Regulators need to create a unified global cryptocurrency market surveillance system that will require full disclosure of information. This opinion was expressed by the co-founder and CEO of the FTX exchange Sam Bankman-Fried. SCMP.
Common rules will enable investors to make informed decisions and free the industry from a barrage of regulatory requirements that can stifle innovation, he said.
The division of supervision between several departments depending on whether the asset is a “security” or not will not protect investors, Bankman-Fried is sure. Instead, what is needed is “a single structure that will take into account such important things as information disclosure and fraud prevention,” he said.
Bankman-Fried emphasized that some crypto assets have properties that make them look like securities, while others do not. The boundaries are blurry, but this complexity shouldn’t distract regulators, he added.
“We have different regulatory frameworks for all other asset classes, the same [необходимо создать] for cryptocurrencies, “- said the head of FTX.
Bankman Freed also touched on the topic of sovereign digital currencies during an online presentation at the annual Asian Financial Forum. According to him, CBDC will not compete with cryptocurrencies and stablecoins, since only banks will have access to them.
“Central bank digital currencies are digitizing the existing fiat system, and it is not open to direct user participation,” he said.
Recall that in December 2021, Bankman-Fried said that the cryptocurrency industry needs to solve a number of problems in order to become mainstream. He named scalability and throttling among the main challenges.