In the midst of ongoing conversations on the subject, FTX CEO Sam Bankman-Fried stated that crypto discussions with US regulators “had been positive.”
Bankman-Fried stated in a series of tweets that recent crypto regulation conversations have been constructive, despite the fact that the relationship between the crypto business and authorities began “not so well.”
9) I don’t want to make uniform statements. Not all of the industry has been supportive, just as not all regulatory efforts are appropriate and thoughtful.
But, by and large, when everyone’s come to the table willing to talk, the discussions have been fruitful, at least in DC.
— SBF (@SBF_FTX) February 23, 2022
Bankman-Fried admitted that the conversations were hampered by unproductive contacts between the two companies. He went on to say that things about cryptocurrencies were not made apparent owing to a lack of cooperation from the crypto sector. The regulators were irritated by this.
Things changed when both parties agreed to work constructively on the issue. Last year, the FTX CEO testified before the House Financial Services Committee for the first time. The SEC, which supervises securities contracts, is overseen by the aforementioned panel.
Earlier this year, Bankman-Fried testified before the Senate Agriculture Committee, which oversees the derivatives market in the United States. This session produced results that benefited not only the cryptocurrency business, but also consumers and the financial system.
These developments, according to Bankman-Fried, “would have been difficult to imagine a year ago.” He also acknowledged and thanked everyone in the crypto industry for their contributions, admitting that he was anxious about not receiving any support from the industry. But, as Bankman-Fried pointed out, “this progress would not be feasible without the industry’s backing.”