So, we’re now in a less than ideal situation. Bad actors are undeterred by the lack of regulation, but good actors are. The result: Bad actors face far less competition. It’s not, thankfully, zero competition. There are quite a lot of good actors in this space, but due to absent regulatory clarity and standards even those players are having a hard time differentiating themselves from the bad guys. Every bad actor claims they’re audited, professionally run and take compliance seriously, and few end-users know enough to tell the truth from fiction.
There Will Be No Lessons Learned From FTX
