The co-creator of Ethereum (ETH) rival Cardano (ADA) is warning investors that there will be more fallout from crypto exchange FTX’s recent collapse.
In a new video update, Charles Hoskinson says that the disintegration of FTX may push lawmakers to bring about new regulations for the digital assets industry.
Hoskinson says that FTX was not a failure of crypto itself, but of flawed and centralized infrastructure around it.
“Crypto didn’t fail. People failed. People in positions of trust. At the end of the day, as much as we like to believe in the principles of cryptocurrency, this had everything to do with people putting their money in centralized exchanges and organizations entrusting centralized businesses to do something on their behalf.
That’s the very industry we’re trying to get rid of with the cryptocurrency space. Unfortunately, it’s going to now be conflated and there’s a very high possibility that the fallout of this will be new legislation, hopefully decent leg
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