From WSJopinion: Centralized crypto intermediaries have lost more customer money than decentralized protocols have. Users are starting to vote with their feet, write VivekGRamaswamy and MarkLurie.
Sam Bankman-Fried was among the most prominent public advocates of responsible cryptocurrency regulation. The collapse of FTX, his $40 billion exchange, has amplified calls for more regulation. These demands are misplaced if they fail to distinguish between centralized and decentralized exchanges—a critical distinction that Mr. Bankman-Fried conveniently elided in his lobbying efforts.
In a centralized exchange, customers deposit funds into an account and initiate trades by submitting a buy or sell order. That order is matched to an offsetting order from another customer in a central limit-order book, typically run on private servers, after which the trade is cleared and settled. Investors buy stocks, bonds, commodities, futures and other financial instruments the same way.
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