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Regarding the Nov. 17 editorial “Cryptonite”:
We do not excuse the failure of corporate governance, personal morality, and lack of transparent and ethical business practices that defined the collapse of the cryptocurrency exchange FTX, but one man’s alleged misdeeds shouldn’t serve as an indictment of an entire industry. Many in the crypto industry have called for new legislation to define the rules that the editorial suggested are necessary, while the heads of our regulatory agencies pursue enforcement actions that both punish attempts to develop new financial products and do very little, if anything, to protect consumers from illicit schemes and bad actors.
This unserious and public-relations-centric approach has allowed serious fraud to fester, harming millions of consumers in the process. We urge the perspective of our elected representatives to be heard — and we will continue to support bipartisan legislation to address and support crypto’s complexity while preventing fraud and protecting the American consumer.
Kristin Smith, Washington
The writer is executive director of Blockchain Association.
