(Kitco News) – Sam Bankman-Fried (SBF), the CEO of the cryptocurrency exchange FTX, recently offered his “final thoughts” on the topic of lobbying in the U.S. and the strategy he feels is optimal for the crypto and blockchain industry to take to establish a more industry-friendly regulatory framework in the country.
Bankman-Fried has seen his status in the crypto ecosystem rise significantly over the course of 2022 as the FTX CEO has been heavily involved in helping the industry recover following the collapse of Terra/Luna in May.
In a Twitter thread posted on Saturday, SBF offered his recommendations for crypto Twitter to take over the lobbying effort, saying that the right policy for the crypto ecosystem will focus on “economic freedom; getting rid of discriminatory, classist standards for investment; and freedom for DeFi.”
The CEO went on to say that while he may not always agree with the community on what the best strategy is to achieve the desired goals, its the community’s decision to make, so he doesn’t intend to “push against the community’s strategy, even where [he] thinks it might not be the most effective way to accomplish the goal.”
Above all, he encouraged all crypto participants to make their voices heard and “Fight for freedom, and to make the economy work, and for the exponentially interoperable power of DeFi.”
The FTX founder went on to say that “There are a huge number of possible paths here – some fairly subtle – and I worry that some people haven’t fully thought out, empirically, what the result would be of possible decisions we could make.”
SBF was referencing some of the more aggressive strategies that take an oppositional approach to the government and crypto regulation, which have the potential for “backfiring and undermining DeFi.”
“I hope, for all our sakes, that the crypto Twitter community has carefully considered all of the details of possible bills and policy proposals, and that the crypto Twitter community correctly understands the details of policymaking and negotiation and alliances in DC,” Bankman-Fried said.
In closing, the FTX CEO said that he was all for crypto Twitter leading the way on the lobbying front and “hopes he’s wrong” with the concerns voiced, while also warning that he “won’t actively support things” that he thinks will backfire.
The October 29 statement From SBF followed shortly after expressing what some saw as his support for some of the provisions of the controversial Digital Commodities Consumer Protection Act (DCCPA), a legislative proposal under discussion by the U.S. Congress.
“I really do think that regulation is going to get better, clearer, and create pathways for crypto to come back onshore,” he tweeted on 23 October in response to comments about the DCCPA from the crypto community.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.