Andrew Yang: "The fall of FTX will lead to tighter regulation of the crypto industry"

Former US presidential candidate Andrew Yang believes that the collapse of the FTX exchange brought significant regulatory attention to the cryptocurrency industry, and this cannot be a positive sign.

Andrew Yang stressed that strict regulation the cryptocurrency industry can significantly slow down the development of blockchain startups in the US. And amid the collapse of FTX, the community supports the negative attitude of regulators towards cryptocurrency companies.

“I have always been in the sensible regulation camp. I think this attitude can help the industry grow and be accepted. But we, unfortunately, missed the signals on FTX. This is a big event. Due to FTX, its problems and notoriety, damage to ordinary people will be directed to strict regulation. But there is a balance between the risks and America's status as a hub for blockchain innovation and development,” Yang said.

According to him, the collapse of FTX has become a new and very weighty argument for opponents of the cryptocurrency industry. The politician said that he continues to work in Congress to increase the knowledge of congressmen and other politicians about blockchain and cryptocurrencies.

Recently, US Treasury Secretary Janet Yellen said that the collapse of the FTX cryptocurrency exchange once again demonstrated the need for more careful oversight of the crypto industry.