XRPL Labs founder Wietse Wind criticizes the current “wild west” environment observed within the crypto scene and advocates proper regulatory and consumer protection measures. In the wake of the recent Atomic Wallet hack, industry experts have engaged in thought-provoking discussions regarding the role of regulation and consumer protection in cryptocurrency. Recall that Atomic Wallet suffered an […] The post XRPL Labs Founder Critiques Crypto “Wild West,” Calls for Regulation first appeared on The Crypto Basic.

XRPL Labs Founder Critiques Crypto “Wild West,” Calls for Regulation

XRPL Labs founder Wietse Wind criticizes the current “wild west” environment observed within the crypto scene and advocates proper regulatory and consumer protection measures.

In the wake of the recent Atomic Wallet hack, industry experts have engaged in thought-provoking discussions regarding the role of regulation and consumer protection in cryptocurrency. Recall that Atomic Wallet suffered  an exploit on June 3, which resulted in the loss of $100 million.

A Deterrent to Mass Adoption

In a recent tweet, Wietse Wind, the founder of XRPL Labs and self-custodial wallet Xumm, recently shared his perspective, asserting that the incident highlights the urgent need for diligent regulation.

“The future of finance,”  he remarked sarcastically, referring to how crypto proponents often tout the crypto industry as the financial paradigm of tomorrow. Wind emphasized that the crypto landscape’s existing “wild west” environment is unsuitable for achieving mass adoption. 

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