The year 2022 is coming to an end and could be one of the most hectic for the cryptocurrency industry, due to the prolonged winter that has wiped out more than 70% of the market capitalization and the barrage of cryptocurrency companies that have imploded. This was mainly due to poor internal management and the uncontrolled decision-making process.
Among all the ups and downs, one thing has become clear: retail clients have lost a significant amount of money due to a lack of regulatory oversight.
US Senate Committee Hearing on FTX Fiasco Sheds Light of Regulatory Authority Loopholes
Although U.S. lawmakers have vowed numerous times this year to subject cryptocurrencies to regulatory oversight,after every major drop in cryptocurrency-related businesses, such asTerraand FTX, we are witnessing another round of discussions on regulation without any concrete action.