The lack of regulation and good governance in the crypto sector is more than a hindrance to businesses and lack of protection for users, it is an existential threat, Bank of England Financial Policy Committee external member Carolyn Wilkins said in a talk on Oct. 19.

For more information, visit https://t.co/G5ie2who1y pic.twitter.com/b9colxbUdx — UCL CBT (@uclcbt) October 19, 2022 Wilkins saw the concentration of power in “whales” in DeFi as a source of risk.
At the same time, there is a lack of transparency about accountability.

This tension is seen in the Ooki case in the United States.
Crypto needs to shape up quickly, as regulated traditional finance is adopting blockchain technology as well, and may go after some of the crypto sector’s market share.
They will be in a better position to capture this market if the crypto industry does not get its house in order, if only because they have more familiar and battle-tested governance.”
Source: Cointelegraph
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