After his proposal for a regulatory framework for cryptocurrencies made ripples earlier this week, Sam Bankman-Fried, founder and CEO of cryptocurrency exchange FTX, turned to Twitter to calm the seas.

On Saturday, the renowned crypto millionaire launched a lengthy Twitter thread in which he addressed some of the issues that crypto community members had with his blog post from Wednesday.

The junction between centralized corporations and DeFi, in particular, has been identified as a source of contention by ApeWorX Ltd. creator señor doggo:

Initially, the FTX CEO stated that in an ideal and logical world, both centralized and decentralized apps should adhere to OFAC’s sanctions lists.

Erik Voorhees, the founder of ShapeShift, was recognized for his input, which was one of the most vehement criticisms of Bankman-plan. Fried’s Voorhees charged the CEO with glorifying the United States Office of Foreign Assets Control (OFAC).

The worry is that DCCPA will prevent developers from creating whatever interfaces they want — at least not without centralized organizations claiming a piece of the pie.

Some crypto supporters are concerned about the need for regulation-driven profit, especially because Bankman-industrial Fried’s ventures have been immensely lucrative.

Meanwhile, some contend that anybody collaborating with authorities to promote the crypto business isn’t genuinely doing so. Brown Rudnick’s partner Preston Byrne stated:

Coincu will continue to update the situation related to SBF, you can find out more information through this article.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

CoinCu News

DCCPA

FTX

OFAC

Sam Bankman-Fried

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Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

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News

Sam Bankman-Fried Explained About DCCPA After Receiving Strong Pushback

After his proposal for a regulatory framework for cryptocurrencies made ripples earlier this week, Sam Bankman-Fried, founder and CEO of cryptocurrency exchange FTX, turned to Twitter to calm the seas.

On Saturday, the renowned crypto millionaire launched a lengthy Twitter thread in which he addressed some of the issues that crypto community members had with his blog post from Wednesday.

8) In particular, it is *not* making claims about what DeFi devs, smart contracts, and validators must do. It’s looking to eventually establish guidelines about how e.g. FTX’s platform–or Fidelity's–could interface with DeFi contracts.

— SBF (@SBF_FTX) October 23, 2022

The junction between centralized corporations and DeFi, in particular, has been identified as a source of contention by ApeWorX Ltd. creator señor doggo:

This is a subtle point u less you know what you're reading: it should *never* be the case that there is a mandate to access DeFi through a centralized intermediary's interface.

Devs should be allowed to build whatever interfaces they want https://t.co/pfgBifzTfO

— señor doggo ????????‍☠️ in his wartime ceo era (@fubuloubu) October 23, 2022

Initially, the FTX CEO stated that in an ideal and logical world, both centralized and decentralized apps should adhere to OFAC’s sanctions lists.

Erik Voorhees, the founder of ShapeShift, was recognized for his input, which was one of the most vehement criticisms of Bankman-plan. Fried’s Voorhees charged the CEO with glorifying the United States Office of Foreign Assets Control (OFAC).

@SBF_FTX you can advocate Effective Altruism, or you can advocate banning 80 million innocent Iranians from the future of global finance.

You can't do both.

Glorifying OFAC in proposed crypto-industry standards is a *non-starter.* https://t.co/DghCgqi0FA

— Erik Voorhees (@ErikVoorhees) October 19, 2022

The worry is that DCCPA will prevent developers from creating whatever interfaces they want — at least not without centralized organizations claiming a piece of the pie.

Yeah even the revised version still reads at how can there be a moat that lets centralized entities control at least part of the flow into DeFi, so they can profit from it. https://t.co/PKHSfb57tj

— Adam Cochran (adamscochran.eth) (@adamscochran) October 23, 2022

Some crypto supporters are concerned about the need for regulation-driven profit, especially because Bankman-industrial Fried’s ventures have been immensely lucrative.

I’m all for people hustling hard and winning. FTX/Alameda has clearly hustled hard and is winning big

The issue is making money by fleecing retail and then trying to pose as the savior for crypto regulation and consumer protection in the U.S.

— Nick Tomaino (@NTmoney) October 23, 2022

Meanwhile, some contend that anybody collaborating with authorities to promote the crypto business isn’t genuinely doing so. Brown Rudnick’s partner Preston Byrne stated:

The people “saving crypto” aren’t even the lobbyists. They’re mostly the devs who are making it harder to ban, harder to stop, and more useful for end users.

Crypto will win not by colliding with regulation but by outrunning it

— Preston Byrne (@prestonjbyrne) October 23, 2022

Coincu will continue to update the situation related to SBF, you can find out more information through this article.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

CoinCu News

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