Could FTX have benefited from a central bank as a buyer of last resort? DanielGKuhn analyzes the ongoing fallout of crypto exchange FTX_Official and the role regulation played.
Instead of using trustless financial protocols, they put their faith in megalomaniac personalities with Wall Street credentials.
The whole point of crypto was to enable people to “be their own bank” through self-custody and self-reliance. Instead, the industry has recreated the centralized financial system – “bank runs” and all. Instead of interacting directly with blockchains and peers, people park their funds on centralized exchanges. Instead of using trustless financial protocols, they put their faith in megalomaniac personalities with Wall Street credentials.
In the wake of the most recent crypto crisis, three U.S. regulators – the Commodity Futures Trading Commission , Securities and Exchange Commission and the– are reportedly deepening investigations into FTX, some of which had begun months ago. SEC Chairman Gary Gensler used this moment almost to gloat, noting the “toxic combination” at play at FTX, in an interview with CNBC. He reiterated familiar lines that cryptos are securities and should be under his agency’s supervision, that the industry has been “significantly non-compliant” and exchanges should “come in and talk to us.”
To some extent, Gensler is right in saying that rules already exist that would protect crypto investors. It’s notable that
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