Conversation

SBF
@SBF_FTX
1) I've written a bunch about FTX's roadmap. But I haven't written much about crypto's. So, here goes.
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SBF
@SBF_FTX
3) So: what do I think crypto _should_ do, as an industry? Well, let's look at where we are, and at where we want to be.
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SBF
@SBF_FTX
4) What crypto already has: a) A solid userbase. There are probably ~200m crypto users worldwide. b) Smart contracts. I think it's hard to overstate how important this was for the space: it's what brought crypto from digital gold, to web3/metaverse/defi/etc.
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SBF
@SBF_FTX
5) c) potential use cases: remittances, payments, store of value, NFTs in the metaverse, information transfer, social media, tokenized assets, disintermediated finance, etc. d) the start to scaling solutions: new L1s, L2s, lightning, rollups, etc.; tx/sec is now ~50k
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SBF
@SBF_FTX
6) e) An enormous amount of attention. Seriously, crypto punches _way_ above its weight on this one. Crypto market cap is ~2.5T, less than Apple or Microsoft. Which gets more attention, though?
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SBF
@SBF_FTX
7) So, overall things have been going pretty well the last few years. What's still missing?
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SBF
@SBF_FTX
8) Well, let's start with the obvious: regulation. There has been a lot of tension between industry and regulators, and both sides have, in many cases, left feeling frustrated.
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SBF
@SBF_FTX
9) On the one hand, it's not clear what the process is for token issuance, platform registration, and stablecoins in many jurisdictions. This makes is hard for the industry to move forward as securely, and hard for institutional players to get involved.
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SBF
@SBF_FTX
10) On the other hand, many regulators have found it very difficult working with crypto companies: instead of working collaboratively, we've seen a ton of examples of tension boiling over.
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