Bankman-Fried Says Stricter Regulation of Crypto Exchanges Would Be Positive

FTX’s CEO said a ban on stablecoins would be “sad.”

Sep 20, 2021 at 10:03 a.m. UTC
Updated Sep 20, 2021 at 2:32 p.m. UTC

Tanzeel Akhtar is a reporter based in London,UK.

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.

CORRECTION (SEPT. 20, 14:32 UTC): Fixes attribution on quote in sixth bullet point.

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Tanzeel Akhtar is a reporter based in London,UK.

CoinDesk - Unknown

Tanzeel Akhtar is a reporter based in London,UK.

Trending

1
CoinDesk - Unknown
New Terra Blockchain Expected to Launch on Saturday, Luna Airdrop to Follow

The move is part of a broader plan to help revive the Terra ecosystem and its related tokens.

The move is part of a broader plan to help revive the Terra ecosystem and its related tokens.

CoinDesk - Unknown
2
CoinDesk - Unknown
Ether Accounts for Almost Half of $520M Liquidations Amid Weak On-Chain Data

Traders of ether futures saw liquidations nearly double those of bitcoin in an unusual move.

Traders of ether futures saw liquidations nearly double those of bitcoin in an unusual move.

CoinDesk - Unknown
3
CoinDesk - Unknown
The Curious Case of Coinbase's India Communications Strategy

Reverberations remain from the company's ill-fated Indian launch.

Reverberations remain from the company's ill-fated Indian launch.

CoinDesk - Unknown
4
CoinDesk - Unknown
First Mover Asia: Crypto Carbon Trading Is Racing to Clean Up Its Act; Cryptos Drop Even as Stocks Rise

Carbon credit protocols have had a difficult time in recent months but have been working to improve the way they operate; bitcoin outperformed other major cryptocurrencies in Thursday trading.

Carbon credit protocols have had a difficult time in recent months but have been working to improve the way they operate; bitcoin outperformed other major cryptocurrencies in Thursday trading.

CoinDesk - Unknown