The CEO of the FTX exchange urged the regulators to work on the precise and single regulatory framework for the crypto industry instead of focusing on unnecessary matters.
FTX is a popular crypto exchange and this exchange is giving its cryptos services in many countries like Binance exchange. Right now this exchange is standing at the third position because of its better crypto services and better marketing strategy.
Recently Asian Financial Forum event was organized by the government of Hong Kong to figure out the opportunities that can be grabbed through this economic landscape.
FTX exchange founder and CEO Sam Bankman-Fried shared his thoughts on the regulation system that is not going very well in a better direction.
Sam said that regulators of any country needed to work on the creation of precise rules and regulations on the crypto industry, instead of focusing on the category of the crypto assets whether they are crypto or securities.
FTX founder also emphasized that If the working system and activities of the regulators should be focused on the prevention of crypto-associated fraud activities then it will be much better instead to identify or classify assets as securities.
Here the statement of FTX was appreciable because securities don’t mean that it will give the promise to give profit returns on the Investment, which is much similar to normal Digital assets, however, rules should be available to regulate them.
In particular, the FTX founder didn’t pointed out which regulatory body is doing such types of works. However, there are many regulatory bodies in this world, which are working more deeply to identify whether a particular asset is securities or not.
In addition to these recommendations, Sam suggested regulating digital assets just like all other volatile asset classes.
It is worth noting that, US SEC agency is fighting against Ripple company and one of the raised concerns against the Ripple company is that the native token XRP of Ripple company is Securities. While Gary Gensler, SEC chairman, denied commenting on Ethereum whether it is a security or not.
Read also: Crypto tax compliance firm TaxBit will provide free tax reports with exchanges