EY’s global blockchain leader says that for the first time ever, crypto’s price swings do not have that big of an impact on the long-term growth of the industry. Nonetheless, he stressed: “It is also important that regulators crack down on obvious Ponzi schemes faster and with more severity.”

EY’s Brody on Crypto Winter

Paul Brody, global blockchain leader at EY, discussed the crypto winter, the need for regulation, and the collapse of crypto exchange FTX in an interview published by the Mint publication Thursday.

He was asked whether he expects the current crypto winter to be over soon. “This is a much milder crypto winter than the last one,” he replied. “One of the major features of this winter is that there is a decoupling going on between the price of crypto assets and product and engineering development work that is going on in the crypto industry.” The EY executive opined:

For the first time ever, price ups and downs don’t have that big of an impact on the long-term growth of the industry. We are slowly moving away from the pure financial focus of the industry.

He added that the Ethereum ecosystem is now much more focused on application development, non-fungible tokens (NFTs), and decentralized autonomous organizations (DAOs).

Brody on FTX Collapse and the Need for Crypto Regulation

The EY executive also discussed the collapse of crypto exchange FTX, which some have compared to Ponzi schemes, including the infamous one run by Bernie…