You can’t please everyone – After the publication, last week, of a document on his vision of regulation of the cryptocurrency sector, Sam Bankman-Fried (SBF) caused strong reactions from netizens. Accused by the most virulent of them of being outspoken a “Satan’s Power”, the CEO of FTX is trying to calm the situation. it OPEN DeBAte at the most sensitive points and thanks the community for helping him move forward in his thinking. Between mea culpa and persistence, the chronicle of a weekend of polemic !
Critics followed by a mea culpa
So it all started fromworking hypothesis formulated by SBF and published on the FTX blog last Wednesday. Scanning all ecosystem-specific issues e cryptocurrenciesit was a matter of considering one frame general regulator and encourage debate. The least we can say is that the reactions have probably exceeded his expectations. of reviews pour in from all sides, with more or less importance. Therefore, the new CEO started writing a long thread on Twitter to clarify his thoughts.
First, in general, the SBF wanted thanks solemnly to the community for its participation and involvement in the debate. Then, aware that he probably had offended sensibilities of the most ardent cryptophiles, he made the following statement:
“Thank you in particular to all those who have emphasized the essence of crypto: economic freedom. The freedom to own your assets, own your data and build your own programs. »
Censorship and decentralization: SBF leaves room for political debate
After this introductory phase, he made it a point to respond directly to certain netizens who had unleashed the harshest but also most constructive criticisms. And this is the case of the founder of the ShapeShift exchange, Eric Voorheeswho has REACTS for what FTX founded in relation toOFAC.
The latter has determined that “In a Perfect World”centralized and even decentralized applications should “Respect the sanctions lists” of the organism. A resource of the US Treasury Department, OFAC specifically publishes blacklists of people prohibited physical or moral exchange with the United States – and its allies.
For Erik Voorhees, it is heresy to adopt this policy, or even to adopt it “to praise”. We can’t talk about“altruism” and at the same time exclude “80 million innocent Iranians for the future of global finance”. He goes on to explain that the fight against terrorism or fraud is one thing, but the use of these tools “coercive manner” for all market players it is another. Answer from the person concerned (SBF):
“I have sympathy for the collateral victims of a global system. It is a political conversation that needs to be had. »
DeFi and regulation: criticism falls on FTX leader
Now let’s move on decentralized finance (DeFi) which also caused epidermal reactions. Founder of Bankless, Ryan Sean Adamsjoins Erik Voorhees in his positions and asserts that FTX’s proposals are “absolutely zero”.
What are you talking about? From the idea of one License or a program of compliance for all DeFi players. The CEO defends himself by explaining that he only spoke “Instructions on how FTX or Fidelity platforms can interface with DeFi contracts”.
After all, Sam Bankman-Fried recognize the importance of ea dIALOGUE with the community and is pleased to have “Much to learn from people”. He will even allow himself one last colorful remarkirony and D’self mockery regarding Ben Armstrong’s reaction. baptized “Bit Boy Crypto”the latter published, on his YouTube channel, a dedicated and scathing response against SBM, Brian Armstrong and all. “Demons with glasses in suits and ties who run the world and want to kill cryptos”… all in a flourishing language whose secret the Americans have.
“It is a great honor to see the passion and intensity with which BitBoy regards me” : With these words, the thread on Twitter of the CEO of FTX ends. Knowing the logic of social media perfectly, he enlivens debates by brilliantly distilling his own truths while making his own self-criticism…all while turning the community’s criticisms in his favor. A nice balancing act for those who have this figured out adjustment will be inevitable in the coming years.