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FTX collapse raises questions about the future of crypto regulation
18 November 2022 00:00
It wasn’t long ago that Sam Bankman-Fried, the former CEO of crypto-currency company FTX, was talking about bailing out his struggling rivals in order to safeguard the “crypto ecosystem.” But Bankman-Fried is now in no position to bail out anyone, following a week of turmoil that saw FTX filed for bankruptcy and freeze all withdrawals. What has emerged since then is what the company’s new CEO, John J. Ray, has described as a “complete failure of corporate controls” that has prompted renewed calls to regulate the crypto industry. But for now, the FTX implosion appears likely to tarnish other crypto players and, indeed, the entire ecosystem.