The SEC didn't listen to his advice on crypto custodians. FTX fell apart soon after. This is JWVerret's story.
. Yet their failure to create working rules for U.S. crypto intermediary exchanges to custody crypto has enabled an environment where scammers like Sam Bankman-Fried could thrive overseas.
The full revolution will take time. The revolution will not be brought to you by JPMorgan . Yet most new users will initially enter crypto through custodial intermediaries that look a bit like traditional financial intermediaries. Crypto exchanges need intelligently designed custody rules. While that would not have solved the problems at FTX’s overseas exchange, it would have helped more international retail activity flow into the U.S. instead.
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