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Sam Bankman-Fried criticises lack of international coordination on crypto

2023 saw more publications and developments in global policy and regulation for digital finance than any previous era in financial regulation. Jurisdictions are racing to build their frameworks to attract new capital, talent, regulated firms, and innovative business models. 
2023 saw more publications and developments in global policy and regulation for digital finance than any previous era in financial regulation. Jurisdictions are racing to build their frameworks to attract new capital, talent, regulated firms, and innovative business models. 

The founder of crypto exchange platform FTX called out the lack of global cooperation on crypto regulation.

Sam Bankman-Fried said today that most countries were approaching crypto regulation on their own, and that there was a need for a globally harmonised approach.

Speaking at a Financial Times conference on Thursday, the FTX CEO said the industry could get regulatory clarity “soon”, possibly in “the next year for jurisdictions including the US.”

He said one of the issues the US faces is how many, or which, authorities would oversee regulation for the sector. 

Having one body as a regulator for crypto in the US would help better protect consumers from fraud and systemic risk, he said.

The billionaire founder of the crypto exchange said many countries had only just started considering regulating cryptocurrencies in the last year or so, and that it was smaller states like the Bahamas, Dubai, and Malta that were currently leading the way on crypto regulation.