Following the collapse of FTX_official, can regulation go too far? DickinsonLaw Professor IPProfEvans discusses crypto’s “brick wall stage,” and what lawmakers should do to find the “right balance.” _franvela reports
A legal expert says the crypto industry is “at the brick wall stage and it's forcing the hand of legislators to amend legislation.”
Pennsylvania State University Dickinson Law Professor Tonya Evans told CoinDesk TV’s “First Mover” on Friday that she is “cautiously optimistic and hopeful” there will be federal regulation of crypto in 2023. “I do see regulation coming,” said Evans, an intellectual property lawyer, referring to whether the fall of the FTX crypto exchange would prompt the U.S.
For investors and consumers relying on centralized crypto exchanges like FTX, Evans said there’s a need for federal guardrails, protections and greater transparency. Whether that oversight power is held by one agency or shared by the CFTC and the Securities and Exchange Commission, Congress must “make sure the right legislation and regulation is created for the times,” she added.
Thanks to the collapse of FTX, Evans said, lawmakers don’t have the option to idly sit by anymore, especially after a substantial number of U.S. citizens were hit by FTX’s mishandling of customer funds.“Every time there is a major deleterious impact to investors and consumers, they can't sit on the sidelines anymore,” Evans said, referring to both legislators and regulators.
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