- BTC Markets CEO Caroline Bowler discussed the latest events that happened in the crypto markets.
- Bowler spoke about the fall of the FTX exchange and the misuse of client funds.
- She highlights that current events can speed up the regulations in the crypto realm.
Caroline Bowler, the CEO of BTC Markets, speaks on the latest events happening in the crypto realm. Bowler stated that it is uncanny that an event similar to MF Global has happened now where client funds have been misused by insolvent organizations.
Furthermore, Bowler mentioned that the word is out that the decision to utilize client funds by FTX was a long-term strategic decision, which ended up failing. She highlighted that the Ripples that we see in the market are due to FTX’s fall.
BTC Markets’ CEO stresses that there will be more Ripples across the crypto industry that are likely to arise due to the connection of several firms with FTX.
Bowler compares the FTX event to a mini-GFC event, stating that when it makes it to the other side, there will be greater regulation. This, according to her, will be 100% better for the crypto industry.
Moreover, increased customer protection and self-regulation is something that Bowler and her organization have been agitating for vocally. This is also something that she is willing to vouch for in terms of regulation.
Bowler stresses that what needs to be checked is the behavior rather than the blockchain technology. She mentions that the behavior of the FTX management needs to be analyzed, and that is where the regulation is needed.
I don’t think that this necessarily is the death knell for the industry. I don’t necessarily think this is going to pull back overall institutional.
Concurrently, Bowler also spoke about the discussions that happened during the Singapore Fintech Festival, where they spoke about the regulations and the need for greater international collaboration. She further added that all these regulations are likely to play out in the next 12 to 18 months.
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