FTX CEO SBF Responses to Twitter Critics Regarding His Crypto Standard Proposal

FTX CEO SBF Responses to Twitter Critics Regarding His Crypto Standard Proposal.

The CEO of cryptocurrency exchange FTX, Sam Bankman-Fried (SBF), took to Twitter earlier this week to calm the waters following his proposal for a regulatory framework for cryptocurrencies.

The Critics

In a lengthy Twitter thread on Saturday, the influential crypto billionaire addressed some of the concerns members of the crypto community had with his October 19 blog post.

A Twitter user called the proposal a step backwards, saying SBF’s goals are “not aligned with those of most of the early crypto adopters.”.

Another Twitter user said “So your solution to the very real and challenging questions of how to properly regulate a technology that can revolutionize the financial system is to… turn it into the existing system? It seems as though your goals are not aligned with those of most of the early adopters.”

FTX’s CEO previously stated that “in a perfect and logical world,” both centralized and decentralized applications should “respect OFAC’s sanctions lists.

In his comments, ShapeShift Founder Erik Voorhees presented one of the more robust criticisms of Bankman-Fried’s proposal, alleging that the CEO glorified the U.S. Office of Foreign Assets Control (OFAC).

Read More: Coinbase CEO Shares His Thought About Potential Regulations on Crypto and DeFi 

“@SBF_FTX  you can advocate Effective Altruism, or you can advocate banning 80 million innocent Iranians from the future of global finance. You can’t do both. Glorifying OFAC in proposed crypto-industry standards is a *non-starter.*,” he said on his Twitter account

SBF suggested that websites that allow individuals to view, read, and write to a DeFi smart contract should be required to have licenses, which would prevent hobbyists and enthusiasts from experimenting, according to Voorhees.

Sam Bankman-Fried’s Response

“Thanks to everyone who gave constructive feedback, comments, and criticism… I’ve revised my post some already, and will continue to do so,” The FTX CEO said through his Twitter.

 “Thanks particularly to everyone who highlighted the core of crypto: economic freedom. The freedom to own your own assets; to own your own data; to build your own programs,” added him.

Read More: FTX CEO Sam Bankman-Fried (SBF): I’m Optimistic We’re Making Progress On Crypto Regulations

On the other hand, regarding his thoughts on OFAC’s sanction list, he said “I have sympathy for innocent people caught in broader blocks. That’s a policy conversation worth having.”

Bankman-fried also responded to Voorhees critics involving DeFI smart contract, saying “ “It is not making claims about what DeFi devs, smart contracts, and validators must do. It’s looking to eventually establish guidelines about how e.g. FTX’s platform—or Fidelity’s—could interface with DeFi contracts.”

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Jamilatul Mahmudah

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