The fall of FTX has raised many debates within the crypto community. While some prefer to criticize, others learn from it. Citadel CEO Ken Griffin falls into both categories. According to him, the collapse of FTX is an absolute travesty. But above all, he urges American crypto regulators to work together in order to carry out their mission. Regulation of the cryptocurrency market has never been more urgent and important.
“The FTX explosion is an absolute travesty”, says Ken Griffin
The CEO of Citadel did not fail to criticize the collapse of the crypto exchange FTX during his speech at the Bloomberg New Economy Forum in Singapore. Ken Griffin even describes this fall as “absolute parody”. According to him, this event will have a considerable impact not only on all financial markets, but also on society itself. The fact is that many people will inevitably lose billions of dollars.
Currently, the crypto market is mainly of interest to young people between the ages of 20 and 40. Some, for example, use cryptocurrencies to plan for their retirement. And after the collapse of FTX, they will find it difficult to trust the market again. Like it or not, this reluctance could become a serious problem.
Regulators must properly oversee the crypto industry
the Citadel CEO strongly maintains that better supervision of the crypto market remains the only alternative to prevent such an event from happening again. According to him, the American regulators should improve their coordination and especially put an end to the war of territory carried out until now. According to Griffin, regulators limit their actions around who owns what. This prevents them from working effectively and objectively.
Like many crypto analysts, Griffin believes that the fall of FTX proves an indisputable fact: US regulators must take their job seriously. For regulators, however, recent events demonstrate the lack of legislative action around cryptocurrency. Who is right and who is wrong? Both will be able to put forward solid arguments. But this will not solve the problem of investors who lost a lot following this fall of FTX.
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