The CEO of the FTX crypto exchange believes that the regulation of the crypto industry, when it obeys the rules, is inevitable, but the right approach must be found for this.
Sam Bankman Fried revealed in a series of tweets that he advocates regulation of the industry using blacklists and blocklists whereby people can freely trade on any exchange as long as there are no restrictions. That being said, even if sanctions are in place, the head of FTX says, peer-to-peer transmissions should generally be allowed.
If cryptocurrency platforms compile lists of addresses associated with illegal funding, eventually the system will be fine-tuned and will not affect random addresses or will be able to block individual people in a targeted manner.
Earlier, in one of the documents of the FTX crypto exchange, it was argued that the creation of whitelists, which must first be entered in order to use the services of a particular platform, will slow down innovation and become “a big burden on the industry.” Without such lists, financial crime would flourish, the FTX team made clear.
Bankman-Fried is now advocating the creation of blacklists that would ensure that everyone, with rare exceptions, can take advantage of the benefits offered by the modern financial system, crypto exchanges, DeFi platforms and other platforms.
The head of FTX is sure that regulation should not only restrict certain crypto companies to protect clients, but also create conditions under which companies can operate transparently and safely. Then the customers will be safe.
Earlier, Bankman-Fried offered to pay hackers a reward of $5 million, or 5% of the amount of stolen crypto assets, to mitigate the consequences of hacks and exploits.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
