Participants in the cryptocurrency industry should not support projects that find themselves in a difficult situation due to negative phenomena in the market. The commissioner said SEC Hester Pierce in a comment Forbes.
“When the situation gets a little more complicated, you will find out who is actually creating something long-term, and who will soon disappear,” the official said.
In her opinion, supporting projects that have fallen into a difficult situation harms the industry. A different pattern of behavior could be an opportunity for market participants and regulators to see how the industry performs during times of acute stress, Pierce added.
“Cryptocurrencies do not have a rescue mechanism […]. I don’t want to come and say that we will try to find a way to help you out. […]. But even if we did, I would not want to use this power, we really need to allow such things to develop, ”the commissioner emphasized.
Earlier, the head of FTX and Alameda Research, Sam Bankman-Fried, announced his readiness to help cryptocurrency market participants to mitigate negative phenomena due to problems Celsius and Three Arrows Capital.
In particular, Alameda Research has already provided broker Voyager Digital with a loan of 200 million USDC and a revolving line of credit for 15,000 BTC (~$300 million).
In 2021 FTX prevented bankruptcy Japanese cryptocurrency exchange Liquid after hacking her hot wallets. The platform acquisition process ended in February 2022.
On June 21, BlockFi agreed with FTX to provide a $250 million revolving line of credit. Analyst FatMan called this arrangement a “deal with the devil,” and user Raja saw Bankman-Fried’s bad faith in the agreement, which allegedly “puts everyone in such a position, and then “rescues”.
SkyBridge Capital founder Anthony Scaramucci in conversation with Bloomberg called the head of FTX “the new John Pierpont Morgan“.
“He is saving the crypto markets in the same way that JP Morgan did after crisis of 1907‘, Scaramucci explained.
As a reminder, FTX, Coinbase and Crypto.com have reviewed marketing spending due to the downturn in the market downturn and increased attention from regulators.
Previously, Binance CEO Changpeng called the crypto winter a good time to hire new employees and further develop the business.
Read Cryplogger bitcoin news in our Telegram – Cryptocurrency news, courses and analytics.
Found a mistake in the text? Select it and press CTRL+ENTER
Participants in the cryptocurrency industry should not support projects that find themselves in a difficult situation due to negative phenomena in the market. The commissioner said SEC Hester Pierce in a comment Forbes.
“When the situation gets a little more complicated, you will find out who is actually creating something long-term, and who will soon disappear,” the official said.
In her opinion, supporting projects that have fallen into a difficult situation harms the industry. A different pattern of behavior could be an opportunity for market participants and regulators to see how the industry performs during times of acute stress, Pierce added.
“Cryptocurrencies do not have a rescue mechanism […]. I don’t want to come and say that we will try to find a way to help you out. […]. But even if we did, I would not want to use this power, we really need to allow such things to develop, ”the commissioner emphasized.
Earlier, the head of FTX and Alameda Research, Sam Bankman-Fried, announced his readiness to help cryptocurrency market participants to mitigate negative phenomena due to problems Celsius and Three Arrows Capital.
In particular, Alameda Research has already provided broker Voyager Digital with a loan of 200 million USDC and a revolving line of credit for 15,000 BTC (~$300 million).
In 2021 FTX prevented bankruptcy Japanese cryptocurrency exchange Liquid after hacking her hot wallets. The platform acquisition process ended in February 2022.
On June 21, BlockFi agreed with FTX to provide a $250 million revolving line of credit. Analyst FatMan called this arrangement a “deal with the devil,” and user Raja saw Bankman-Fried’s bad faith in the agreement, which allegedly “puts everyone in such a position, and then “rescues”.
SkyBridge Capital founder Anthony Scaramucci in conversation with Bloomberg called the head of FTX “the new John Pierpont Morgan“.
“He is saving the crypto markets in the same way that JP Morgan did after crisis of 1907‘, Scaramucci explained.
As a reminder, FTX, Coinbase and Crypto.com have reviewed marketing spending due to the downturn in the market downturn and increased attention from regulators.
Previously, Binance CEO Changpeng called the crypto winter a good time to hire new employees and further develop the business.
Read Cryplogger bitcoin news in our Telegram – Cryptocurrency news, courses and analytics.
Found a mistake in the text? Select it and press CTRL+ENTER
