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FTX Crash is Good for the Industry, says Michael Saylor

FTX Crash is Good for the Industry, says Michael Saylor
1668270503 12 Nov / 16:28

MicroStrategy founder Michael Saylor said the FTX crash could spark further growth in the crypto industry.

In an interview with CNBC, Saylor said that the collapse of Sam Bankman-Fried‘s FTX crypto exchange would likely speed up U.S. regulations.

He also shared that these regulations may lead to greater digital asset adoption as more traditional financial institutions enter.

If there is progressive regulation, there won’t be 20,000 tokens, there will be dozens, but they will be properly registered tokens.

The industry will develop much faster. And ultimately, we’re moving from the entrepreneurial stage, when it was the wild west offshore, where anything is allowed, to the institutional digital asset stage, where the big players like Bank of America and Fidelity, BlackRock and Goldman Sachs, and JP Morgan will come into this space. We will all grow, and the world will benefit from it.

Saylor warned that if regulators act too aggressively in response to the FTX collapse, it will hurt the industry.

That will push the regulators into action and speed up their intervention. There is regressive regulation, which means you can’t do anything, and it will shrink the industry. Bitcoin will be the winner because it is a digital commodity and is the least controversial.

He also believes that U.S. regulators must clearly define how cryptocurrency activities can be regulatory compliant.

Regulatory intervention lately has been increasingly negative as enforcement. Still, the market is waiting for regulators to say: this is how to register a digital currency, this is how to note a digital security or a digital commodity, and instead of saying that all crypto exchanges must register, we must write crypto exchanges because the future of the industry is registered digital assets that are traded on regulated exchanges where everyone has the necessary investor protection and investors, in general, understand the difference between Bitcoin and a stablecoin and security token.

On November 8th, 2022, FTX and its intermixed parent company Alameda Research started taking steps for their Insolvency and eventual Bankrupt. CRYPKYP has removed all FTX referral links from the Platform.
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