The latest “crypto winter” following the collapse of Terra/Luna and withdrawals from other stablecoins has reignited attacks against the web3 community on the basis of insider trading and financial instability. The virtual attacks have led federal regulators, including Vice Chair Lael Brainard of the Federal Reserve, to call for the development of central bank digital currencies. But these shortcomings of crypto should be paired with the shortcoming of fiat currencies as well, recognizing that plenty of illicit laundering and insider trading takes place with the dollar too.
Despite the recent attacks on crypto, the community is growing. Gary Vaynerchuk convened a diverse and energetic group of people, including celebrities like Eva Longoria and Snoop Dogg, at the inaugural VeeCon 2022, hosted in Minneapolis, Minnesota May 19- 22.
Christos A. Makridis is an adjunct scholar at the Manhattan Institute. He is also a research professor at Arizona State University and the chief technology officer and head of research of Living Opera, an arts and education technology startup.
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