Despite the chaos that has erupted in the crypto market due to the fallout from FTX, crypto supporters are optimistic about the future of the industry. The White House has been captivated by the recent collapse of Sam Bankman Fried FTX. All over the world, as well as in the United States, regulatory authorities are closely monitoring the negative effects of such fallouts in financial markets.
CoinGape’s first article, Despite FTX Meltdown: A US Senator has This to Say About Crypto Future appeared originally on CoinGape.

  

Despite the chaos that has erupted in the crypto market due to the fallout from FTX, crypto supporters are optimistic about the future of the industry. The White House has been particularly interested in the recent collapse of Sam Bankman Fried FTX. The negative effects of these fallouts on the industry are being investigated by regulatory authorities around the world, not just in the United States. U.S. Senator Bill Cassidy stated that the markets will ultimately decide the future direction of crypto.
Senator Cassidy stated that people had blindly invested in crypto projects, ignoring the fundamentals. He said that blindly investing in crypto projects does not necessarily make the ecosystem less safe. Industry leaders however indicated that the FTX disaster would have an impact on all stakeholders. CZ, Binance CEO, stated that the incident will lead to tougher licensing criteria and scrutiny. He stated that licenses will be more difficult to obtain around the world and that there will be greater regulatory scrutiny for crypto exchanges.
“Crypto has a bright future. The markets will decide. People have entered this world with their eyes closed, and not realizing the fundamentals underneath. This is not the way to enter into business transactions. This doesn’t necessarily taint cryptocurrency.

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