Most of the largest US state and local government pension funds have dodged the ongoing fallout from the collapse of crypto exchange FTX by not directly investing in digital tokens.
Their fortunes plummeting, crypto titans from Changpeng Zhao to the Winklevoss twins are eager to differentiate their businesses from the now-bankrupt exchange.
The collapse of FTX will catalyze regulators to come into the space aggressively, but the crypto industry will be better off on the other side of it, argues Bitwise Chief Investment Officer Matt Hougan.