'There is a silver lining to the FTX debacle. It may put an end to the way that cryptocurrency exchanges are regulated – or, more accurately, mis-regulated – in the U.S.,' says jp_koning. Opinion.
The inclusion of crypto exchanges under the money transmitter framework is particularly perplexing. Exchanges like FTX US and Coinbase offer brokerage services and liquid marketplaces for trading. In many cases, these exchanges store a significant chunk of customer’s life savings, for long periods of time.
The unfortunate failure of one of these money transmitters, West Realm Shires Services Inc., may be the final straw for this rickety arrangement. West Realm Shires Services is the official name for FTX US, a large spot exchange that serves around 1 million Americans. On its website, FTX US The bankruptcy status of FTX US stands in sharp contrast to those parts of FTX's U.S. operations that are regulated by the SEC and CFTC. FTX Capital Markets and Embed Clearing, which are both overseen by the SEC, remain solvent and are not listed as debtors in last week'sTime to get exchanges like Coinbase under a more appropriate regulatory umbrella before additional damage is done.
In a different world, one where the FTX US exchange was regulated by the CFTC and SEC, might FTX US and its one million customers have been likewise spared? It's very possible.has been politely asking
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