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Regulatory clarity for crypto demands 3 to 5 years

3 min reading

Sam Bankman-fried DEO of FTX is looking forward for the government to have a much stronger stand in the upcoming three to five years and he also expects do be a part of the discussion with the regulators “to build out this regime.”

Sam Bankman-fried DEO of FTX is looking forward for the government to have a much stronger stand in the upcoming three to five years and he also expects do be a part of the discussion with the regulators “to build out this regime.” To have a successful crypto business it takes a lot of time and patience with proper attention towards the cloud of regulatory changes advised by governments. Sam Bankman-fried, CEO of leading company crypto exchange FTX.

In his conversation with CNBC, Bankman-Fried explained FTX’s efforts to be on the top of the constantly changing regulatory landscape. In connection to this action the entrepreneur said his company’s push towards applying for licenses around countless jurisdictions. He also mentioned the necessity to be active to change the regulatory landscape. “I’m spending five hours a day on everything from regulation to licensing and everything in between.” 

Throughout the discussion the CNBC regulator asked about the Know your customer (KYC) and Anti-Money Laundering (AML) front, the FTX CEO mentioned that the KYC and AML requirements change for each jurisdiction. Predicting the need for more changes in the regulatory space, Bankman-Fried wants governments to have a strong stand in the next three to five years. he also believes that governments control this area to give an idea for managing a crypto business. Talking about the topic related to Tether (USDT) and its disputable news of U.S dollar backing, Bankman-Fried mentioned that FTX treats USDT as any other different free-floating crypto. 

“The [FTX] exchange doesn’t treat it [USDT] as necessarily one-to-one with the U.S dollar. That’s for the market and users to determine.” Nevertheless, the CEO says he hasn’t seen any report which states that USDT should be priced superiorly away from the U.S dollar. According to a recent report the last week displayed FTX’s attempt to diminish trading risk by controlling the leverage on its crypto exchange. The 80% drop FTX users can now purchase their trades up to 20x which was standing at 10x before. This exchange has not resulted in any decrease in the daily trading volumes after the declaration. 

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