Sam Bankman-Fried, CEO of cryptocurrency exchange, says his company does not back some digital assets in the US to avoid regulatory issues.
Bankman Fried Says That, pending the establishment of legal frameworks that will identify and classify crypto assets, his company will attempt to determine which currencies can be considered collateral.
“Our legal team will perform an asset analysis in accordance with Howey’s test and other relevant case law and guidance. If this analysis is found to be a security, we will treat it as such.”
Bankman Fried Says That the platform will not support tokens with the characteristics of securities and those deemed by the US Securities and Exchange Commission (SEC) or the appropriate court as a single unit.
“Ideally, we would end up in a place as an industry where security is not a bad thing: there are clear processes for registering digital assets securities that protect customers while allowing for innovation. We remain motivated to work constructively with regulators to develop and work within a regulatory framework for tokens that They are securities.
Bankman-Fried releases the statement as his company faces allegations that it filed unregistered securities in Texas. Amid an FTX investigation by the Enforcement Division of the Texas State Board of Securities, the CEO is pushing idea To organize the coding space.
At a high level:
a) We need regulatory supervision and customer protection
b) We need to ensure an open and free economy, where peer-to-peer transfers, cryptography, validators, etc. are free by default
c) We must set regulations – and even then – standards – to ensure (a/b)”
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