FTX CEO Sam Bankman-Fried says efforts to bail out companies during the downturn in the cryptocurrency market have produced “mixed” results. The crypto billionaire, who recently appeared on Bloomberg screens, hinted that the crypto winter has been mild.
“Cryptocurrency winter could have been worse”
FTX CEO Sam Bankman-Fried said we could see worse price levels in the crypto winter. According to the billionaire investor, the industry needs competent regulation. It makes little difference which regulator or government does this. Bankman-Fried also discussed many of his companies’ investments in cryptocurrency firms. He claimed that some bailout investments were successful, while others fell short of expectations.
Crypto winter comments by Sam Bankman-Fried after Binance CZ
Even though the price of Bitcoin has once again dropped below $20,000 to start the week, the CEO of FTX thinks things won’t be so dire. According to Bankman-Fried, the Bitcoin price situation could have been “worse”. According to the crypto billionaire, there is no need to worry about business crashes anytime soon. The CEO also described the results of his $1 billion investment to bail out crypto companies as “complicated.”
Bankman-Fried emphasized that the financing is provided to assist cryptocurrency startups, not to profit from transactions:
I believe some will be profitable and some will not. We had to make quick decisions. The turnaround, whose primary purpose is to help businesses in the industry, was driven, in part, by FTX’s profitability and fundraising.
Expanding the use of cryptocurrencies
The crypto billionaire shared that he is actively lobbying Congress in Washington to provide support for the crypto ecosystem. When asked about the lack of clarity on which regulatory authority can monitor crypto businesses, he said it wouldn’t really matter. Bankman-Fried also added that the CFTC would be fruitful for regulations:
Over the past year we have worked incredibly hard to move the business towards accepting reasonable adjustments. I think the animosity of regulators and crypto companies has subsided a bit.
Meanwhile, SEC Chairman Gary Gensler has come under scrutiny over his approach to the crypto industry. Many key leaders have raised their voices, demanding clarity on cryptocurrency regulations. Fox Business Journalist Eleanor Terrett reports that the SEC Chair will face testimony. But he added that Gensler will answer Senate Banking and Housing Democrat questions on September 15, 2022, according to his sources. It seems that they aim to give the CFTC the power to regulate the entire cryptocurrency market. Bankman-Fried thinks the CFTC will be efficient in this regard.
cryptocoin.comAs you follow, Bitcoin has taken back $20,000 again in the last few hours. BTC is trading at $20,000.24, up 1.13% in the last 24 hours, according to CoinMarketCap.
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