FTX CEO passes the baton to the crypto community

beginning of the week Sam Bankman-Fried, The CEO of FTX has been the target of much criticism on Twitter. For good reason, he supports a cryptocurrency regulation bill that members of the cryptosphere do not support. After this controversy, he decided to submit to the will of the community. That said, he admitted he wasn’t taking it easy and warned of some retaliation.

FTX CEO steps down from engagements

Recently, the crypto community expressed his displeasure for the fact that Bankman-Fried supports Digital Goods Consumer Protection Act. This is a bill that seeks to regulate the industry cryptocurrencies in the USA. The problem is that this proposal seems to give it too much power Commodity Futures Trading Commission (CFTC), the US federal authority responsible for derivatives markets.

After suffering a flurry of criticism, the FTX boss finally decided to align himself with the community’s choices. And this, despite her deep conviction that the standards defined in this project are correct and useful. He will therefore leave it to Crypto Twitter to decide on the measures to be taken soon.

“It’s not up to me to make the decision – it’s up to the community.” So, I will not oppose the community strategy, even though I think it is not the most efficient way to achieve the goal.”he said on Twitter.

Careful

Indeed, for Bankman-Fried, this proposal is a boon for the DeFi industry. Therefore, objecting is not the best thing. Furthermore, he justifies the hostility surrounding these texts with a poor appreciation of the political and legal contours.

Moreover, he does not seem optimistic about the possible consequences when the community takes control of the situation. In fact, he fears that the mechanisms he will put in place will be counterproductive. That instead of stimulating the development of the ecosystem, they hinder it.

Under these circumstances, it seems that the stock exchange leader does not want to commit his relations and resources to support the upcoming device. “I will not actively support things that I think are against us”does it have added.

today, regulations cryptocurrency is a crucial issue for the development of the DeFi industry. However, it generates a lot of debate. If for some this legal framework is excessive, for others, on the other hand, it is a necessity. But it is still necessary to choose the right rules to adopt. Ones that will please legislators, companies and users.

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Junie MAFFOCK's avatar
Junie MAFFOCK

I came to blockchain out of curiosity and stayed with it out of passion. I was amazed by the possibilities it offers through different use cases. With my pen, I hope to help democratize this technology and show how it can help make the world a better place.

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