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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.

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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/

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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.

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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.

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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.

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14) But my support for any particular bill, framework, etc. is absolutely contingent on those points--contingent on them actually protecting customers, and them actually protecting economic freedom. Anyway, here's the blog post link once again: ftxpolicy.com/posts/possible.

Possible Digital Asset Industry Standards

Draft of a set of standards that we as an industry could enact to create clarity and protect customers while waiting for full federal regulatory regimes

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15) And, finally: NONE OF THIS IS LEGAL, REGULATORY, OR INVESTMENT ADVICE.

9:04 PM · Oct 19, 2022Twitter Web App

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cool, let's over regulate in order to maintain FTX's market dominance in dumping premined VC coins on retail. great ideas Sam!

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This:

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SBF wants to ban DAI and Uniswap and you guys still think he's on your side? Lol

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wait I def don't want to ban them

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@HikariGenshin1

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Don’t cast stones from a glass house

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Will you be adding usdt margined btc perp?

KauriHero.eth/lens

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Awfully coy considering the recent SEC investigations. Getting chummy publicly with what "they" want "us" to do epitomizes the self preservation action you/FTX Board do in face of market US reg risk. DeFi itself is other end of spectrum to reg CeFi - so natural to lobby against

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Hmm some red flag ELI5 - DeFi will be heavily monitored (worse UX) - algo stablecoins will be DOA - front end will be censorable Did I get it wrong? If not, I think the industry will fork into web2.5 (USA) vs web3 (rest of the world)

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turncoat!

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I’d prefer all my tokens go to zero in fiery glory and FTX goes to zero with it

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@aspiring__whale

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sam, being that you’re truly a man of the people, would you mind commenting on the degree of efficacy with respect to your altruistic endeavors? many thanks

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