FTX CEO Sam Bankman-Fried highlights three major challenges for the crypto industry
FTX global cryptocurrency exchange founder and CEO Sam Bankman-Fried lists three things that are driving the widespread adoption and growth of the Cryptocurrencies hinder.
Bankman-Fried claims in a tweet that the crypto industry needs regulatory clarity to thrive in developed economies.
“Well, let’s start with regulation.
The most important thing here is to work together on ways to close current regulatory loopholes while at the same time allowing liquidity to get ashore – to the US and Europe and other legal systems. “
In the case of stablecoins, the FTX CEO notes that the regulatory framework should aim to improve transparency and accessibility.
“Stablecoins are perhaps the simplest: create a reporting / transparency / audit based framework to ensure they are as protected as they say they are.
This would solve 80% of the problems while also allowing stablecoins to thrive on land.
It is important to ensure that an open network can grow; If the network is limited to existing banks, it will fail most of its purpose. “
Bankman-Fried also recognizes the need to regulate the crypto markets and the issuance of tokens.
Second, there should be a unified market surveillance system in a unified regime that creates similar standards for spots, futures, and so on.
Third, a disclosure, registration and anti-fraud system for issuing tokens. “
To ensure wider adoption of crypto, the FTX CEO believes the industry needs to focus on developing products that appeal to users and make the products readily available and accessible.
“That means slow, hard work; Expand the network until it approaches transition points where enough merchants and consumers are using crypto for payments and transfers to flow.
And similarly for Blockchain-based social media and the flow of information.
The expansion of the existing video game user base could be enormous – billions of users and hundreds of billions of dollars a year.
But that only makes sense if it makes the virtual worlds more appealing, not less.
The real goal here is to take a great game and NFTs to integrate [non-fungible tokens] in a way that makes the game better. “
According to Bankman-Fried, blockchains need to further increase the number of transactions they can process per second in order to reach “industrial” proportions.
“And in the meantime, networks have to be scaled further.
I always laugh when a blockchain says that they are already fast. None are!
Fast means millions of TPS [transactions per second]. Nobody is there yet.
So the most important thing is to have a concrete roadmap for scaling to millions of TPS and to implement it well. “
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Source: Crypto News Deutsch