Bankman-Fried: Positive discussions with regulators

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The U.S. government is exploring different ways to regulate the burgeoning crypto-currency market.

Sam Bankman-Fried, the CEO of crypto-currency exchange FTX, said there is progress regarding talks with the U.S. government.

Late last year, the U.S. Congress convened crypto-currency leaders to discuss how best to regulate the crypto space without negatively affecting innovation and adoption.

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Bankman-Fried said there have been positive responses from the U.S. government regarding the crypto-currency market. Thus, he stated:

“Instead, most of the crypto industry – and most of the community – has been supportive and enthusiastic; this regulatory oversight, *as long as it’s done thoughtfully*, is the right thing for the world. I don’t want to make one-size-fits-all statements. Not all of the industry has been supportive, just as not all regulatory efforts are appropriate and thoughtful. But overall, when everyone came to the table to talk, the discussions were fruitful, at least in DC.

FTX’s CEO said discussions have been positive with regulators despite the rocky start to the relationship between the industry and regulatory agencies.

Bankman-Fried said regulatory agencies are more open to discussing different ways to regulate broader crypto-currencies than in the past.

He attributed the positive talks to the support crypto currency companies have received from the broader crypto market. Sam Bankman-Fried said;

“But more than anything else, this progress would not have been possible without the support of the industry. And I was concerned that we would end up in DC without industry support, with the rest of the industry fighting against regulatory progress. But that didn’t happen.

The crypto-currency market continues to grow despite various regulatory hurdles. However, regulators in various parts of the world are now open to the idea of regulating the market as the rate of adoption increases.

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