Local firms (including Coinbase) have been under attack by American regulators in recent months as they, under the guide of consumer protection, work to dismantle the cryptocurrency industry.
One international firm stands poised to test their convictions.
If regulators mean what they say – that they are not out to hurt cryptocurrency and they only care about consumer protection – then they will have no problem allowing ChangeNOW to operate fully and completely.
ChangeNOW’s recently-announced multichain bridge allows the firm to offer what they call a “limitless crypto exchange,” one which allows users to trade and exchange tokens while retaining custody of their digital assets. This means end-users can swap their stablecoins, bitcoin, Ethereum, and other major coins for eachother without trusting a third party with their assets.
Such a product makes the problems which plagued FTX impossible: if the exchange does not have control over the assets themselves, there can be no failures of governance or irresponsible behaviors like those allegedly taken by Sam Bankman-Fried.
Crypto-critic and Senate Banking Chair Sherrod Brown (D-Ohio) has worked closely with fellow critic Senator Elizabeth Warren, citing “several high-profile failures that resulted in lost consumer assets” and “exposed regulatory gaps.”
This de-risking was acknowledged in a recent CATO Institute briefing, which described how “bona fide DEXs mitigate by design many of the intermediary risks that traditional financial marketplace regulations seek to address.”
With those concerns disarmed by the use of a non-custodial exchange, there can be no such concern about the loss of consumer assets.
It’s for this reason – and their easy-to-use features broadly – that NOW is among the top blockchain names to watch in 2023.
