Crypto exchanges want to prove that the market can thrive after the FTX collapse. Despite their efforts, future failures may be inevitable.
“It’s a good learning moment for the industry,” says Hayden Adams, creator of UniSwap, the world’s largest decentralized exchange . “The fact that [FTX founder Sam Bankman-Fried] had the ability to do [what he did] speaks to the fact he was building aUnlike traditional exchanges, which let people swap regular currency for crypto and store assets on behalf of customers, DEXs never take control of customer funds, and trades are made on a peer-to-peer basis.
None of the measures that crypto exchanges are putting in place will ward off the period of heightened regulatory scrutiny now expected to begin. Some have pointed out that high-profile collapses have happened multiple times in traditional finance, which could provide a useful precedent for regulation in crypto. Justin Sun, founder of the TRON network and member of the Huobi Global advisory board, says crises in financial institutions have typically been followed by “enhanced regulations and scrutiny [that] served to strengthen the industry,” and that “it is almost certain the virtual assets industry will head down the same path.
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