The confusion over FDIC deposit insurance on FTX got a bit more complicated. But what's the best way to untangle this mess?
However, it’s almost certainly not the case that there were sinister motives. Harrison wrongfully communicated the relationship between FTX and the FDIC and was swiftly corrected before he immediately moved to rectify the official FTX position on deposit insurance. Nothing more than a storm in a teacup, one might say.
Rug pulls, scams and fraud thrive in a low-regulation industry, and indeed, this means there are plenty of villains out there at which to direct public anger . Right now, it seems regulators can only step in after an egregious mishap and that must be corrected. While crypto is seeping into the mainstream, the overall public perception seems to be negative, and mass adoption will only be possible years into the future.
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