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5) Second, we need something to reduce the impact of security breaches and hacks in crypto. One way we could do that is with a community standard that required attackers to return the vast majority of assets and prioritize customer protection, in return for settling the dispute.

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6) Third, we should work towards public disclosures and transparency for assets. For non-securities, we have a framework we've rolled out for FTX US Derivatives: ftxus-legal.webflow.io/digital-assets.

7) Fourth, we should develop a regulatory structure that allows the settlement benefits of blockchains to protect the profits made by retail investors in equities:

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17) Ok, so how about market structure? On January 28th 2021, most major retail brokers shut down. Users were unable to buy; sometimes they were unable to sell, too. And on some platforms users got liquidated. The weird thing is that there was basically no leverage!

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8) Fifth, we should develop standards to help inform and protect customers. At its core, I think this means: a) disclosures b) safer clearing models c) suitability based on knowledge, not wealth ftx.us/derivs/

9) Sixth, DeFi. This is, frankly, one of the trickiest areas to get right. The most important thing is that we not jump the gun: that industry, regulators, and lawmakers work collaboratively and thoughtfully together.

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10) But we should make sure that code, peer to peer transfers, validators, etc. are free while also ensuring that retail-facing platforms and marketing build in customer protection.

11) Finally, stablecoins. They make payments better: twitter.com/SBF_FTX/status. We need regulatory oversight and up to date public information and audits to confirm that dollar backed stablecoins are, in fact, backed by the dollar. ftxpolicy.com/posts/context-

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3) Let's start with payments, both domestic and international.

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12) All of these are just suggestions, and I would love feedback on them. It would be ideal if some industry group(s) took the lead in publishing what they felt were appropriate standards. And ultimately, we need sound regulatory frameworks.

13) I'm optimistic that we're making progress on that last point. I'm optimistic, for instance, that the Stabenow-Boozman bill would protect customers while also protecting economic freedom; and that federal regulators are making progress towards thoughtful frameworks.