@Jack.Penn · Posted 20 Dec. 2022
@Richard.Blake · Updated 20 Dec. 2022
The recent crash of the FTX crypto exchange crash has led to a lot of speculation about whether or not cryptocurrency will be banned. Crypto is a controversial topic, with some people feeling that it will disrupt the economy and others feeling that it is a fraud.
The FTX crypto exchange was hacked and lost $60 million in funds. The SEC has not yet announced any action in response to this hack. It is hard to say whether crypto will be banned in the future. There are two opposing opinions on this matter. One side argues that the crypto ban is inevitable because of the recent FTX Crypto Exchange Crash, which has been linked to a possible Ponzi Scheme, and that it is only a matter of time before regulators step in and clamp down on this new financial frontier. The other side argues that banning crypto would be counterproductive, as it would deprive people from accessing their own money and cause economic damage. However, Crypto will not be banned due to FTX Crypto Exchange Crash according to some experts.
According to U.S. Senator Pat Toomey the failure of FTX crypto exchange is not a condemnation of cryptocurrencies, the senator stated that bitcoins are software and said that cryptocurrencies and FTX are two different entities.