The collapse of FTX is not an indictment of crypto. It’s an indictment of those who misused customer assets.
As I’ve said for months, Congress needs to give regulatory clarity so business flows to prudent, sensible, well-regulated American crypto exchanges.
.@SenLummis plans to reintroduce crypto bill next yr, calls FTX "case study" on "why it's time to move to regulate" industry
"FTX is a failure of people, safeguards & regulation, not a failure of technology ..digital assets are not on trial, fraud & organizations are on trial"
Silvergate Capital $SI CEO on FTX exposure: “Our digital asset deposits totaled $11.9B, of which FTX represented less than 10%. Silvergate has no outstanding loans to nor investments in FTX, and FTX is not a custodian for Silvergate’s bitcoin-collateralized SEN Leverage loans.”
🚨SEC Chair Gensler asserts that the U.S. can rely on rules that have applied to the financial markets since the 1930s for digital assets. @chrislehane details why relying on old laws for new things has never been the right move for for the U.S.👇
https://t.co/7yZKTCTq2P
"[Chair Gensler's] message is basically 'I should be the main regulator of crypto, and...my plan is mostly to ban it.'"
This is the most incisive rebuke of the SEC's failed approach to crypto I've ever seen. I'd quibble with Matt over a couple of points, but still, a must read:
Today, we announced that @Coinbase is funding and supporting a lawsuit by six individuals against the Treasury Department’s sanctions of Tornado Cash’s smart contracts, an open source piece of software. You can read more about the details here: https://t.co/lHUnb4ipjN
Bitcoin should stay PoW. Ethereum should move to PoS. We should defend both against censorship as vigorously as possible. We should hope both flourish. Beyond that, the market (not petty infighting on Twitter) will decide.