Bankman-Fried Says Stricter Regulation of Crypto Exchanges Would Be Positive

FTX’s CEO said a ban on stablecoins would be “sad.”

By Tanzeel Akhtar

Sep 20, 2021 at 10:03 a.m. UTC

Updated Sep 20, 2021 at 2:32 p.m. UTC

FTX CEO Sam Bankman-Fried (CoinDesk archives) — FTX CEO Sam Bankman-Fried on CoinDesk TV's "First Mover."

Tanzeel Akhtar

Tanzeel Akhtar is a reporter based in London,UK.

Follow @Tanzeel_Akhtar on Twitter

Sam Bankman-Fried, CEO of crypto derivatives exchange FTX, said tighter regulation of crypto exchanges would have positive effects for investors.

He made his comments as the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) discuss stricter regulations and frameworks around crypto exchanges.
Controls on lending products “if done properly, these programs can be great for consumers; if done properly, they can give consumers way higher returns on their assets,” Bankman-Fried said in an interview with Bloomberg.
Bankman-Fried said a ban on stablecoins would be “sad” given how useful they are. “There’s other sorts of regulatory interventions, which I think would be healthy.”
FTX is also looking to increase its presence in the non-fungible token (NFT) market, with exchange executives revealing plans to build their own marketplace to compete with OpenSea, the market leader.
Brett Harrison, president of FTX.US, told Bloomberg the company is in a good position to launch its platform, with the infrastructure already built out.
He agreed that more regulation could be beneficial for crypto exchanges: “It’s a long time coming and it’s completely necessary – and we’re very much for it.”
The exchange said its own NFT platform could become available in about a month.

CORRECTION (SEPT. 20, 14:32 UTC): Fixes attribution on quote in sixth bullet point.

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