Financial innovation is a tricky one because the problems it solves only appears after that initial mass speculation happens and that first fraud happens. FTX was something started three years ago by essentially a guy living in the Bahamas. It's completely unregulated. And while they claim to have done significant due diligence, I can't see how that's possible. The person who's taken over now to lead the bankruptcy process, I forget his name, but he's done this for Enron.
Omid Malekan, the former Crypto advisor for Citi Ventures, has a lot of ideas about the direction of decentralized finance and cryptocurrencies. Today, Omid and James piggyback on last week's interview with Google finance lead Antonio Reza to discuss the industry fallout from FTX's fraud and bankruptcy filing.
The pair discuss how we can develop better crypto exchanges, the broad role of NFTs in assigning property rights to intangible assets, and lessons learned from Omid's new book: Re-Architecting Trust: The Curse of History and the Crypto Cure for Money, Markets, and Platforms.
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