Bankless Part 2: Brian Armstrong, Erik Voorhees, & Ryan Selkis on Binance’s Acquisition of FTX
Nov 9, 2022
In this discussion, Ryan Selkis, the founder of crypto research firm Messari, joins Erik Voorhees, CEO of ShapeShift, and Brian Armstrong, co-founder of Coinbase, to unpack Binance’s acquisition of FTX. They delve into the impact of this acquisition on the industry, regulatory challenges, and the crucial shift towards decentralization and self-custody in finance. The trio emphasizes the importance of transparency, sensible regulation, and the need for a resilient framework to navigate future market chaos and safeguard the future of cryptocurrencies.
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Regulatory Impact of FTX Collapse
- FTX's collapse might hinder the DCCPA's progress this year, impacting crypto legislation.
- This could lead to rushed, less comprehensive regulations in the future.
CZ's Intentions
- CZ may have intended to damage FTX's reputation due to their lobbying efforts, but the fallout was bigger than he anticipated.
- This is speculation, but the market reaction suggests CZ might have underestimated the impact of his comments.
Policy Priorities
- The FTX situation highlights the need for better exchange oversight and stablecoin regulation.
- It also emphasizes the importance of classifying tokens and regulating digital commodities and securities.