I think that the main lesson to be drawn from the multi-billion dollar collapse of cryptocurrency exchange FTX isn't that blockchain is bad but rather than these companies need regulation. "FTX had no accounting department and reimbursements were processed with emoji," we read. John Ray III, who oversaw Enron's bankruptcy, comments of FTX, "never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here." Regulations aren't just 'red tape'. They're necessary protection against the automated excesses that can happen in any tech industry.
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