Crypto Industry Reaches a Crossroad

 
With the recent FTX crisis, many larger issues within the crypto industry as a whole have been brought to light. There has been limited regulation that has allowed for a lack of disclosure and checks & balances within the system. With the collapse of FTX, the market currently looks unstable and insecure which may cause investors to walk unless changes can be made that create a level of integrity and consumer protection.

Gabriella Kusz, CEO of Global Digital Asset and Cryptocurrency Association, finds the silver lining answering the question of what comes next? How can other crypto currency exchanges and the wider blockchain and crypto industry prevent loss of customers amidst the ripple of collateral damage the FTX collapse has caused?

Gabriella’s Thoughts:

“So, the major flaws that we saw coming out of the FTX collapse have been around customer assets and full disclosure. So, understanding that customer assets are appropriately segregated and are not used by the corporate entity itself. Ensuring that we have strong governance and a system of checks and balances.

Again, you know, maintaining an active board, ensuring that you have internal controls, all of these will be extremely important to managing an appropriate exchange. Maintaining appropriate liquidity reserves so that you can disclose whether these are proprietary reserves in that you’ve put aside as a buffer to cover any losses of customer funds, but also around enterprise risk management and stress testing. I think lastly, what we’re seeing, especially coming out of the bankruptcy filings, is the importance of proper books and records, as well as the importance of an independent audit.

We have reason to believe that there is a silver lining to a lot of this. In terms of reassuring customers, I would say that you know at this point the crypto industry is coming around the Global Digital Asset and Cryptocurrency Association and our core principles, which are based on the six areas that I just outlined, in order to elaborate those and to move forward in pushing industry to attest to and to implement these types of procedures and actions.

It’s with this that we believe that we can enhance market integrity and also advance consumer protection, while at the same time fostering innovation and technological advancement.”

Follow us on social media for the latest updates in B2B!

Image

Latest

AMAG Technology
AMAG Technology: Control, Reliability, and Customer-First Supply Chain Excellence
April 2, 2025

At AMAG Technology, being customer-obsessed goes beyond a mindset—it’s built into every part of the operation. One of the company’s greatest strengths lies in its ability to manufacture its own products, offering a level of supply chain control that few competitors can match. Allan Price, Head of Global Supply Chain at AMAG, emphasizes how this…

Read More
visitor management solution
Reinventing Visitor Management Solution with Symmetry GUEST
April 2, 2025

In an age where speed and security are paramount, the traditional paper logbook is becoming a relic of the past. AMAG Technology’s Symmetry Guest system offers a modern, digital solution that redefines the way organizations welcome and manage visitors. Gone are the days of long lines and confusion at the front desk—Symmetry Guest empowers hosts…

Read More
AMAG
Driven by Customers, Defined by Innovation: Inside AMAG’s Customer-Obsessed Approach
April 2, 2025

AMAG Technology continues to strengthen its customer-obsessed culture by actively listening to both internal and external voices. As shared by Kyle Gordon, Executive Vice President of Global Sales, Marketing, & Commercial Excellence, the company is focused on improving processes, responding with speed, and driving innovation—while honoring its legacy and delivering unique value within the industry.

Read More
biotech
Biotech Moves Smarter: IDDI Powers Data-Driven Drug Innovation
April 2, 2025

As biotech innovation accelerates, small and mid-size pharmaceutical companies are becoming key players in bringing new treatments to market. Yet many of these organizations face steep challenges when navigating clinical trial design, regulatory approval, and data integrity. According to a McKinsey Global Institute report, industries like biotech could help generate up to $50 trillion…

Read More