FTX CEO expressed his desire to support the US government in creating regulation for the crypto industry

FTX CEO Sam Bankman-Fried expressed his desire to help US regulators in coming up with new rules for the crypto industry. 

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FTX CEO expressed his desire to support the US government in creating regulation for the crypto industry

In a conversation that took place at the Bipartisan Policy Center on the morning of October 12 in Washington, DC (USA) moderated by Center President Jason Grumet, FTX CEO Sam Bankman-Fried expressed the view that the industry crypto doesn't always do a great job of communicating and connecting with federal regulators in formulating regulation, but he wanted to help with the process by introducing new rules for the sector. .

“We are fully compliant with the regulations. Crypto must be regulated to survive. That is the right thing to do. And we'd love to help in any way we can.

Honestly, this is an area where a lot of investors in the market struggle with how to handle this right now.”

In addition, Mr. Sam Bankman-Fried also said if there is an opportunity to speak with the US Financial Stability Oversight Committee (FSOC), the top financial authority in the US Treasury Department led by Secretary Janet Yellen leadership, he will advocate for regulation and steer clear of conflicting industry trends, in order to promote even more potential to set new standards for crypto and strengthen consumer protection.

The FTX boss has appeared at several major financial events in Washington, DC this week, and his company is leading a vigorous lobbying in the US capital. This is not too surprising when in the past time, "befriending" with the US government to strengthen the legal strength for FTX has become the main strategic goal of the exchange.

Besides, just about two months ago, the CEO of FTX also planned to "donate $100 million" for the next US Presidential candidate. There have been many reports that the richest billionaire in the crypto industry will set up a "super organization" to mobilize politics in the US, but this rumor was refuted by Mr. Bankman-Fried shortly after.

However, Bankman-Fried’s latest comments come as US regulators and lawmakers are carefully considering new rules for the crypto industry especially after the LUNA-UST incident and the liquidity crisis. account in the middle of this year.

FoxCryptoNews summary

Oct 13, 2022

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