User trust in the crypto ecosystem has taken a huge hit since the fall of bitcoin. With the collapse of FTX, it collapsed so badly, that a wave of reforms was initiated, for the entire sector. In the US in particular, many analysts believe that user and investor confidence has little chance of regaining it without an overhaul of the way this market operates.
The market will no longer benefit from legislators’ passivity
On a TV show that aired on Thursday, January 12, Rep. Jim Himes spoke about the crisis that is currently rocking the digital currency industry, in the United States in particular. According to his analytics, this market is causing more and more skeptics among renters in Congress.
While these have remained tolerant, even passive, in the face of the amazing evolution of the crypto ecosystem in recent years, the Attitude Reverse. That is, since the spectacular crash of the FTX stock exchange and the waves of bankruptcies it caused around the world.
without “full implosion” From FTX, the parliamentarian believes that the universe around the blockchain and the metaverse will continue to quietly sail on the river of its own rules, the official noted. A modus operandi partly endorsed by the passivity of public authorities, against the background of political actions barely obscured by industry magnates such as Sam Bankman-Fried, former CEO of FTX.
through gestures ” generous “, Including, for example, the financing of several political campaigns, including that of President Biden, the SBF has successfully diverted the attention of public authorities. Thus, the latter has not yet thought about setting the exacting standards that the crypto market needs.
The FTX case provides the US with a catch-up opportunity
The scandal undoubtedly opened a Pandora’s box in the cryptocurrency industry, leading to a series of unfortunate consequences for the actors. It also certainly offers American leaders a chance to catch up. For them, it would be a matter of starting and creating a “smart organization” Covering the entire crypto ecosystem.
“I think this is possible in Congress,” Jim Himes says. For this, the first regulatory solution would be to popularize the use of stablecoins. These are the cryptocurrencies that are called stablecoins, because they are backed by a fiat currency or a product that is traded on an exchange.
However, these regulatory efforts, Himes, would like to see consistent with those currently being undertaken in Asia or Europe, literally blowing up the cryptocurrency craze.
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Far from dampening my enthusiasm, an unsuccessful investment in cryptocurrency in 2017 only fueled my enthusiasm. So I resolved to study and understand the blockchain and its many uses and pass on my pen information related to this ecosystem.
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