FTX CEO gives his ‘final thoughts’ on US crypto lobbying
Editor’s Note: With so much market volatility, stay tuned for daily news! Get caught up in minutes with our quick summary of today’s must-read news and expert opinions. Sign up here!
(Kitco News) – Sam Bankman-Fried (SBF), CEO of cryptocurrency exchange FTX, recently gave his “final thoughts” on the topic of lobbying in the US and the strategy he feels is optimal for the crypto and blockchain industry. take to establish a more industry-friendly regulatory framework in the country.
Bankman-Fried has seen his stature in the crypto ecosystem rise significantly over the course of 2022, as the FTX boss has been heavily involved in helping the industry recover from the Terra/Luna collapse in May.
On a Twitter thread posted on Saturday, SBF offered its recommendations for crypto-Twitter to take over lobbying, saying the right policy for the crypto ecosystem will focus on “financial freedom; getting rid of discriminatory, classist standards for investment; and freedom for DeFi.”
The CEO went on to say that while he may not always agree with the community on what the best strategy is to achieve the desired goals, that is the community’s decision to make, so he does not intend to “push against the community’s strategy, even where [he] think it may not be the most efficient way to achieve the goal.”
Above all, he urged all crypto participants to make their voices heard and “fight for freedom, and to make the economy work, and for the exponentially interoperable power of DeFi.”
The FTX founder went on to say that “There are a large number of possible paths here — some quite subtle — and I worry that some people haven’t fully thought out, empirically, what the outcome would be of possible decisions we could make.”
SBF referred to some of the more aggressive strategies that take an oppositional approach to government and crypto regulation, which have the potential to “backfire and undermine DeFi.”
“I hope, for all our sakes, that the crypto-Twitter community has carefully considered all the details of possible bills and policy proposals, and that the crypto-Twitter community correctly understands the details of policymaking and negotiations and alliances in DC,” Bankman said Fried.
In closing, the FTX boss said he was all for crypto-Twitter leading the way on the lobbying front and “hope he’s wrong” about the concerns being voiced, while cautioning that he “won’t actively support things” that he believes will fight back.
The Oct. 29 SBF statement followed shortly after expressing what some saw as his support for some of the provisions of the controversial Digital Commodities Consumer Protection Act (DCCPA), a bill being debated by the US Congress.
“I really believe that regulation is going to get better, clearer and create avenues for crypto to come back on land,” he tweeted Oct. 23 in response to comments about the DCCPA from the crypto community.
Disclaimer: The views expressed in this article are those of the author and may not reflect the views of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. It is not an invitation to exchange goods, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept responsibility for any loss and/or damage arising from the use of this publication.
