FTX collapse raises questions about the future of crypto regulation
It wasn\u2019t long ago that Sam Bankman-Fried, the former CEO of crypto-currency company FTX, was talking about bailing out his struggling rivals in order to safeguard the \u201ccrypto ecosystem.\u201d But Bankman-Fried is now in no position to bail out anyone, following a week of turmoil that saw FTX filed for bankruptcy and freeze all withdrawals. What has emerged since then is what the company\u2019s new CEO, John J. Ray, has described as a \u201ccomplete failure of corporate controls\u201d that has prompted renewed calls to regulate the crypto industry. But for now, the FTX implosion appears likely to tarnish other crypto players and, indeed, the entire ecosystem.