A Ripple executive says there is one important lesson from the FTX meltdown that he 'can say with total confidence will not be learned.' crypto cryptocurrency $XRP
A Ripple executive says there is one important lesson from the meltdown of crypto exchange FTX that he “can say with total confidence will not be learned.” The executive added: “Regulation that punishes after the fact won’t catch it. Investor due diligence won’t either.”The CTO of Ripple Labs, David Schwartz, shared his thoughts on the collapse of cryptocurrency exchange FTX in a series of tweets Monday.
There’s one important lesson that is really pretty obvious in retrospect and that I can say with total confidence will not be learned. He explained: “If you hold billions of dollars of other people’s money for indefinite time periods, the temptation to speculate with those funds is irresistible if there aren’t verifiable checks that make such risk-taking virtually impossible, nothing else will be sufficient.”Regulation that punishes after the fact won’t catch it. Investor due diligence won’t either.
“This kind of thing will always happen unless it cannot happen,” he stressed. “The temptation is irresistible. That is one of the most important lessons of FTX. But most people will actively choose not to learn this lesson because of, among other things, the elephant in the room.” FTX is currently being investigated by a number of authorities worldwide. In the U.S., the Department of Justice , the Securities and Exchange Commission , and the Commodity Futures Trading Commission are
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