Crypto Enthusiast: Collaboration between SEC and CFTC could solve 60% of digital asset problems

CEO of the FTX crypto platform, Sam Bankman-Fried, said that he considers cooperation between US regulators — the SEC and the CFTC — important for the entire digital asset industry.

He pointed out that many countries are slow to create a regulatory mechanism for crypto coins, which negatively affects the industry as a whole. Bankman-Fried supports the opinion of market participants who have previously called on the authorities of various countries to take this problem more seriously.

According to the crypto enthusiast, the struggle for power in Washington hinders the development of the crypto market. The SEC and the CFTC cannot agree on who will control the digital asset market. The entrepreneur believes that if the agencies could find a compromise, this would contribute to significant progress. In particular, 60% of the problems of the crypto sphere would be immediately resolved.

However, Bankman-Fried is confident that the cryptocurrency industry is now in a better position than it was a year ago. Many politicians speak in favor of transparent market regulation and put forward proposals that are seriously considered at the federal level.

“This will give other countries a template that they can use in conjunction with their laws, as well as push them to healthy competition and create their own infrastructures for digital currencies,” the FTX CEO believes.

Earlier, US Treasury Secretary Janet Yellen spoke about the need to regulate the crypto sphere. She stated that she absolutely agreed with the leadership of the SEC that the supervision of the industry should be based on protecting investors and minimizing possible risks.

Analysts noted that Janet Yellen’s statements were more neutral than negative. The US Treasury Secretary stressed that IT innovation cannot be held back, but must be kept under strict control.

What the regulation of the cryptocurrency industry should be, in your opinion?