Leading Bahamas-based crypto exchange firm FTX issued a document titled, FTX’s Key Principles for Market Regulation of Crypto-Trading Platforms detailing 10 proposals that will facilitate policymakers to effectively regulate the digital asset ecosystem as well as harping its potential to the maximum. According to the press release, these principles will be part of founder Sam Bankman-Fried’s written cum commentary piece ahead of the congressional hearing scheduled on December 8, 2021.
Commenting on the same, FTX CEO and Co-founder Sam Bankman noted,
We view these principles as a framework for conversation – both in the US and in jurisdictions where regulatory guidance could be more clear. We want to engage in an open dialogue with regulators and help establish a set of rules to level the playing field for everyone in our industry and to allow innovation in our space to continue to flourish. These principles were created with the protection of investors and the public as a top priority. We hope we can work with regulators in the US and ultimately around the world to implement sensible regulatory frameworks.
The latest development follows after Congresswoman Maxine Waters, announced the hearing of the House of Financial Services Committee to be attended by several top-ranking execs across major crypto firms in the United States where there will be a discussion on issues pertaining to the digital assets market and the future of finance.
FTX and a number of crypto firms capturing lawmakers attention
At the other end of the U.S. Capitol building, Senate Banking Committee chairperson Sherrod Brown had called on crypto entities to disclose information regarding consumer and investor protection on stable coins. The notices were issued to several firms such as Coinbase, Gemini, Paxos, TrustToken, Binance.US, Circle, Centre, and Tether requesting the details to be submitted by last Friday.
Likewise in last November, the US president’s Working Group on Financial Markets published a report where it suggested stablecoin issuers ‘should be subject to appropriate federal oversight akin to that of banks and that legislation was urgently needed to address risks‘. It is noteworthy to mention that there has been a widespread discussion on matters surrounding cryptocurrencies, stablecoins, CBDC, etc, and the upcoming meeting is reflective of the growing mainstream interest in the technology.