposition:
“[W]e e work with the Bipartisan Policy Center to liaise with members of Congress or their offices or their policy teams and just educate them about what these tools are and what they can do and the problems they can solve and why their constituents actually care and value them. We work with the American Conference of Mayors to have various mayors stand up and say, look, the blockchain is a good thing.
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