Communications of the ACM
More Crypto Regulation Is Needed—Now
I hope the U.S. Securities and Exchange Commission was paying attention to the FTX collapse. If it spurs action, it may be a blessing in disguise.
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Details of the recent, sudden FTX collapse are still unfolding, yet it is fair to say that clarifying rules and strengthening enforcement will accelerate the development of the broader crypto ecosystem for the benefit of society. After the U.S. stock market crash of 1929 that led to the Great Depression, we needed the 1933 U.S. Securities Act to stabilize markets and protect consumers.
Could this be where we are with crypto if we act on the message FTX is sending us? Fining Kim Kardashian for unlawfully advertising a crypto security and recovering billions of dollars' worth of stolen cryptocurrencies is a start, but there is much more work to be done.
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