Recently, in the crypto world, one of the largest crypto exchanges by volume named FTX, has gone bankrupt.
It has become kind of a thing within the crypto industry that as soon as things start looking for the crypto market, there is some terror of the bad news dancing along the margins, and this is exactly what has happened here.
FTX announced bankruptcy last week, and the overall loss that the firm has engulfed is supposed to be phenomenal.
Investors and the stakeholders of the firm are already looking to inject the firm with as many lawsuits as possible, and the employees, on the other hand, are pushing their resumes along with various other crypto endeavors lurking out there.
Senator Elizabeth Warren has criticized the unfolding of this whole event in rather harsh words. According to her, the whole crypto market is a ticking financial boom that will destroy with it not only the sanctity of the financial realm but the long-standing facet of peace that the banking industry has enjoyed for years.
She says that it is not the first time a crypto firm has gone bankrupt and therefore seized to operate, leaving a black stain on the whole crypto market and turning the heads of the regulators towards this sinking ship which is tanking because of the regulatory holes present in it.
Crypto Industry Needs Transparent Regulatory Framework
She says that she will continue to remind the SEC and make it her electoral mission to compel the regulating agency towards establishing firm regulations around the crypto market and not only this but to enforce this framework in good standing.
Without a proper framework, the crypto market is a fairly dangerous arena where investors and common people are always under the umbrella of investment depravity.
Moreover, the CEO of Coinbase, Brian Armstrong, has also commented on the situation by saying that the whole thing is a failure of the regulatory agencies in developing and enforcing regulations and keeping a check with the crypto firms, exchanges, and investors.