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Sam Bankman-Fried to Back Away from Crypto Lobbying and Hand Over Control to ‘Crypto Twitter’

Sam Bankman-Fried to Back Away from Crypto Lobbying and Hand Over Control to ‘Crypto Twitter’


Sam Bankman-Fried, the outspoken CEO and founder of significant crypto exchange FTX, has provided what he refers to as his “final thoughts” on the best lobbying approach for the cryptocurrency and blockchain industries that may open the door for more industry-friendly regulation in the United States. He also cautioned the sector about the potential consequences of participating in “comparatively aggressive or strident tactics

“I genuinely believe that regulation will improve, become more transparent, and pave the way for cryptocurrency to return to the domestic market, he tweeted on October 23.

The entrepreneur made a statement on October 29 that might be seen as his support for certain of the clauses of the contentious Digital Commodities Consumer Protection Act (DCCPA), a bill that is now being discussed by the US Congress.

Some business analysts claim that the measure could have a negative effect on decentralised finance (DeFi) because it replaces software codes with control middlemen.

“I don’t always concur on the best course of action! But I could be mistaken. More importantly, the community makes the decision, not me. Therefore, even if I believe the community’s method might not be the most efficient way to achieve the goal, I *won’t* push against it, the chief executive of FTX said.

In a recent series of tweets, Bankman-Fried acknowledged that despite their earlier disagreements, he now agrees with Erik Voorhees, the CEO and founder of the decentralised exchange ShapeShift and a well-known opponent of crypto regulation, on “what’s important and the right policy,” namely economic freedom, the abolition of “discriminatory, classist standards for investment,” and ensuring freedom for the DeFi sector.

The head of the exchange expressed his hope that “the crypto twitter community has carefully considered all of the details of possible bills and policy proposals, and that the crypto twitter community correctly understands the details of policymaking, negotiation, and alliances in DC,” for the benefit of the sector.

Bankman-Fried expressed his worry about the potential repercussions of staking the future of the cryptosphere on what he called “some very strident/adversarial techniques,” which could end up backfiring and hindering DeFi’s expansion.

The entrepreneur claims that there are many potential paths in this situation, some of which are rather nuanced. “I worry that some individuals haven’t completely thought out, empirically, what the effect would be of alternative options we may make,” the entrepreneur says. “However, I hope I’m incorrect about that. Take the helm, cryptocurrency Twitter,” he added.

Voorhees inquired of the CEO of the exchange in reaction to SBF’s tweets about his willingness to “officially request of Senate Ag Committee to defer marking up DCCPA until next year.”

News Summary:

  • Sam Bankman-Fried to Back Away from Crypto Lobbying and Hand Over Control to ‘Crypto Twitter’
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