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The CEO of crypto derivatives exchange platform FTX has said he is in favor of comprehensive stablecoin regulation.
new interview On the Bankless podcast, FTX CEO Sam Bankman-Fried says he wants really thorough regulation when it comes to dollar-pegged crypto assets.
Crypto Billionaires Prove Stablecoin Issuers That Their Claimed Digital Assets Are Backed 1:1 In US Dollars, In fact Have The Reserves They Claim says it needs to.
If you look at a stablecoin and think, ‘Should we regulate it?’ I think it’s important to monitor these holdings. If you’re making a claim, there should be something to prove that it’s 1:1 backed.
I’m in favor of really drastic regulation that makes sure the number of dollars in a bank account is at least as many tokens as there are. There will probably be multiple auditors who have to audit it. It’s not that hard to audit. Not very expensive.
Bankman-Fried said stablecoin audits should be tightly regulated, but he believes users should be free of any restrictions that could slow adoption of dollar-pegged crypto assets. I’m here.
But if you go to 7/11 to buy a bagel and want to pay with a stablecoin, is there a broker/dealer you have to be involved with?
I don’t think so. I think it’s very important that you don’t need a broker/dealer to buy bagels. So my core idea is that we should really think about where the regulation comes from and what it does.
Me
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