{"id":1005736,"date":"2021-08-03T06:59:22","date_gmt":"2021-08-03T10:59:22","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/regulatory-clarity-for-crypto-would-take-3-to-5-years-ftx-ceo-says"},"modified":"2021-08-03T06:59:22","modified_gmt":"2021-08-03T10:59:22","slug":"regulatory-clarity-for-crypto-would-take-3-to-5-years-ftx-ceo-says","status":"publish","type":"station","link":"https:\/\/platodata.io\/plato-data\/regulatory-clarity-for-crypto-would-take-3-to-5-years-ftx-ceo-says\/","title":{"rendered":"Regulatory clarity for crypto would take 3 to 5 years, FTX CEO says"},"content":{"rendered":"\n
<\/div>\n

Running a successful crypto business requires close attention to the cloud of regulatory changes put forth by governments. Sam Bankman-Fried, CEO of prominent crypto exchange FTX, featured in a CNBC International interview to discuss his efforts on this front. <\/p>\n

During the conversation<\/a>, Bankman-Fried highlighted FTX\u2019s efforts to stay on top of the changing regulatory landscape. As a part of this move, the entrepreneur shared his company\u2019s drive toward applying for licenses across numerous jurisdictions. Pointing out the need to be responsive to changing regulatory landscapes, he added:<\/p>\n

\u201cI\u2019m spending five hours a day on everything from regulation to licensing and everything in between.\u201d<\/p><\/blockquote>\n

As the CNBC spokesperson discussed the ongoing regulator\u2019s concerns over the Know Your Customer (KYC) and Anti-Money Laundering (AML) front, the FTX CEO clarified that the KYC and AML requirements change for each jurisdiction. <\/p>\n

Foreseeing the need for more clarity in the regulatory space, Bankman-Fried expects governments to have a clearer stance in the next three to five years. He further stated his wish to become a part of the discussions with the regulators \u201cto build out this regime.\u201d<\/p>\n

On the other hand, he did admit that few governments lead this space to provide a framework for running a crypto business. Touching on the subject of Tether (USDT<\/a>) and its controversial U.S. dollar backing, Bankman-Fried clarified that FTX treats USDT as any other free-floating crypto, saying:<\/p>\n

\u201cThe [FTX] exchange doesn\u2019t treat it [USDT] as necessarily one-to-one with the U.S. dollar. That\u2019s for the market and users to determine.\u201d <\/p><\/blockquote>\n

However, the CEO stated that he has not come across a report that suggests that USDT should be priced massively away from the U.S. dollar. <\/p>\n

Related:<\/em> FTX reduces max leverage from 101x to 20x to encourage \u2018responsible trading\u2019<\/em><\/a><\/strong><\/p>\n

A recent report from last week showcased FTX\u2019s latest efforts to reduce trading risks<\/a> by limiting the leverage on its crypto exchange. With an over 80% drop, FTX users can now leverage their trades up to 20x, which was previously standing at a staggering 101x.<\/p>\n

While the news may have disheartened pro-risk traders, the overall notion toward this move remains positive. The exchange has not reported any reduction in daily trading volumes following the announcement.<\/p>\n

Source: https:\/\/cointelegraph.com\/news\/regulatory-clarity-for-crypto-would-take-3-to-5-years-ftx-ceo-says<\/a><\/p>\n","protected":false},"author":1,"featured_media":1005738,"template":"","meta":{"_eb_attr":"","type":"","auto_type":false,"post":"","stream":"","stream_url":"","waveform_data":[],"duration":0,"start":0,"end":0,"bpm":0,"downloadable":false,"download_url":"","purchase_title":"","purchase_url":"","post-count-all":0,"like_count":0,"download_count":0,"editor_note":"","copyright":"","captions":[],"sources":[]},"genre":[41],"station_tag":[5528,3820,4941,4526,4053,3764,4147,4297,3829,4298,3641,4707,3792,3834,4304,3643,4613,3797,4173,4865,4070,5345,4310,4312,3650,3954,4082,3653,5532,4704,4255,4085,5563,5576,3658,3706,4479,5489,3663,4110,3865,4325,3744,4111,4674,4221,3977,4283,4957,3780,4225,4507,3750,3672,4363,3673,5035,3981,4395,3755,3815,3937,3879],"artist":[5815],"mood":[],"activity":[],"_links":{"self":[{"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/station\/1005736"}],"collection":[{"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/station"}],"about":[{"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/types\/station"}],"author":[{"embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/users\/1"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/media\/1005738"}],"wp:attachment":[{"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/media?parent=1005736"}],"wp:term":[{"taxonomy":"genre","embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/genre?post=1005736"},{"taxonomy":"station_tag","embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/station_tag?post=1005736"},{"taxonomy":"artist","embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/artist?post=1005736"},{"taxonomy":"mood","embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/mood?post=1005736"},{"taxonomy":"activity","embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/activity?post=1005736"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}