{"id":68854,"date":"2022-10-20T10:52:10","date_gmt":"2022-10-20T07:52:10","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=68854"},"modified":"2025-09-07T16:37:05","modified_gmt":"2025-09-07T13:37:05","slug":"sam-bankman-fried-outlines-his-vision-for-regulating-the-cryptocurrency-industry","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/sam-bankman-fried-outlines-his-vision-for-regulating-the-cryptocurrency-industry\/","title":{"rendered":"Sam Bankman-Fried outlines his vision for regulating the cryptocurrency industry"},"content":{"rendered":"<p>The CEO of the cryptocurrency exchange FTX <a href=\"https:\/\/u1f987.com\/en\/news\/who-is-sam-bankman-fried\">Sam Bankman-Fried<\/a> outlined his vision for regulating the crypto industry. One of the most important provisions he cited was adherence to the sanctions regime.<\/p>\n<blockquote class=\\\"twitter-tweet\\\" data-lang=\\\"en\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">1) As promised:<\/p>\n<p>My current thoughts on crypto regulation.<a href=\\\"https:\/\/t.co\/O2nG1VrW1l\\\">https:\/\/t.co\/O2nG1VrW1l<\/a><\/p>\n<p>\u2014 SBF (@SBF_FTX) <a href=\\\"https:\/\/twitter.com\/SBF_FTX\/status\/1582835426116575235?ref_src=twsrc%5Etfw\\\">October 19, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script>\\n\\n\\n\\n<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\\&#8221;We need fast and reliable lists of addresses linked to illicit financing,\\&#8221; Bankman-Fried said.<\/p>\n<\/blockquote>\n<p>\\n\\n\\n\\n<\/p>\n<p>In his view, such a solution would enable trading platforms to comply with the sanctions regime. The blocklist would be maintained in real time by a centralized organization such as <span data-descr=\\\"Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury\\\" class=\\\"old_tooltip\\\">OFAC<\/span>, added the founder of FTX.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\\&#8221;There should be a &#8216;frozen funds&#8217; address \u2014 perhaps for burning, perhaps owned by OFAC \u2014 to which you can send illicit assets if you obtain them,\\&#8221; described the mechanism by Bankman-Fried. <\/p>\n<\/blockquote>\n<p>\\n\\n\\n\\n<\/p>\n<p>According to him, this will give platforms the ability to remediate in case they receive assets from a sanctioned address.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>Bankman-Fried argues that the industry should establish standards for protecting and informing retail customers. The prospect that some tokens may be classified as securities should not pose a problem for the crypto industry, he says.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\\&#8221;Ideally, we should be an industry in which being classified as a security is not a bad thing: there are clear registration processes that protect customers and enable innovation,\\&#8221; he emphasised. <\/p>\n<\/blockquote>\n<p>\\n\\n\\n\\n<\/p>\n<p>One of the industry\u2019s major problems, he identified, is security breaches and hacks. He believes a practice whereby projects pay hackers rewards in exchange for returning a larger portion of stolen funds could be a solution. As a standard, he proposed 5% of the total amount.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>On stablecoins, Bankman-Fried noted that they \\&#8221;provide enormous opportunities to modernize and democratize payments.\\&#8221; But all \\&#8221;stablecoins\\&#8221; must be backed by adequate, reliable reserves.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>Traders involved in the process of issuing and redeeming stablecoins must apply proper <span data-descr=\\\"Know Your Customer \u2014 know your customer\\\" class=\\\"old_tooltip\\\">KYC<\/span> procedures, he added.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>In December 2021, in the run-up to hearings before the U.S. House of Representatives, FTX <a href=\\\"https:\/\/blog.ftx.com\/policy\/ftx_key_principles\/\\\">published<\/a> an article outlining its view on fair regulation of the digital assets market.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>Follow ForkLog&#8217;s bitcoin news on our <a href=\\\"https:\/\/telegram.me\/forklog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The CEO of the cryptocurrency exchange FTX, Sam Bankman-Fried, outlined his vision for regulating the crypto industry. One of the key provisions was adherence to the sanctions regime.<\/p>\n","protected":false},"author":1,"featured_media":68855,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1138,36,1403],"class_list":["post-68854","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-opinions","tag-regulation","tag-sam-bankman-fried"],"aioseo_notices":[],"amp_enabled":true,"views":"21","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/68854","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=68854"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/68854\/revisions"}],"predecessor-version":[{"id":68856,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/68854\/revisions\/68856"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/68855"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=68854"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=68854"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=68854"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}