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ARTICLE · 21 DECEMBER 2022

The FTX Downfall: What It Means For The Future Of Cryptocurrency

Buchanan Ingersoll & Rooney
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While cryptocurrencies have made their mark in earnest since October 2008, the year 2022 has seen the crypto market expand and contract, with total market capitalization dropping...

United StatesTechnology
Sahel Ahyaie Assar
Sahel Ahyaie Assar
Mark Pfeiffer
Mark Pfeiffer
Mark A. Kasten
Mark A. Kasten
Lauren V. Humphries
Lauren V. Humphries
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While cryptocurrencies have made their mark in earnest since October 2008, the year 2022 has seen the crypto market expand and contract, with total market capitalization dropping from $3 trillion in 2021 to shy of $890 billion as of December 2022. From its ever-increasing popularity to the November collapse of the cryptocurrency exchange FTX, it has been a whirlwind year in the crypto industry.

The year ahead will be important for cryptocurrencies as Congress and the relevant regulatory agencies consider whether to exercise additional oversight, and the Department of Justice attempts to ensure that consumers are protected from harm. If government agencies or investors successfully compel increased transparency in the crypto asset space, the coming years could bring additional investment and resources in all things blockchain, despite the FTX debacle.

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