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Sam Bankman-Fried spoke about his vision of the regulation of the cryptocurrency industry

Sam Bankman-Fried spoke about his vision of the regulation of the cryptocurrency industry

CEO of the FTX cryptocurrency exchange Sam Bankman-Fried spoke about his vision of the regulation of crypto industry. One of the most important provisions, he called the observance of the sanctions regime.

“We need quick and reliable lists of addresses related to illegal financing,” Bankman-Fried said.

In his opinion, such a solution will allow trading platforms to observe the regime of sanctions. The block list will be maintained in real time by a centralized organization like OFAC, the founder of FTX added.

“There should be the address of“ frozen funds ”-perhaps for burning, perhaps belonging to OFAC-to which you can send illegal assets if you receive them,” the Bankman-Fried mechanism described them.

According to him, this will provide the platforms with the possibility of “correction” in case of receipt of assets from the sanctions address.

Bankman-Fried considers it necessary to establish in the industry standards for the protection and informing of retail customers. The fact that some tokens can be recognized as securities should not become a problem for the crypto industry, the head of FTX is sure.

“Ideally, we should be a industry in which recognition by a security is not something bad: there are clear registration processes that protect customers and allow you to introduce innovations,” he emphasized.

As one of the most important problems of the industry, the head of FTX outlined security and hacking violations. In his opinion, the decision may be a practice in which projects pay hackers a reward in exchange for the return of most of the stolen means. As a standard, he offered 5% of the total amount.

Regarding Stablecoinov, Bankman-Fried noted that they “provide great opportunities for modernization and democratization of payments”. But all “stable coins” should be provided with the corresponding volume of reliable reserves.

To the traders involved in the process of input/output of stablecoins, it is necessary to apply appropriate KYC procedures, he added.

Recall that in December 2021, on the eve of the hearing in the House of Representatives of the US Congress, FTX published an article in which https://gagarin.news/news/a-ukrainian-company-opened-real-estate-sales-in-cryptocurrency/ she outlined her vision of fair regulation of the digital assets market.

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