Sam Bankman-Fried to Step Back from Crypto Lobbying and Let ‘Crypto Twitter’ Take Charge
Sam Bankman-Fried, the outspoken CEO and founder of major crypto exchange FTX, has offered what he calls his "final thoughts" on the optimal lobbying strategy for the crypto and blockchain industry that could pave the way for more industry-friendly regulation in the U.S. At the same time, he warned the industry over the potential negative outcome of engaging in "relatively strident/adversarial strategies”
The October 29 statement comes shortly after the entrepreneur expressed what could be considered as his support for some of the provisions of the controversial Digital Commodities Consumer Protection Act (DCCPA), a legislative proposal under discussion by the U.S. Congress.
"I really do think that regulation is going to get better, clearer, and create pathways for crypto to come back onshore,” he tweeted on 23 October.
Meanwhile, some industry observers have accused the bill of a potentially detrimental impact on decentralized finance (DeFi) due to replacing software codes with control intermediaries.
In his latest series of tweets, Bankman-Fried admitted that, despite their earlier differences, he ultimately agrees with Erik Voorhees, the CEO and founder of decentralized exchange ShapeShift and well-known opponent of crypto regulation, on "what's important and the right policy”, namely economic freedom, eliminating "discriminatory, classist standards for investment”, and ensuring freedom for the DeFi sector.
"I don't always agree on the best strategy! But I might be wrong. And more important, it's not my decision to make--it's the community's. So: *I won't push against the community's strategy* even where I think it might not be the most effective way to accomplish the goal,” FTX's chief executive recognized.
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