Despite FTX Collapse, US Senator Says This About Crypto Future

Despite the chaos in crypto market with the fallout of FTX, supporters of crypto are unbridled about the industry’s future. The recent collapse of Sam Bankman-Fried FTX has even attracted the White House’s attention. Regulatory authorities, around the world and just the U.S., are looking closely into the negative effects of such fallouts in the nascent industry. In this context, U.S. Senator Bill Cassidy said the markets will eventually decide the future of crypto.

‘Crypto Untainted’

Senator Cassidy said people had blindly invested into crypto projects ignoring the fundamentals. Speaking to CNBC on Friday, he said the fact that people invested blindly does not necessarily taint the crypto ecosystem entirely. However, industry leaders indicated that the damage done by FTX fallout would impact all stakeholders in the ecosystem. Binance CEO CZ said the incident would mean tougher scrutiny and licensing criteria, going forward. Licenses around the globe will be harder to get and there will be increased regulatory scrutiny on crypto exchanges, he said at the time.

“There’s a future for crypto. The markets will decide. Folks have gone into this eyes closely shut, ignoring some fundamentals beneath it. That’s not the way you should enter into any business transaction. This doesn’t entirely taint crypto.”

Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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