In the aftermath of FTX's collapse, the cryptocurrency industry emphasizes investor education over stringent regulations. Former Biden advisor Moe Vela advocates for empowering investors through financial literacy to prevent future crises.
“What I preach for is regulation that protects and prevents but does not cripple and destroy ,” the senior adviser told Cointelegraph.
Financial education, especially regarding risk management, should be the fundamental concern of the crypto industry, according to Moe Vela, former senior advisor to President Joe Biden and senior advisor to Unicoin.“Education is the fundamental key to empowerment… We will not have equality in any form until we have economic parity. We’re not going to have economic parity until we teach people to be, instead of unsophisticated at anything, sophisticated, and that comes through education.
However, instead of the regulatory efforts that may stifle digital asset innovation, the industry would benefit more from educating the unsophisticated investors, argued Vela: Vela also serves as an advisor for Unicoin, an asset-backed cryptocurrency that aims to reduce the volatility associated with traditional cryptocurrencies. During the launch of the token, Vela learned that risk mitigation is among the most important factors for both traditional and crypto investors.
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