The recent implosion of cryptocurrency exchange FTX is set to accelerate the pace of new regulation and tougher oversight of the space, as well as undermine trust in centralized crypto firms, Cantor Fitzgerald analyst Josh Siegler wrote in a note on Friday. "The regulatory and centralization debates, spawned from the FTX debacle, may have significant repercussions for the crypto industry's future framework," Siegler highlighted. Of course, the FTX collapse, triggered by the discovery of a multi-billion dollar balance sheet shortfall that resulted in substantial outflows, has already drawn the awareness of lawmakers and regulators ranging from U.S. Senators to the Manhattan U.S. attorney's office. Siegler expects the emerging industry to take a "two-pronged approach" whereby decentralized institutions (think of DeFi exchange Uniswap) will gain retail share, while regulated, centralized institutions, such as Coinbase Global ( COIN ), will become more prevalent and critical for future crypto adoption, the note read. But as seen with FTX, "it's difficult to argue against the case that centralization carries additional risk," the analyst said, adding that FTX's collapse has resulted in traders withdrawing funds across centralized platforms. Earlier this week, (Nov. 17) the new FTX boss censured the exchange under the leadership of Sam Bankman-Fried, calling its poor management practices worse than Enron .
XRP Price Prediction For 24 November
