FTX cryptocurrency not too long ago went bankrupt, inflicting many buyers to lose thousands and thousands of {dollars}. Though FTX plummeted, extra restrictions would tarnish crypto’s freedom and shouldn’t be regulated resulting from cryptocurrency’s nationwide funds. Cryptocurrency is a free market that permits people to trade nationwide with no intermediary. Liquid money wants a intermediary like PayPal, Apple Pay or banks. FTX cryptocurrency trade permits clients to swap money or different currencies in an effort to commerce, in response to an article by the New York Occasions. FTX holds clients’ funds like a financial institution. The corporate crashed after CoinDesk revealed an article on Nov. 2 about how the CEO of FTX, Sam Bankman-Fried, took cash out of the corporate. Clients have been upset with this and withdrew their funds, inflicting FTX to crash. The corporate filed for chapter Nov. 11, in response to an article by CoinDesk. At the very least $1 to $2 billion in buyer cash has disappeared, in response to a Reuters article. With this current financial crash, some folks consider cryptocurrency wants “very cautious regulation,” in response to a New York Publish article. Nevertheless, extra regulation defeats the aim of cryptocurrency.
Full opinion : More regulations won’t fix cryptocurrency.
