The head of blockchain at EY says that, for the first time ever, crypto-currency price fluctuations are not having such a big impact on the long-term growth of the sector. Nevertheless, he points out, “It’s also important that regulators crack down on obvious Ponzi schemes more quickly and with greater severity.“
EY’s Brody on the winter of crypto-currencies
Paul Brody, global blockchain leader at EY, discussed crypto winter, the need for regulation and the FTX crypto exchange collapse in an interview published by the publication Mint on Thursday.
He was asked if he expects the current crypto winter to be over soon. “It’s a much milder crypto winter than the last one,” he replied. “One of the key features of this winter is that there is a decoupling underway between the price of crypto assets and the product development and engineering work that is going on in the crypto industry.“The EY executive is of the opinion that:
For the first time ever, price ups and downs are not having such a big impact on the long-term growth of the industry. We are slowly moving away from the purely financial focus of the industry.
He added that the Ethereum ecosystem is now much more focused on application development, non-fungible tokens (NFTs) and decentralized autonomous organizations (DAOs).
Brody on the FTX collapse and the need for crypto-currency regulation.
The EY executive also spoke about the collapse of the crypto-currency exchange FTX, which some have…
