FTX founder urges regulators to create a unified crypto framework

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Sam Bankman-Fried, the founder and CEO of the FTX crypto exchange, reportedly urged regulators to adopt a unified framework for digital assets at the Asian Financial Forum, an event organized by the Hong Kong government to highlight new opportunities in the region’s economic landscape create.

The businessman pointed out that regulators need to focus not on determining whether assets are securities or not, but on consolidating regulations and creating a rulebook for crypto.

Bankman-Fried also pointed out that a framework that focuses on disclosure and fraud prevention may or may not be more important than labeling assets as securities. While FTX’s CEO failed to specify which regulators he was calling, many regulators around the world focus on classifying whether tokens are securities or not. However, he is convinced that this will not protect investors.

In addition, the crypto billionaire also highlighted that there is a regulatory framework for other asset classes, noting that the same should apply to digital assets.

It is not the first time that the young stock exchange founder has dealt with regulatory authorities. As early as December 2021, Bankman-Fried, along with other executives from well-known crypto companies, were called to a committee hearing in which they called on the US regulators to provide regulatory clarity on digital assets.

Related: EU regulator calls for public contributions to DLT for trade and settlement

Meanwhile, many experts expect major advances in regulatory standards in 2022. In a Cointelegraph poll, Hatu Sheikh, co-founder and chief strategy officer of DAO Maker, said regulators “recognize that the industry is maturing and is currently too big to have a flat rate”. Prohibition imposed. “Sheikh also mentioned that regulations are required while restrictions are not required.

In the same survey, EasyFi Network CEO Ankitt Gaur said that decentralized finance (DeFi) could potentially be a focus of regulation in 2021. “DeFi is slowly making its way into the mainstream, discussions about regulation arise,” said Gaur.

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