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FTX May Be Gone, but the Impact of Crypto on the CU Industry Is Just Beginning

As they wait for regulators to catch up, CUs should continue to explore this technology and its potential uses.

By Henry Meier, Esq. | January 18, 2023 at 10:00 AM
3d vector split in half token with the abbreviation FTX Source: AdobeStock.

OK, be honest. If you follow the news of the FTX cryptocurrency platform and the arrest of former Wunderkind Sam Bankman-Fried, you may be wondering if all that research you did, not to mention that new fancy title of vice president of digital operations, just became useless, I’m here to tell you your expertise is needed as much now as it ever has been. Well, almost as much. In fact, there are many lessons to be drawn from the demise of FTX that can help shape the development of the crypto industry in a positive way for years to come.

Why am I so bullish on crypto? Well, to be clear, I’m not exactly bullish on crypto. In fact, I’m proud to say that two things I have never done are open up a Facebook account or purchase Bitcoin. But regardless of what, if any, virtual currencies are in use 10 years from now, I will bet you that the Distributed Ledger Technology (DLT) that underpinned its use will be an increasingly integral part of the financial landscape for all financial institutions, irrespective of their size.

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