SBF, the CEO of FTX, releases a draft that proposes cryptocurrency regulation

The CEO of the FTX crypto firm, Sam Bankman-Fried, has issued a document containing a draft of a set of standards that might be implemented in the crypto industry.

The “Possible Digital Asset Industry Standards” document aims to provide clarity and protect clients while complete federal regulatory regimes are developed.

Bankman-Fried moved to Twitter to let his followers know that he had sent the document as promised.

The document provides an outline of sanctions compliance on blockchain platforms; what must be done if a hack occurs; who must be held accountable; and, most significantly, how to avoid scams and protect investors.

Furthermore, the document considers real-life scenarios that could occur and describes what should be done in each case.
However, Bankman-draft Fried’s does not appear to be warmly received by the crypto Twitter community.

Ryan, a cryptocurrency investor, and Sean Adams rushed to Twitter to highlight a few points in Bankman-draft, Fried’s claiming that the new rule “will exclude the United States from the crypto race.” In his response to Bankman’s piece, Fried’s Adams quoted the passage with which he disagrees.

Another user who was dissatisfied with Bankman-draft Fried’s stated that these restrictions were bringing them back to square one, when crypto was becoming ordinary banking.

One user who was doubtful about Bankman-draft Fried’s wrote that he needed confirmation from Changpeng Zhao. “You’re as shady as an oak tree,” one user tweeted. Let us ask @cz binance if this is what is best for crypto.”

However, neither Sam Bankman-Fried nor FTX are certain that this structure is correct—it is only a draft.