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shit on asset classes you don't like all you want--but make sure to check what's in your back yard don't like the fact that some tokens don't have much of a use case? (though, to be explicit, many do!) well how about stocks that aren't building, *and* burn $3b/year?

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Joe Weisenthal

@TheStalwart

Apr 26

While everyone was talking about his description of yield farming, I thought SBF's description on the podcast of how VCs operate was absolutely devastating. I posted the relevant part in today's @Markets newsletter: bloomberg.com/account/newsle

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Sam, the difference is compliance with securities laws. If VCs want to put money into crappy investments, fine, but retail investors need protection in the form of disclosures and anti-fraud laws.

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I doubt Sam would disagree with you? I don’t get the impression that FTX is fighting regulation when it fits. They own regulated exchanges. Also, he’s right. Look at all of the zombie penny stonks out there.

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FTX's pushing for the CFTC to be the crypto regulator, and unless Congress duplicates the '33 and '34 Acts, there will be less disclosure than is required under current law. The securities laws fit crypto just fine, and Sam's fighting it.

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we would love to see digital asset disclosures and anti-fraud! we've started preemptively drafting up certification processes for FTX while waiting for a federal system: ftxpolicy.com/disclosure-and

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I'm not sure we actually disagree so much on the goals here, or what's important? Possibly on details of implementation. twitter.com/SBF_FTX/status It's important to get federal oversight soon. I'm happy with either dep't doing it; whichever gets there first!

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SBF

@SBF_FTX

Apr 26

1) Towards a better financial ecosystem

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12:34 PM · Apr 26, 2022Twitter Web App

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