While the financial impact of FTX's implosion is likely transitory, the shift in public perception of the crypto industry may be permanent unless crypto advocates take a more thoughtful and measured approach, CoinDesk Columnist chainyoda writes. Opinion.
.” For three years it did indeed appear so as financial institutions, mainstream venture funds and Big Tech companies streamed into the space. Unfortunately, over the last 12 months the failure of centralized finance platforms such as Three Arrows Capital, Celsius Network, BlockFi, FTX and Genesis [a CoinDesk sister company] has seriously hurt the industry’s reputation.
need to be treated differently. Money crypto in this context includes crypto-financial services such as custody, exchanges, market making, investing and lending. And tech crypto includes open-source, public permissionless innovation such as blockchains, decentralized finance , non-fungible tokens , Web3 gaming, wallets, tools and infrastructure. Financial stability and consumer protection failures in crypto did not arise from the failure of technology, but the failure of oversight and controls.
If we crypto advocates do not make the distinction between well-intended innovators and dubious or disreputable actors, we can not expect the general public to do so. We need to be very clear on who we represent and who we don’t. If we don’t make this delineation ourselves, the rest of the society – voters, courts and legislatures – will find it rather hard to do so on our behalf.John Reed Stark
This approach is necessary for two major reasons. Where our assumptions are valid, the industry will benefit from the shift in attitudes and public perception. Where they are not, the industry will be able to tweak and tailor our approach to enhance our positive impact and mitigate any negative impact. Without rigorous evidence, saying crypto minimizes oppression and destitution or that finance benefits from transparency are just theories.
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