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Here is the ideal regulatory framework for crypto, according to FTX boss Sam Bankman-Fried

Sam Bankman-Fried, Founder and CEO of the Digital Asset Exchange FTX, suggests methods of regulating Cryptocurrencies that ensure consumer protection and trust.
Bankman-Fried said in a CNBC interview that crypto assets with equity-like properties should be regulated as such.

The FTX CEO also says regulatory oversight that “makes no sense” must not stifle the crypto industry.

“How do we get from where we are today to a truly established global industry that enjoys consumer protection and the trust that people have? [are] used to?

I think there are people who keep saying, “This is a security, this is not a security and it has really big regulatory implications right now.

Where we have to go, I think, is a world where we say that some of these things have properties that are like traditional stocks or stocks. Some of them have properties, they are like goods.

Rather than arguing about what classification they should be, we should make sure there is the type of regulatory oversight that needs to be there.

And this oversight, which doesn’t make any sense, doesn’t stick the industry together. “

According to the FTX founder, implementing regulations that normally apply to traditional assets for some aspects of the crypto industry “makes sense,” but requiring decentralized projects to request user information does not.

“With the kind of standard controls you see on stocks around the offering, issuance and burning of tokens, it would make a lot of sense.

But you don’t know that they are filling out forms that you couldn’t fill out as a decentralized token project. “

Bankman-Fried says that in the case of stablecoins, calling for inventory transparency would be a sensible move.

“I think it makes a lot of sense for stablecoins to have a website that shows they have what they say they have.”

A recent Treasury Department report highlighted the need for responsible regulation of stablecoins.


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Source: Crypto News Deutsch

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