CryptoMagazine
    What's Hot

    Evertwine To Launch A New Free-to-Play Blockchain TCG Game and NFT Ecosystem

    2023-02-26

    The Ultimate Impact of Blockchain Technology on Global Finance

    2023-02-26

    Solana Blockchain hit by hours-long network slowdown and technical problems

    2023-02-26
    Facebook Twitter Instagram
    LinkedIn Facebook Twitter YouTube Discord Telegram BlogLovin
    CryptoMagazineCryptoMagazine
    금요일, 3월 24
    • #FTX
    • Daily News
    • Short News
    • Editor’s Pick
    • Project Review
    • Crypto
    • Defi
    • Game
    • NFT
    • Metaverse
    • Etc
    • Learn
    CryptoMagazine
    Home»Game»Crypto Contagion Isn’t Over and the Industry Is an ‘Insider’s Game’
    Game

    Crypto Contagion Isn’t Over and the Industry Is an ‘Insider’s Game’

    ICARUSBy ICARUS2022-12-21댓글 없음2 Mins Read
    LinkedIn Facebook Twitter Telegram Email
    #image_title
    Share
    LinkedIn Facebook Twitter Telegram Email


    • FTX’s collapse shows that crypto contagion isn’t over and the industry has transparency issues, according to EY’s blockchain chief Paul Brody.
    • Brody noted that transparency claims made by crypto firms were often “difficult to test,” which makes the industry an “insider’s game.”
    • Policymakers have urged the SEC to tighten regulation on crypto firms, criticizing the current hands-off approach.
    Loading Something is loading.

    Thanks for signing up!

    Access your favorite topics in a personalized feed while you’re on the go.

    FTX’s collapse shows that crypto contagion isn’t over, and the lack of transparency in the industry means crypto is an “insider’s game,” according to EY’s head of blockchain Paul Brody.

    “We’re definitely not done with the contagion,” Brody said in an interview with CNBC on Tuesday. “People said, crypto is going to be better because it’s going to be transparent and there’s no politically motivated central bank in this ecosystem. It’s turned out to be quite the opposite. Crypto is extremely non-transparent.”

    That’s been exposed with the collapse of prominent crypto firms this year, with companies like Terra Luna and Sam Bankman-Fried’s FTX declaring bankruptcy, setting off a domino effect of other collapses in the industry.

    FTX’s bankruptcy, in particular, revealed chaotic record-keeping within the crypto exchange and extravagant purchases using company funds, rattling the trust of its former users.

    But the problem is deeper than just bad actors in the industry, Brody said. Users often don’t have the ability to fully evaluate crypto firms for themselves, even when businesses are transparent with their algorithm. He noted that his own team finds transparency claims among crypto firms “difficult to test and follow through.”

    “In some cases, that’s absolutely by design,” he said. “You follow all the rules, but the rules are complicated, and so therefore it’s an insider’s game.”

    Brody predicted customers would start to look to firms in the space that they could trust and were inspected by regulators, adding to a chorus of market commentators who have urged government agencies to tighten the screws on crypto firms. Lawmakers have been critical of the SEC’s current approach, which asks crypto firms to “come in and talk” to be regulated.



    Source link

    Share. LinkedIn Facebook Twitter Telegram Email
    ICARUS
    • Facebook
    • LinkedIn

    ICARUS (Kim min hoe): Cryptomagazine.live Publisher 📢 Contact - Telegram: https://t.me/TSA_XICARUS - Kakao Talk: https://open.kakao.com/o/sXad89x - Email: xicarus2@gmail.com

    Related Posts

    Evertwine To Launch A New Free-to-Play Blockchain TCG Game and NFT Ecosystem

    2023-02-26

    Klay Thompson distills his game to its essence, lifts Warriors past Rockets

    2023-02-26

    Westbrook goes from Lakers’ bench to being Clippers’ starter

    2023-02-26

    Comments are closed.

    Game

    Evertwine To Launch A New Free-to-Play Blockchain TCG Game and NFT Ecosystem

    By ICARUS2023-02-260

    Zagreb, Croatia, February 25, 2023 / AlexaBlockchain/ – Evertwine, a free-to-play blockchain trading card game and NFT ecosystem, is…

    The Ultimate Impact of Blockchain Technology on Global Finance

    2023-02-26

    Solana Blockchain hit by hours-long network slowdown and technical problems

    2023-02-26

    Largest NFT Dump ever: Whale sold 1010 NFTs in 2 days

    2023-02-26

    How Eco-friendly Is The Metaverse? Road To Sustainability | Ask The Experts

    2023-02-26
    Popular posts
    • Evertwine To Launch A New Free-to-Play Blockchain TCG Game and NFT Ecosystem
    • The Ultimate Impact of Blockchain Technology on Global Finance
    • Solana Blockchain hit by hours-long network slowdown and technical problems
    • Largest NFT Dump ever: Whale sold 1010 NFTs in 2 days
    • How Eco-friendly Is The Metaverse? Road To Sustainability | Ask The Experts

    Editors Picks

    New beginning – TSA.Land

    2023-01-02

    한국 커뮤니티만을 위한 화이트리스트 접수(단 하루)

    2022-11-26

    How Crypto Scams Get the job done — A Reminder In The Age Of Digital Environment

    2022-11-22

    BTC internal transfer diagnosis worth about 2 trillionin response to Binance’s urgent request

    2022-11-18

    Subscribe to News

    Get the latest sports news from NewsSite about world, sports and politics.

    Advertisement

    Cryptomagazine provides the latest news and information on the future related to blockchain and cryptocurrency.

    About Us / Privacy Policy / terms-of-service

    © 2021 CryptoMagazine.live All rights reserved

    Facebook Twitter YouTube LinkedIn Discord Telegram BlogLovin
    Comprehensive Economy Magazine - Tstock.net

    Type above and press Enter to search. Press Esc to cancel.