Conversation

SBF
@SBF_FTX
Replying to
@SBF_FTX
2) For a long while, relations between the crypto industry and regulators were... not great. The negative interactions and frustrations way outweighed the productive discussions. Partially this was because of a lack of clarity. Partially, the industry didn't try to cooperate.
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SBF
@SBF_FTX
3) And that led, among other things, to a really negative impression of crypto in DC. But things are starting to change, at least in the US.
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SBF
@SBF_FTX
4) Partially it's just natural progress, and partially it's competition from other jurisdictions (e.g. The Bahamas). But also, for the first time, the crypto industry has come to the table to work constructively with lawmakers and regulators.
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SBF
@SBF_FTX
5) I've spent a good fraction of the last year there, answering questions and learning as much as I can about the regulatory pathways in the US. That's dwarfed, though, by the expertise of
@MarkWetjen
,
@zachdex
,
@_Ryne_Miller
, @Brett_FTXUS, and the rest of the FTX US team.
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SBF
@SBF_FTX
6) And constructive conversations between industry and regulators can lead to great outcomes for everyone--the customer, the financial system, and the industry. Things like this would have been hard to imagine a year ago:
Quote Tweet
SBF
@SBF_FTX
"The @CFTC leadership from @CFTCbehnam with bipartisan agreement across the @SenateAg committee and the crypto and digital assets sector is a rare moment... ...the right direction of travel for consumers, the sector, and regulators" forbes.com/sites/lawrence
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SBF
@SBF_FTX
7) But more than anything else, this progress wouldn't have been possible without the support of the industry. And I was worried that we would end up in DC without industry support, with the rest of the industry fighting against regulatory progress. But that didn't happen.
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SBF
@SBF_FTX
8) Instead, the bulk of the crypto industry--and the bulk of the community--has been supportive and excited; that regulatory oversight, *as long as it's thoughtfully done*, is the right thing for the world.
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SBF
@SBF_FTX
9) I don't want to make uniform statements. Not all of the industry has been supportive, just as not all regulatory efforts are appropriate and thoughtful. But, by and large, when everyone's come to the table willing to talk, the discussions have been fruitful, at least in DC.
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SBF
@SBF_FTX
10) And as part of the world looks like it might have its stability tested, hopefully--well, really, hopefully everything turns out fine. But if it doesn't, hopefully digital assets can provide international financial access to those who need it in a time of crisis.
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SBF
@SBF_FTX
11) Anyway, a huge thanks to the community for its support, and to the regulators and lawmakers who are engaging constructively and carefully. And to those who helped make February a historic month for the industry:
Quote Tweet
SBF
@SBF_FTX
Ok so can we reflect on the fact that this month we've (allegedly!) solved the Bitfinex hack *and* the DAO hack? (h/t @laurashin, @bitfinex, @chainalysis, DOJ, etc.)
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Bitcoin Comfy
@BitcoinComfy
Replying to
@SBF_FTX
“Crypto” on centralized exchanges is useless, it’s fiat money 2.0, it’s fractional reserved scam, it’s insta-confiscatable, privacy-killer, middleman paraditic crap. We don’t need fake decentralization and CBDCs, we don’t need “woke” crap or we end up like Canada. No thanks.
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Rasselcrow
@RasseCrow
Replying to
@SBF_FTX
ey sir, spain have incredible potential with the best reward posible but no one with the money make the effort be the first!!!
Madhatt3r
@pokerchessman
Replying to
@SBF_FTX
Hey Sam can you please influence regulators to not take away yield on stablecoins from regular people. I feel like that’s a huge way to bring in new people into the crypto space and I hope we won’t regulate that out of existence
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