FTX CEO Quits Crypto Policy Debate, Allows Crypto Twitter to Carryon
Godfrey Benjamin Oct 30, 2022 14:00
FTX's Sam Bankman-Fried has willingly left crypto policy debates to "Crypto Twitter"
The CEO of FTX, Sam Bankman-Fried has hinted that he is no longer interested in any debate that concerns crypto policies. He made his intention known in a Twitter thread shared over the weekend.
“Take the wheel, Crypto Twitter,” says Bankman-Fried after a heated argument in the comment section of the Twitter thread.
While cryptocurrency users wait for federal regulatory frameworks, Bankman-Fried published a set of guidelines in the digital industry for implementation in a press bulletin that should be followed to protect and clarify their rights but his publication was received with a lot of backlash by some key industry players.
Bankman-Fried has pushed Congress to approve a market regulation bill introduced by Senators Debbie Stabenow of Michigan and John Boozman of Arkansas. The Commodity Futures Trading Commission (CFTC) would have expanded regulatory authority over crypto exchanges under the Digital Commodities Consumer Protection Act.
The bill seems to be an action that is allegedly harmful to DeFi, primarily a sector of blockchain-based solutions that seek to enhance finance by swapping out central middlemen for computer code.
In the Twitter thread, Bankman-Fried urged the ShapeShift CEO Erik Voorhees to fight for what is right and make his voice heard. He also encouraged everyone to fight for their right to be free, the functioning of the economy, and the enormously scalable power of Decentralized Finance (DeFi).
Oppositions in the Blockchain Industry
Bankman-Fried is not the first individual or body to be receiving backlash after proposing a crypto policy.
For example, the Financial authorities in South Korea have stated their opposition to Busan City's proposal to offer special regulatory support to overseas crypto businesses establishing digital asset exchanges.
The Federal Deposit Insurance Corporation (FDIC), a US government organization tasked with preserving the financial system in the event of bank failures, sent five crypto-related businesses including FTX US cease-and-desist letters requesting that they stop making false and deceptive claims regarding the availability of deposit insurance for their customers, another model through which opposition to policies can be showcased.
