Goldman Sachs published a research note on Friday covering blockchain technology and the recent demise of the crypto exchange FTX.
The investment banking giant believes regulation is “needed at the point of trust” within the centralized elements of the blockchain industry – rather than on the blockchain itself – to prevent similar instances of widespread fraud in the future.
The Point of Trust
Per the company’s report, FTX’s collapse does not represent a failure of the blockchain technology that served as a foundation for the tokens trading on its platform. The issue, it argued, is a lack of regulation covering the gatekeepers of the crypto world, such as exchanges like FTX.
“Regulation is needed at the point of trust, where money is exchanged on the promise of some future return, because it is the time component that creates the opportunity for fraud,” wrote Goldman analysts Jeff Currie and Daniel Sharp.
While ex-FTX CEO Sam Bankman-Fried denies such allegations, m
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