Ripple CEO Brad Garlinghouse believes that deterrent measures should be taken to prevent incidents such as the collapse of FTX from happening again.
Garlinghouse said that he agreed with Crypto Council CEO Sheila Warren when it comes to regulations.
Warren, in his tweet, said that regulators should take deterrent measures after the collapse of FTX.
However, he underlined that it is necessary to increase accountability and prevent such frauds in the first place.
Ripple CEO suggested that the FTX exchange works like a fraud scheme. According to Garlinghouse, the crypto money sector is still in the development stage and attracts fraudsters. He believes that such problems will disappear when the crypto sector becomes mature.
The other day, Galaxy Digital CEO Mike Novogratz said that Sam Bankman-Fried, the former CEO of FTX, is dreaming and should spend the rest of his days in prison.
Sam Bankman-Fried continued to deny allegations that customer funds were transferred to Alameda. He even went further and stated that he did not think that he had any criminal responsibility for what had happened.