Brett Harrison, president of FTX USA, who, in response to Gary Gensler’s recent, not too veiled threats against the sector, made an angry statement, that looked fair, in our opinion. It requires clearer regulation of the entire sector. Without this, he adds, the number of problems for the entire industry will be growing together with the possibility of SEC intervention.
However, this also indicates that FTX is still striving to become a point of contact between the crypto sector and regulators, in terms of interaction with the public sector.
A call that actually comes from many sources. Fund managers would like to understand how they can open a physically reproducible Bitcoin ETF, exchanges — how to move towards listing without being exposed to the risk of retaliatory measures from the SEC, and project managers — how to move towards listing and issuing their tokens.
“There are about 30 cryptocurrencies represented on our exchange, and we believe that this is how we will have to move in the coming times, until there is more clarity in terms of regulation regarding what is required for registration.
The situation is absolute chaos, which to some extent is owned by the SEC, which can take advantage of the lack of clear guidelines to keep both exchanges and various crypto projects under control, especially those with a smaller capitalization, and do not have a clear commodity status like Bitcoin,” said Brett Harrison.
A fee that is considered fair
And all this during the week when Gary Gensler returned to the discussion of Ethereum, stating that only Proof of Stake can provide financial security status for ETH. And therefore, now is the time, according to many, to make such appeals.
The scenario according to which the crypto space should act is changing. We are already very far from 2018, when most crypto operators and projects could be quickly turned into “borderline” tools that are not of interest to the general public. Today we have strong players who can make themselves known and direct public opinion and even political debate in the right direction.
A kind of lobbying, which is a normal, concrete activity, and serves the sector for its normalization. Normalization, which is more than necessary during a bear market, without the SEC swinging the axe at projects and intermediaries.
Meanwhile FTX restarts. And it does it through the head of SBF – Samuel Bankman-Fried, an American entrepreneur and billionaire, who claims to have more than $1 billion in liquidity to continue interventions in the market. Thus, it continues its activities as a central bank and lender of last resort for a sector that has never experienced difficulties before.
A situation that, although for many it signals a kind of financialization of the entire sector, is perhaps what is needed for the markets to leave behind the tension caused by disappointing macroeconomic conditions.