FTX Chief; Sam Bankman-Fried Seeks Federal Clarity On Crypto

The SEC and the crypto sector have been at loggerheads for some time now. The SEC interpretation of token is different from the common notion and, FTX Chief; Sam Bankman-Fried also expressed his view on this issue.

FTX Chief Clarifies On Nature Of Tokens

FTX Chief; Sam Bankman-Fried shared intricate details of how the FTX margin engine operates and the structure they are envisaging in the US. He also cited the example of Germany which only allows futures with the pre deposited margin.

A journalist named Alex put forth a question about SBF’s stand on the ‘many tokens actually being security’. Replying to the question the FTX chief said that there are tokens which can be designated as securities and there are some tokens which are not. He further went on to say that SEC will by default take those used for issuances. The CFTC will take on those which are deemed not securities and the SEC is very flexible on this issue.

there are tokens that are securities and tokens that aren't

by default I assume that SEC will take those that are (at least for issuances) and CFTC those that aren't (at least for futures), but I'm flexible

in the end I want federal oversight of crypto one way or another https://t.co/dexp04XyjC

— SBF (@SBF_FTX) July 23, 2022

In the end the crux of the matter is the Federal to see and have a clear outlook towards crypto sector in one way or another.

On the economic front the FTX is on an acquisition spree and taking on sinking firms who have capsized in the recent crypto mayhem. It also said that it is ready to bail out the customers of Voyager Digital by providing liquidity. The proposal seeks to enable Voyager’s customers to open new accounts on the FTX platforms.

SEC Designates 9 Crypto As Security

Nine digital assets have been designated as a security by SEC and all the designated digital assets have been listed on Coinbase. SEC also indicted the exchange’s product manager of being involved in insider trading. It is alleged that he product manager gave tips and details about the future listing of crypto to his brother and friends. The purported swindle helped the alleged individuals to gain over $1.1 million.

The nine entities which has been listed includes Kromatika (KROM), Rari Governance Token (RGT), XYO (XYO), DerivaDEX, AMP (AMP), Rally (RLY), (DDX), DFX Finance (DFX), LCX (LCX), Powerledger (POWR)