Sam Bankman-Fried, CEO of crypto derivatives exchange FTX, said tighter regulation of crypto exchanges could have positive effects for investors.
- “It’s a long-time coming and it’s completely necessary – and we’re very much for it,” Bankman-Fried said in an interview with Bloomberg.
- He made his comments as the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) discuss stricter regulations and frameworks around crypto exchanges.
- As for tighter controls on lending products: “If done properly these programs can be great for consumers, if done properly, they can give consumers way higher returns on their assets,” he said.
- Bankman-Fried a ban on stablecoins would be “sad” given how useful they are. “There’s other sorts of regulatory interventions which I think would be healthy.”
- FTX is also looking to increase its presence in the non-fungible token (NFT) space, with exchange executives revealing plans to build their own marketplace competing with OpenSea, the market leader.
- Brett Harrison, president of FTX.US, told Bloomberg the company is in a good position to launch its platform, with the infrastructure already built out.
- The exchange said its own NFT platform could become available in about a month.
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