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Crypto Winter is no Longer Active in long-term Industry Growth! The EY Manager Has Spoken


Crypto winter is no longer active in long-term industry growth! The EY manager has spoken. The world’s leader says that the first time, crypto price is not affected by the company’s growth. Nevertheless, he said: “It is important to keep the resembles with many.”

Oy Brody and crypto winter

Paul man, the world leader and Blockbyain and the pastblypyain and pastByain and pastByain and pastByain and pastByain and the laws of cryx and questions mut on Thursday. He was asked if he expects the current crypto winter to end soon. “It’s a milder crypto winter than the last one,” he replied.

“One of the main things this winter is that there is a shift between the price of crypto assets and the product development and engineering work that is happening in the crypto industry.” The EY CEO said: “For the first time ever, price ups and downs don’t have that big of an impact on the long-term growth of the industry. We are slowly moving away from the pure financial focus of the industry.”

He added that the Ethereum community is currently focusing on rapid development, non-fungible tokens (NFTs), and autonomous organizations (DAO).

Brody on the failure of FTX and the need for crypto regulation

The EY exec also discussed the collapse of crypto exchange FTX, which some compared to a Ponzi scheme, including the one run by the infamous Bernie Madoff. Answering questions about whether users can trust crypto exchanges after the failure of FTX, he warned: “The idea behind crypto is that it is completely transparent since it is in blockchain and you will see if something bad happens. It is a bad idea. Seeing the data does not mean you can understand the complex data flow in smart contracts. »

“Companies that have tried to mix and match financial transactions and transactions without strong regulatory oversight are the ones that don’t do well,” Brody continued.

“It is impossible to know whether your assets are properly held and used, or whether they are pledged and used in other situations,” the EY blockchain leader drew warning. “The main thing to remember is that your government should be easy for people to follow, or you can take a well-researched approach to the public market.”

He also explained the importance of having strong laws, saying: “It is also important that regulators crack down on obvious Ponzi schemes faster and with more severity. I would like to see more regulatory activity and rules that good players can follow.”

After FTX failed, many people called on the local authorities to improve their supervision. The Bank of England’s deputy governor for financial stability, Sir Jon Cunliffe, pointed out this week that the FTX failure highlighted the urgent need for tougher policy. The White House and several US lawmakers have called for proper crypto oversight. A US senator recently urged the Securities and Exchange Commission (SEC) to take a tougher decision to regulate the crypto industry.

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