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

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Former U.S. presidential candidate Andrew Yang believes that the collapse of the FTX exchange has attracted significant attention to the cryptocurrency industry from regulators, and this maybe far from a positive signal.

Andrew Yang stressed that strict regulation of the cryptocurrency industry cansignificantly slow down the development of blockchain startups in the United States.And against the backdrop of the collapse of FTX, the public supportsNegative attitude of regulators towards cryptocurrency companies.

"I've always been in the camp of people who support intelligent regulation.I think this attitude could help the development of the industry and its adoption.But we unfortunately missed the signals on FTX.This is a major event.Because of FTX, its problems and notoriety, the damage suffered by ordinary people will beBut we need to balance the risks with America's status as a hub for blockchain innovation and development," Yang said.

According to him, the collapse of FTX gave a new and very weighty argumentThe politician said that he continues to work in Congress to increase the knowledge of congressmen and other politicians about blockchain and cryptocurrencies.

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