Sam Bankman-Fried of FTX concurred with CFTC Commissioner Christy Goldsmith Romero on the merits of trading disclosures and knowledge exams, but added on Twitter that they didn’t have to be crypto-specific.
In response to a Commodity Futures Trading Commission (CFTC) official’s call for the creation of a household retail investor category in order to increase consumer protections, Bankman-Fried made his remarks.
Romero tweeted,
“Establishing a household retail investor category could give them more consumer protections. For example, disclosures written in a way that regular people understand or could be used when weighing rules on the use of leverage.”
In response, Bankman-Fried tweeted that such testing don’t have to be limited to digital currency, adding,
“100% agree on disclosures, knowledge tests, etc.”
According to the billionaire, disclosure requirements and knowledge-based checks for a variety of intermediaries, such as futures commissions merchants, may be appropriate.
The disclosure and testing claims made by Bankman-Fried line up with FTX’s plan to introduce U.S. cryptocurrency futures. In fact, the creator of FTX tweeted that the company has already laid out a proposed knowledge exam for its U.S. derivatives product.
The CFTC recently signalled that it will not be slack with cryptocurrency as the discussion over consumer protections for cryptocurrency and how Congress should codify regulations continues. Rostin Behnam, chair of the CFTC, stated a desire for more direct control over markets.
The stance taken by Behnam is consistent with remarks made by Gary Gensler, the head of the Securities and Exchange Commission, who suggested the CTFC might have more control over specific digital currencies during a speech at Georgetown University’s Financial Markets Quality Conference in Washington.
FTX to roll out debit cards across 40 countries
In the past few months, the bear market has caused enormous loss to a large number of people. Platforms, however, continued to increase their interest in cryptocurrencies despite this. The newest agreement between Visa, a major player in payments, and the sector demonstrated this. This partnership was supported by Sam Bankman-cryptocurrency Fried’s exchange, FTX.
According to its most recent agreement, FTX anticipates launching debit cards in 40 nations. With this debit card, clients could make transactions without removing their cryptocurrency from the exchange, unlike with ordinary debit cards.