Elizabeth Warren’s WSJ op-ed, which correlated the fall of the FTX crypto exchange to crypto ruining the entire economy, did not go unnoticed by the online crypto community
The downfall of former crypto exchange FTX, has had the entire industry in disarray since the situation began to unravel days before it declared bankruptcy on Nov. 11. A new op-ed from United States Senator Elizabeth Warren revealed a negative stance toward the industry with regard to the fallout.
Warren wrote that the crypto industry is on a well-worn path of financial innovation, which starts with exciting rewards but ends in crippling losses. She compared it to subprime mortgages of 2008, penny stocks, and credit-default swaps.
The Senator said what happened with FTX should be a wake-up call to regulators to enforce laws on the industry.
The following day, not referencing the op-ed specifically, the co-founder and CEO of Binance, Changpeng “CZ” Zhao, also tweeted on the topic, saying where there is progress, there is always a failure