In recent times, we hardly talk about repression of cryptocurrencies but about regulation. Would our rulers have changed their minds to the point of wanting to abandon the hard method to curb the development of these new active ingredients? In any case, the icons of the crypto universe appreciate their initiatives to establish a device to regulate this sector. Sam Bankman-Fried, the boss of FTX, for example, approves of the idea of regulating cryptocurrencies. He even offered to support the regulators.
SBF, crypto regulation is “ the right thing to do »
During the Bipartisan Policy Center in Washington DC, Sam Bankman-Fried had stressed that he is ready to help crypto space regulators put an end to misunderstandings over the introduction of regulations.
Here is an excerpt from his speech:
” We totally agree with the regulations. It is necessary. It’s clean. It’s the right thing to do. And we’d love to help in any way. […] I think our sector has not always been able to say that. Sometimes that might have been the intention, but it kind of came out as a [insulte] and it was not such a constructive way to engage. »
During an hour-long briefing, SBF acknowledged that the crypto industry was not always on good terms with federal regulators. This is why he had undertaken lobbying efforts in Washington recently. He did not even hesitate to sponsor political action committees (PACs) in order to make himself heard. And if need be, FTX will become a standalone clearing house in the United States.
Starting with stablecoins
Through this process, Sam Bankman-Fried was heard by the Financial Stability Oversight Council (FSOC). Nevertheless, this assembly highlighted its fears regarding the FTX proposal mentioned above. Indeed, it would entail imminent risks for financial stability.
But the boss of the American exchange FTX intends to circumvent these obstacles. In this way, he suggested a crypto regulatory test with stablecoins.
” Let’s start with the easiest fruits to pick. […] I use stablecoins as an example a lot because I think it’s the cleanest – it’s just like a good thing that clearly helps reduce risk, to do this without getting in the way of legit finance. It’s just fine. let’s do it “, he had specified.
Also, during this visit to Washington DC, SBF had deemed the meeting with the FSOC necessary. If Treasury Secretary Janet Yellen ever allows him back on the podium, he’s sure to make the case for cryptocurrency regulation. And on occasion, he will make sure to ease tensions between industry players and regulators.
All for Crypto Regulation?
Like other celebrities in the crypto and finance universe, Sam Bankman-Fried believes that regulation of this space will only bring good things. Christian Borel (SEBA Bank), Dawn Stump (CFTC), Katie Wood (Ark Invest), Lula Da Silva (ex-president of Brazil), Rostin Behnam (CFTC)… will not refute this thesis. Even the G20 member countries that met in Washington this week have put crypto-asset regulation on the agenda.
Otherwise, last May, economists attending the Davos Economic Forum kind of endorsed the same idea. Jeremy Allaire and Brad Garlinghouse were the crypto regulatory lawyers on occasion.
In short, everyone seems to be eagerly awaiting the advent of cryptocurrency regulation. These assets have so much potential that Sam Bankman-Fried wants to make us rulers look into the subject with more dexterity and speed.
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