Sam Bankman-Fried, CEO of cryptocurrency exchange FTX, spoke at the SALT conference in New York on Monday. The crypto billionaire talked about the regulatory efforts in the market. He also shared his predictions for the future of leading crypto Bitcoin (BTC) and altcoin projects.
What’s in it for Bitcoin and altcoins in the famous billionaire’s view?
cryptocoin.com As you follow, crypto money regulations have taken their place among the most important issues of 2022. Billionaire crypto investor Sam Bankman-Fried says the US administration will prepare rules for crypto within a year. In fact, Bankman-Fried expressed surprise at the efforts to do the right things for the crypto industry. Now, he says, a bill or other framework that introduces new rules for cryptocurrencies is under construction in Washington DC.
The CEO of FTX said he was surprised at the way people try to understand things. Sam Bankman-Fried also noted that he was lobbying in Washington on behalf of the crypto industry during the conference. He also highlighted the need for sensible regulation in the crypto industry lately. In this context, Sam Bankman-Fried made the following statement:
I’m glad so many people in DC are honestly trying to figure out how to do just the right thing. Frankly, I was surprised by that. I think US lawmakers will draft a bill or other framework within a year that sets new rules for digital assets.
Meanwhile, the famous billionaire has invested in several crypto companies that have been experiencing financial difficulties in the past year. The CEO of FTX said he really wants to help companies get through the crypto winter.
Cryptocurrencies: Securities or commodities or what?
Gary Gensler, chairman of the US Securities and Commodities Commission (SEC), is one of the most recognizable figures in the crypto market. In particular, Ripple (XRP) and some altcoin projects are frequently on the agenda as part of the investigations carried out against them for alleged securities. Gary Gensler recently supported the CFTC’s oversight of Bitcoin.
FTX CEO Sam Bankman-Fried said it would be a reasonable decision in favor of customer interests. However, it also raised questions about the regulatory scope of other major tokens. He also expressed his curiosity about what stablecoins are exactly. Because the nature of stablecoins still remains unclear. Sam Bankman-Fried explained his predictions as follows:
Bitcoin, Ethereum, and many forks/variants seem unlikely to be securities. Many other tokens will be securities.
