SBF Revises Proposed Regulation After Barrage of Criticism By CoinEdition

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SBF Revises Proposed Regulation After Barrage of Criticism

Cryptocurrency Oct 24, 2022 10:00AM ET

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SBF Revises Proposed Regulation After Barrage of Criticism

CEO of FTX thanks his critics for their invaluable insights.
‘Glorifying OFAC in proposed crypto-industry standards is a *non-starter,’ says Voorhees.
SBF revises alteration and insists that this is not legal, regulatory, or financial advice.

CEO of FTX exchange Sand Bankman-Fried (SBF), took to Twitter to thank the netizens who pointed out the loopholes and criticized his proposed regulatory framework. SBF regarded the feedback as constructive criticism and thanked everyone for their valuable insights.

3) First off—a huge thanks to everyone who gave constructive feedback, comments, and criticism—notably @ErikVoorhees and @RyanSAdams but too many more to name. I’ve revised my post some already, and will continue to do so.
— SBF (@SBF_FTX) October 23, 2022

SBF specifically mentioned Erik Voorhees, the founder of ShapeShift open-source crypto platform, and crypto investor Ryan Sean Adams for their valuable insights and thanked them.

Voorhees replied to SBF’s Twitter post saying that he could either advocate for “Effective Altruism” or advocate banning 80 million innocent Iranians from the future of global finance, not both. In addition, Vorhees stated:

Glorifying OFAC [Office of Foreign Assets Control] in proposed crypto-industry standards is a *non-starter*

Moreover, Voorhees wrote a blog post named “Response to SBF and Principled Crypto Regulation.” which elaborates on the drawbacks of SBF’s proposal.

Meanwhile, Adams, the other netizen addressed by SBF, argued on Twitter that some of the regulations proposed would eliminate the U.S from the crypto race.

Notably, following a barrage of criticism, SBF took to Twitter to show his respect for the opinions shared by the crypto netizens.

Moreover, he stated:

While I don’t myself wear glasses, I’m excited to join our bespectacled brethren

However, SBF didn’t just stop by respecting different views of the people but went on to make alterations and explicitly explain the thought process behind using terms as expressed in his proposal. Subsequently, he shared the alteration and explanation in a series of threads on Twitter:

1) Whelp, that was an interesting few days.A retrospective.
— SBF (@SBF_FTX) October 23, 2022

Importantly, SBF insists again that this is “NOT LEGAL, REGULATORY, OR FINANCIAL ADVICE” just like he did during the first time he proposed the layout.

The post SBF Revises Proposed Regulation After Barrage of Criticism appeared first on Coin Edition.

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SBF Revises Proposed Regulation After Barrage of Criticism

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