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The Financial Conduct Authority should engage more with the cryptoassets industry. This call comes from CryptoUK executive director Ian Taylor, who was questioned yesterday afternoon (14 November) by the Treasury Committee.
The collapse of the FTX crypto exchange, which was valued at $32 billion at its peak, could end up impacting far more creditors than earlier estimated, according to a recent filing by the company.
Major crypto investor Galaxy Digital said Monday that it has lost $77 million from FTX's collapse.
A panel of experts told the Treasury Committee yesterday (14 November) that stablecoins are not likely to replace traditional payments. Stablecoins are cyptocurrencies that have their value tied to another currency or to a commodity or a financial instrument.
Executives were grilled by MPs on the Treasury select committee amid calls for regulation following the demise of US exchange FTX.