Billionaire crypto investor Sam Bankman-Fried said the U.S. administration would prepare rules for crypto within an year’s time. He had in fact expressed surprised over the efforts in the direction of doing the right things for the digital assets industry. A draft bill or any other framework for new rules for crypto is in the making in Washington DC, he said. The chief executive officer of cryptocurrency exchange FTX was on Monday speaking at the SALT conference in New York.
Sam Bankman-Fried – Crypto Outlook
The FTX CEO said he was surprised by the manner in which people were trying to figure out things. Sam Bankman-Fried said during the conference he had been lobbying in Washington on behalf of the crypto industry. He recently said that there was a need for sensible regulation in the crypto industry.
“I have been sort of pleasantly surprised, by the extent to which a lot of people in D.C. are honestly just trying to figure out how they can do the right thing. I think the U.S. lawmakers will draft a bill or other framework setting new rules for digital assets within a year.”
The billionaire had over the last year invested in several crypto companies that reeled with financial troubles. The CEO said he genuinely wanted to help companies get through the crypto winter.
Cryptocurrencies : Securities Vs Commodities
The U.S. Securities and Commodities Commission chair Gary Gensler recently supported the CFTC could having Bitcoin oversight. In this context, the FTX CEO said it would be a reasonable decision in favor of customer interests. However, he raised questions over the regulatory scope of other large tokens. He also wondered what exactly are stablecoins. “It seems pretty likely that BTC, ETH, and many forks/variants will not be securities; and that many other tokens will be securities.”
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