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After being subject to a barrage by critics, the SBF revises their proposed regulation. CoinEdition


After receiving a barrage from critics, SBF revises its proposed regulation
  • CEO of FTX thanks critics for their valuable insights.
  • ‘Glorifying OFAC in proposed crypto-industry standards is a *non-starter,’ says Voorhees.
  • SBF revises the alteration and insists it is not legal, financial, or regulatory advice.

Sand Bankman Fried, CEO of FTX Exchange Sand Bankman Fried (SBF), took the opportunity to thank Twitter users for their criticisms and to thank them for their suggestions. SBF took the criticism as constructive criticism and thanked everyone involved for their valuable insights.

SBF specifically thanked Erik Voorhees, founder of ShapeShift open source crypto platform, as well as crypto investor Ryan Sean Adams, for their valuable insights.

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:

It is time to glorify 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.

Adams, the other netizen contacted by SBF, argued via Twitter that some regulations would eliminate America from the crypto-race.

SBF took to Twitter following a barrage in criticism to show his respect for crypto netizens’ opinions.

He added:

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. The explanation and alteration were then shared in a series via Twitter:

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 Reglementation After Barrage Of Criticism appeared first at Coin Edition

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