Bankman-Fried is open to federal regulation and has emphasized this point on several occasions in different interviews. In a recent interview with CNBC, the FTX CEO said that federal regulation is good for cryptocurrency. “I think it’s good for everyone. It gives customer protection which we’re missing right now, real federal oversight, protection against financial crimes… and at the same time allows (crypto) companies to bring liquidity back to U.S. markets.”
According to him, the so-called crypto-winter saw many major crypto exchanges lose profits including his own company, FTX, which took a “significant hit” amid falling crypto prices (via Fox). But, according to him, this fallout could be used to “shape crypto regulation,” which is now being debated in Congress.
His openness to being regulated is an approach that seems to have paid off for Bankman-Fried. These days, FTX is seen as a “lender of last resort,” which means that his company rescues crypto companies that are going under by giving them loans (via CNBC). Recently it made a deal with the crypto company BlockFi which gives it an option to acquire them for as much as $240 million.
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