- In the recent tweet of FTX’s Bankman-Fried, he pointed out the crypto industry on what’s important and the right policy.
- He further showed his support with Erik Voorhees, the Founder and CEO of ShapeShift, a cryptocurrency exchange.
The “Crypto Twitter”
FTX CEO Sam Bankman-Fried shared his “final” thoughts/post, as he left the crypto policy debate to “Crypto Twitter.” However, his FTX policy proposals, presented on October 19, 2022, sparked outrage online.
It must be noted that Mr. Bankman-Fried was a vocal proponent of a bill that would allow the Commodity Futures Trading Commission (CFTC) more power over digital commodities. But, he then met with backfire from decentralized finance (DeFi) proponents this week.
During a litigious policy debate on October 28, 2022, Mr. Bankman-Fried seems like backing off lobbying for crypto legislation. The debate was live-streamed for two hours and hosted by the crypto podcast, Bankless. The next day, on October 29, 2022, he shared a long-tailed twitter thread in which he shared his thoughts.
Mr. Bankman-Fried pointed out that he is just sharing his thoughts, not giving advice. He added that he basically agree with Erik Voorhees and the industry on what’s important and the right policy for economic freedom, getting rid of discriminatory, classist standards for investments and freedom for DeFi, while putting the effective strategy aside.
He also noted as he usually does not agree on the best strategy and he might be wrong. “I won’t push against the community’s strategy,” he said even though he thinks this might not be the most effective way to accomplish the goal.
Mr. Bankman-Fried expressed the names of people whom he encouraged, including Erik Voorhees, to fight for freedom, to make the economy work, and for the exponentially interoperable power of DeFi.
He hopes that the crypto twitter community carefully considers all of the key-points of possible bills and policy proposals, and understands the details of policy making and negotiation and alliances in DC. He ended the tweet by adding “Crypto Twitter, take the wheel.”
Moreover, on October 19, 2022, Mr. Bankman-Fried published a lengthy crypto policy blog on his FTX Policy site, in which he covered the topic of “possible digital asset industry standards.” But, unfortunately it got contempted by some industry insiders. Most of the critics seemed particularly frustrated by Bankman-Fried’s views on how to regulate the DeFi projects.
Although, he also clarified in another tweet on October 28, 2022, that he is figuring out what to do on stablecoins that could be anything or nothing. It seems his firm will create stablecoin.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.