Market News
- FTX CEO claims that crypto talks with US regulators “have been fruitful”.
- Since last year, Bankman-Fried has been appearing in congressional hearings to talk about crypto regulations.
- Bankman-Fried appreciated the crypto community for their support.
FTX CEO Sam Bankman-Fried claimed that crypto discussions with US regulators “have been fruitful” amid ongoing talks on the topic.
In a series of tweets, Bankman-Fried mentioned that recent crypto regulation talks have been positive, despite the relationship between the crypto industry and regulators starting off to what he described as “not great”.
9) I don’t want to make uniform statements. Not all of the industry has been supportive, just as not all regulatory efforts are appropriate and thoughtful.
But, by and large, when everyone’s come to the table willing to talk, the discussions have been fruitful, at least in DC.
— SBF (@SBF_FTX) February 23, 2022
Getting off to a rocky start, Bankman-Fried admitted that unproductive interactions between the two entities slowed down the discussions. He added that due to the lack of cooperation from the crypto industry, things relating to cryptocurrency were not made clear. This frustrated the regulators.
However, things changed when both parties committed to working constructively on the topic. For the first time, the FTX CEO testified at a House Financial Services Committee hearing last year. The said panel oversees the SEC, which regulates securities contracts.
Earlier this year, Bankman-Fried also appeared in a congressional hearing with the Senate Agriculture Committee, the US sector which regulates the derivatives market. This session saw an outcome that would benefit not only the crypto industry but also consumers and the financial system.
Bankman-Fried mentioned that these developments “would have been hard to imagine a year ago.” He also acknowledged and showed appreciation to the contribution of everyone from the crypto industry, even admitting that he was concerned about getting no backing from the sector. But alas, “this progress wouldn’t be possible without the support of the industry,” Bankman-Fried tweeted.
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