FTX cryptocurrency recently went bankrupt, causing many investors to lose millions of dollars. Even though FTX plummeted, more restrictions would tarnish crypto’s freedom and should not be regulated due to cryptocurrency’s nationwide payments. Cryptocurrency is a free market that allows individuals to exchange nationwide without a middleman. Liquid cash needs a middleman like PayPal, Apple Pay or banks. FTX cryptocurrency exchange allows customers to swap cash or other currencies in order to trade, according to an article by the New York Times. FTX holds customers’ funds like a bank. The company crashed after CoinDesk published an article on Nov. 2 about how the CEO of FTX, Sam Bankman-Fried, took money out of the company. Customers were upset with this and withdrew their funds, causing FTX to crash. The company filed for bankruptcy Nov. 11, according to an article by CoinDesk. At least $1 to $2 billion in customer money has disappeared, according to a Reuters article. With this recent economic crash, some people believe cryptocurrency needs “very careful regulation,” according to a New York Post article. However, more regulation defeats the purpose of cryptocurrency.
Full opinion : More regulations won’t fix cryptocurrency.
