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.
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:
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