8JULY 2023OPINIONIN MYBy Blue Macellari, Head of Digital Assets Strategy, T. Rowe PriceThe views contained herein are those of the authors as of December 2022 and are subject to change without notice; these views may differ from those of other T. Rowe Price associates.THE FIRST OF MANY LESSONS FROM FTXAs the ripple effects of the collapse of offshore crypto exchange FTX continue to unfold, there will be many lessons to be learned by those engaged with this nascent asset class in any capacity ­ retail investors, market makers and hedge funds, builders of decentralized blockchain protocols, traditional institutions just beginning to explore the space, and, of course, regulators in multiple jurisdictions. Already the sharp contrast in accountability between onshore and offshore centralized exchanges has come into focus, while questions are being raised surrounding the due diligence process and ongoing oversight by venture capital investors in the space. The events leading to the fall of FTX and the far-reaching impact of the bankruptcy of what was the third largest centralized crypto exchange will undoubtedly have a meaningful impact on the future path of crypto. Just as the Enron scandal and Global Blue Macellari
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