According to the CEO of crypto derivatives exchange FTX, Sam Bankman-Fried, stricter regulation of crypto exchanges could have positive effects for investors.
Controls can turn out well for consumers
He made this known while discussing stricter regulations and frameworks for crypto exchanges with the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). However, it is still a long way to go before this is set up properly. He says the following about this:
“It will take a long time but it is absolutely necessary, and we are very much for it.”
Bankman-Fried went on to say that if the tighter controls on loan products are properly implemented, they could ultimately be great for consumers. “They may even be able to achieve much higher returns on their assets as a result,” said Bankman-Fried.
Stablecoin Ban and NFT Space
Furthermore, Bankman-Fried indicated that he would find a ban on stablecoins sad, given its usefulness. According to Bankman-Fried, there are several other ways of regulatory intervention directly without introducing a ban.
The FTX Crypto Exchange is reportedly looking to increase its presence in the Non-Fungible Token (NFT) space. The platform wants to do this by building its own marketplace with which to compete with OpenSea. According to the current president of FTX.US, Brett Harrison, the infrastructure has already been built.
According to the crypto exchange, its own NFT platform could become available in about a month, if nothing crazy happens. However, it remains to be seen whether this will actually be the case, or whether they will be unexpectedly delayed.