Regulating the decentralized finance (DeFi) space and the broader crypto market remains challenging for regulators, with Sam Bankman-Fried criticizing locking down decisions that could affect the space. is warning you.
Sam Bankman-Fried, CEO of crypto exchange FTX, has warned policymakers against making permanent decisions that could affect the DeFi space.
He mentioned this in 3,800 words on FTX.Industry Code Manual‘ was released yesterday. SBF wrote it.
“First and foremost, understanding how DeFi and what is tangentially related to DeFi fits and does not fit into the regulatory context is a difficult problem, and one that has not yet been firmly considered. Unless we find a sound and responsible basis for
FTX bosses have pointed out that it is absolutely necessary to preserve peer-to-peer transfers and the presumed freedom of decentralized blockchains.
SBF said it hopes a group in the cryptocurrency industry will investigate the issues mentioned in his draft and eventually come up with an appropriate set of community norms.
In the post, the crypto billionaire also discussed the potential of blockchain to improve the current traditional financial markets. he wrote;
“Equity tokenization could help simplify securities settlement and provide a stronger and fairer retail market structure.”
Earlier this week, the Texas Securities Commission announced that FTX US Survey Regarding allegations of offering unregistered securities products in the United States via yield products.
Regarding the listing of securities on the platform, SBF wrote that FTX is analyzing various coins and tokens before listing. He said;
“First, our legal team will perform an analysis of the asset in accordance with the Howey Test and other relevant case law and guidance. If the analysis reveals it to be a security, we will treat it as such. If the initial test does not determine that it is a security, we generally treat it as a non-securities instrument unless the SEC and/or a court of appropriate jurisdiction determines that the asset is a security. If we find that we may, we will not list in the U.S. unless we have a proper registration process or until that process is completed.
This latest development comes after SBF revealed it earlier this month. FTX may move headquarters After SEC registration, to the United States.
FTX has been spending on acquisitions and bailouts since the beginning of the year. The company last month still have a billion dollars spend on acquisitions.