Sam Bankman-Fried, the founder of FTX, was the latest in a long and storied line of personalities whose compelling elevator pitches papered over their poor management practices.
By contrast, “Web3 has regulatory headwinds everywhere in the world, especially in the United States,” he said. FTX operated offshore in part because of a lack of clarity in the U.S. By pushing capital formation offshore the U.S. risks losing oversight and transparency into their doings .Nuclear power is a useful analogy here too. Where would you rather develop nuclear power and harness its awesome power in America – with strong laws and oversight – or offshore and risk meltdown?, Hester Peirce of the U.S.
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