Lawyers see crypto regulation coming in 2023 as industry needs to rebuild trust
Even though unequal In the crypto market, many market participants are not at all worried about the long-term health of the industry and say that regulatory frameworks by 2023 can restore confidence in the industry.
“Cryptocurrencies will recover,” Katherine Dowling, general counsel member at Bitwise Asset Management, told TechCrunch. “This is not the death of crypto.”
Given the belief of many that cryptocurrencies are here to stay, it’s worth looking ahead. Crypto denizens certainly are — after the collapse of FTX, questions arose regarding the future of crypto and what regulators will do next.
“There is no incentive for regulators to reduce their enforcement activity, and recent events are likely to encourage them.” Mayer Brown’s Joe Castelloccio
Yesha Yadav, a law professor and director of diversity, equity, and community at Vanderbilt University, told TechCrunch that the disappointment in what the FTX boom represents is hard to overstate. “The level of disillusionment, frustration, and feelings of being deceived by FTX is immense because it is considered one of the most compliance-friendly organizations in the crypto economy and the one that will lead the way.” management effort.”
Now, obviously, FTX is “the kid that represents everything that can go wrong,” says Yadav. Its demise sent regulators back to the drawing board. “They might have to do something different, far-reaching, and more severe to deal with what happened.”
But, What can we expect from regulators in 2023?
The management agency will finalize some offer they introduced,” Alma Angotti, partner and global regulatory and legal risk leader at Guidehouse, told TechCrunch. “I think there is a perception that the industry is too big to continue ‘wait and see’.”