ICYMI: Circle CEO Allaire calls FTX crisis crypto’s ‘Lehman Brothers’ moment
Jeremy Allaire, co-founder and CEO of Circle, shared his thoughts on what industry changes need to occur in light of the FTX situation.Jeremy Allaire, co-founder and CEO of Circle, said the FTX insolvency crisis, which has thrown the crypto market into turmoil, is the"Lehman Brothers" moment for crypto.
Circle's focus as a company is to"increase the utility value of money, and build a financial system that is more open, inclusive, transparent and accessible to all,"Allaire's comments come on the heels of the news that Binance will buy FTX.com following the collapse of its native token, FTT, which is down 80% since Binance's CEO said Sunday that his exchange would sell its FTT token, setting the whole chaotic situation in motion.
The current market downturn has highlighted the deep issues the crypto industry faces around transparency, counter-party visibility, and non-transparent companies holding balance sheets with speculative tokens. Allaire also agreed with Coinbase CEO Brian Armstrong that the lack of regulatory guidelines in the U.S. has encouraged the rise of a risky, speculative environment that caused many companies to operate offshore.
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