FTX CEO Sam Bankman-Fried said that the crypto industry has not done a great job communicating with federal regulators.
Bankman-Fried, however, stated that new digital asset rules will come.
Sam Bankman-Fried Talks About Regulations
Noting the poor communication of the crypto industry with federal authorities, the CEO of FTX used the following statements:
“We fully agree with the regulations. It has to be, and it’s the right thing to be. We would love to help as much as we can.
I think our industry hasn’t always done a good job of articulating this. While that was the intention, it was more of a ‘f… go’ attitude and it wasn’t a constructive way to interact.”
Sam Bankman-Fried spoke about the crypto industry for an hour or so at the Bipartisan Policy Center in Washington DC. This broad talk was moderated by President Jason Grumet.
The Financial Stability Oversight Council released a report earlier this month detailing the potential risks posed to the financial system by brokerage firms such as FTX. This published report was calling on lawmakers to approve new crypto regulations.
FTX CEO responded to a question about the report:
“Obviously many actors in the crypto industry need to think about how to deal with this”
Sam Bankman-Fried said that if the committee of financial regulators, chaired by Treasury Secretary Janet Yellen, had the opportunity to address the FSOC, he would defend the regulations and stay away from combative tendencies.
Bankman-Fried also underlined that there is a lot of potential to set new standards for digital assets and support consumer protection.
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