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Bankman-Fried Says Stricter Regulation of Crypto Exchanges Would Be Positive
FTX’s CEO said a ban on stablecoins would be “sad.”
Sam Bankman-Fried, CEO of crypto derivatives exchange FTX, said tighter regulation of crypto exchanges would have positive effects for investors.
- He made his comments as the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) discuss stricter regulations and frameworks around crypto exchanges.
- Controls on lending products “if done properly, these programs can be great for consumers; if done properly, they can give consumers way higher returns on their assets,” Bankman-Fried said in an interview with Bloomberg.
- Bankman-Fried said a ban on stablecoins would be “sad” given how useful they are. “There’s other sorts of regulatory interventions, which I think would be healthy.”
- FTX is also looking to increase its presence in the non-fungible token (NFT) market, with exchange executives revealing plans to build their own marketplace to compete with OpenSea, the market leader.
- Brett Harrison, president of FTX.US, told Bloomberg the company is in a good position to launch its platform, with the infrastructure already built out.
- He agreed that more regulation could be beneficial for crypto exchanges: “It’s a long time coming and it’s completely necessary – and we’re very much for it.”
- The exchange said its own NFT platform could become available in about a month.
STORY CONTINUES BELOW
Read more: FTX.US Launches NFT Minting Platform
CORRECTION (SEPT. 20, 14:32 UTC): Fixes attribution on quote in sixth bullet point.
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
