[Re: FTX implosion shows urgent need for crypto rules, says Bank of England, Nov 21]
The sudden interest by global regulators in response to the FTX fiasco only serves to further highlight that the events of the past few weeks might well be looked back on as our industry’s version of the Lehman collapse.
Just as we saw in traditional financial markets in 2008, the so-called “crypto winter” was always likely to endanger those businesses that did not have the operating safeguards and security practices in place to manage through the market downturn. While this makes for “doom headlines” and shakes the confidence of market spectators, it does not change the commitment of forward-thinking, innovative companies to unlock the potential of crypto, DeFi and blockchain technology.
For crypto to continue to grow and become mainstream, customers must have trust in the infrastructure and framework underpinning it. Ultimately the industry needs to combine the best attributes of DeFi with the elements of TradFi that ensure the necessary levels of trust, safety and oversight.
It is this sweet spot in between old and new where we will see long term, sustainable products and services that enable access to fairer markets, broader wealth creation and the achievement of financial well-being for millions of people across the world.
Todd Crosland
CoinZoom
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