Reportedly all the US lawmakers are under very big pressure to create a better & precise framework to save the US citizens from the Crypto sector & prohibit events like FTX bankruptcy.
In 2022, the Crypto industry saw the downfall & bankruptcy of many crypto companies. The majority of these crypto companies were operating on weak business models or had their exposure to bad Crypto companies. The most popular & top-level collapsed projects of last year were Terra (Luna), Celsius Network, BlockFi, Voyager Digital, FTX & Alameda Research.
According to reports, the downfall of the FTX exchange with more than 100s of its affiliated companies caused very big pressure on US lawmakers. On one side, US regulatory agencies are on the radar of critics over their failure to prohibit events like FTX bankruptcy, on the other hand, these agencies are under pressure to create a better regulatory framework to prohibit such kinds of bad incidents in the Crypto sector, to save the citizens from any big risk.
A recent report from Cointelegraph noted that Several proposals are in the works that would apply existing banking, securities, and tax rules to cryptocurrencies, and lawmakers are calling on the Securities and Exchange Commission (SEC) to bring an aggressive approach to regulate the digital assets market.
A few crypto experts also shared their opinion on the current phase of the Crypto market and said that it will not be easy for the Crypto market to gain a better level of trust among crypto Investors, because of FTX exchange fraud. Now it will be interesting to see the new changes in the Crypto sector, as new regulatory policies will enter & that will impose a highly restricted framework to ensure the safety of the digital assets Investors.
Read also: Vitalik aims to scale the Ethereum network in 2023
After FTX’s downfall, US policymakers are under significant pressure
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