FTX US Resigns From the Crypto Council for Innovation
The U.S. subsidiary of failing crypto exchange FTX has resigned from the prominent crypto trade association.
FTX US has resigned from the Crypto Council for Innovation, a Washington, D.C.-based trade association that lobbies on behalf of the crypto industry.
Until Thursday, FTX US was a member organization of the group, along with other major players in the crypto industry including crypto exchanges Coinbase and Gemeni and venture capital firm Andreesen Horowitz.
Before news of FTX's insolvency broke earlier this week, CEO Sam Bankman-Fried took an active role in lobbying lawmakers in Washington.
Bankman-Fried tweeted Thursday that while FTX had liquidity issues, FTX US was "100% liquid."
FTX US's logo has seemingly already been removed from the organization's website.
In a statement, Crypto Council CEO Sheila Warren said the group accepted FTX US's resignation.
"We remain committed to working towards building regulation that protects users and safeguards innovation, in order to bring about real change," she said. "The news this week has been shocking, but we’ve also seen the community come together.We have an historic opportunity to get the policies right and the Crypto Council will continue to work to achieve that."
UPDATE (Nov. 10, 2022, 17:30 UTC): Distinguishes FTX US and FTX.
UPDATE (Nov. 10, 2022, 19:10 UTC): Adds Council statement.
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.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.