FTX CEO Revises Proposed Crypto Regulations After Community Backlash

FTX CEO Acknowledges Community Feedback

The CEO of FTX, Sam Bankman-Fried (SBF), recently expressed gratitude to critics who provided feedback on his proposed regulatory framework for the crypto industry. SBF took to Twitter to thank individuals like Erik Voorhees, founder of ShapeShift, and Ryan Sean Adams, a prominent crypto investor, for their constructive criticism. He emphasized the value of their insights and announced revisions to his initial proposal.

Key Criticisms from the Crypto Community

Erik Voorhees criticized SBF’s proposal, particularly the inclusion of OFAC (Office of Foreign Assets Control) standards, calling it a “non-starter.” Voorhees argued that such measures could unfairly exclude millions of people, such as Iranians, from accessing global financial systems. He also published a blog post titled “Response to SBF and Principled Crypto Regulation,” detailing his concerns about the framework.

Ryan Sean Adams echoed similar sentiments, warning that certain regulatory measures could harm the U.S. crypto industry’s competitiveness on the global stage.

SBF’s Response and Revisions

Following the backlash, SBF revised his proposal and shared his thought process on Twitter. He clarified that his suggestions were not legal, regulatory, or financial advice. SBF also acknowledged the diversity of opinions within the crypto community, stating his excitement to engage with stakeholders who hold differing views.

Emphasis on Financial Inclusion

SBF’s revised approach reflects a commitment to balancing regulation with the principles of decentralization and financial inclusion. He reiterated the importance of open dialogue in shaping the future of crypto regulation.

The revisions underscore SBF’s willingness to adapt his proposals based on community feedback, highlighting the collaborative nature of the crypto ecosystem.