'FTX is a critical opportunity for the government to get it right,' writes Aaron Klein. 'It is critical that the government use every mechanism possible to ensure personal accountability when illegal activity takes place'
to keep cryptocurrencies out of the regulatory system. FTX’s implosion can justify keeping crypto out of the regulated system just as it can be argued that its implosion means regulation is more urgently needed.
Crypto remains in the netherworld of financial regulation, caught between traditional definitions of securities, commodities, assets, money, and payments. As former CFTC Chairman Tim Massad pointed out the problems of our regulatory system’s fragmentation back in 2019, writing that while both the Securities and Exchange Commission and the CFTC have: “some authority over crypto-assets, neither has sufficient jurisdiction, nor do they together.
Congress should not rush to regulate crypto, nor treat the industry with a broad brush assuming all crypto is as corrupt as FTX appears to have been. As legislators take the time necessary to figure out what the right regulatory system is, prosecutors need to step up. Americans lost a lot of money in FTX, just as they did in many other large corporations that broke the law. People need to be held accountable to restore faith in the system. Let’s do a better job this time than in 2008.
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