Benzinga - Proponents of cryptocurrency have long touted the technology’s transparency compared to traditional finance. But in the wake of the FTX fallout, it’s clear that the crypto industry has a long way to go if it wants to live up to this promise.
What Needs To Happen From Here?
Sam Bankman-Fried, the now infamous founder of FTX, needs to continue to be open with customers about where he went wrong. An exchange over-leveraging and misappropriating customer funds does not mean that is the norm in the space.
Bankman-Fried has an opportunity on Dec. 7 to join Kevin O’Leary, Anthony Scaramucci and other thought leaders in the crypto space who will speak at the Future of Crypto event in New York City. The event, focused on the next chapter of crypto, is the perfect opportunity for SBF to connect with investors in the space and regain some goodwill.
Read Also: Sam Bankman-Fried Backed Bill To Regulate Digital Assets Finds Support From Several Senators In Wake Of FTX Collapse
Regulatory Struggles
SBF has been a proponent of bringing more regulations to the crypto space to protect investors. Ironically, some of the same regulations he has promoted could have protected people who deposited money into FTX and prevented the exchange from duping customers.
O’Leary has also promoted the idea of bringing more regulation to the crypto space.
The Future of Crypto event will have discussions and panels focused on regulation, which is an opportunity for SBF to offer transparency and insight to help the crypto industry get back on track.
SBF was a true innovator in the crypto space but got in over his head and let customers down. But, he can still be a helpful advocate for the industry.
Joining O’Leary and Scaramucci at the Future of Crypto event in New York City would be a good place to start.
Photo: Shutterstock
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.