A Twitter thread made by Chief Executive Officer of FTX, Sam Bankman-Fried is suggestive that the crypto industry juggernaut is withdrawing from his previous talks about a bill for crypto regulations. Concluding his Twitter thread, Bankman-Fried posted “Crypto Twitter, take the wheel.”
In the last few days, his discussions about legislation that covers crypto regulation have sparked a lot of policy debate contention. SBF as he is sometimes referred to, accused policymakers of taking inaction in terms of implementing a global regulatory framework. He emphasized that the delay so far is in no wise associated with opposition to the bill.
Bankman-Fried released a document more than a week ago which attempted to provide insight into the need for global regulations. A few key headings in his post were ‘Hacks and Accountability’, ‘Asset listing; also, what is a security?’, ‘Customer Protections, Disclosures, and Suitability’, and ‘Sanctions, allowlists, and blocklists’ amongst others.
Crypto Players Backlash FTX CEO
Also, he included a statement about the United States Treasury Department Office of Foreign Asset Control (OFAC) which generated a heated backlash. “Everyone should respect OFAC’s sanctions lists (which, by the way, is already the law),” Bankman-Fried stated.
Not touting himself or the FTX crypto exchange as an authority, SBF added a disclaimer to the said document, accentuating that the document is only a draft and is not exactly correct.
After analyzing these topics, he openly asked for criticism of his proposed crypto regulatory framework. In no short time, he was bombarded with several responses especially, as it concerns OFAC.
ShapeShift co-founder Erik Voorhees was one of those who frowned at SBF’s statement about OFAC.
He went head to head in a live stream debate with Bankman-Fried for up to two hours arguing over the statements. More people were infuriated by FTX CEO’s opinion on how to regulate Decentralized Finance (DeFi) projects.
A few days later, SBF took to Twitter to say he was stepping back in terms of the crypto policy debate and giving the Twitter audience control. “I won’t push against the community’s strategy,” Bankman-Fried said. “Even where I think it might not be the most effective way to accomplish the goal.”
Sam Bankman-Fried recently confirmed that FTX will develop and issue its stablecoin very soon.