You can’t please everyone – After the publication, last week, of a document on its vision of regulation of the cryptocurrency sector, Sam Bankman-Fried (SBF) triggered strong reactions from Internet users. Accused by the most virulent of them of being downright a “Satan’s henchman”, the CEO of FTX is trying to defuse the situation. He open it debate on the most sensitive points and thanks the community for helping him to move forward in his thinking. Between mea culpa and tenacity, chronicle of a weekend of polemics !
Critics followed by a mea culpa
So it all started fromworking hypotheses formulated by SBF and published on the FTX blog last Wednesday. Scanning all the issues specific to the ecosystem of cryptocurrenciesit was a question of considering a cadre general regulatory and stimulate debate. The least we can say is that the reactions probably exceeded his expectations. The critiques poured in from all sides, with more or less relevance. The young CEO therefore began writing a long thread on Twitter to clarify his thinking.
First, in general, SBF wanted to thank solemnly the community for its participation and involvement in the debate. Then, aware that he probably had offended the sensibility of the most ardent cryptophiles, he made the following statement:
“Thank you in particular to everyone who has highlighted the very essence of crypto: economic freedom. The freedom to own your own assets, own your own data, and build your own programs. »
Censorship and decentralization: SBF leaves room for political debate
After this introductory phase, he made a point of responding directly to certain Internet users who had issued the most acerbic but also the most constructive criticisms. And this is the case of the founder of the ShapeShift exchange, Erik Voorheeswho reacted to the words of the one who founded FTX about theOFAC.
The latter stipulated that “in a perfect world”centralized and even decentralized applications should “respect the sanctions lists” of the organism. An emanation of the US Treasury Department, OFAC notably publishes blacklists of people physical or moral exchange prohibited with the United States – and its allies.
For Erik Voorhees, it is heresy to endorse this policy, or even to “to glorify”. We can’t talk about” altruism “ and at the same time exclude “80 million Iranians innocent of the future of global finance”. He goes on to explain that fighting terrorism or fraud is one thing, but using these means of “coercive manner” to all market players is another. Response from the person concerned (SBF):
“I have sympathy for the collateral victims of a global system. It’s a political conversation that needs to be had. »
DeFi and regulation: criticism raining down on the leader of FTX
Now let’s move on to the decentralized finance (DeFi) which also triggered epidermal reactions. The founder of Bankless, Ryan Sean Adamsjoins Erik Voorhees in his positions and affirms that the proposals of FTX are “absolutely zero”.
What is he talking about ? From the idea of a licence or a program of compliance for all DeFi players. The CEO defends himself by explaining that he only spoke “guidance on how FTX or Fidelity platforms could interface with DeFi contracts”.
Finally, Sam Bankman-Fried recognizes the importance of a dialogue with the community and is delighted to have “lots to learn from people”. He will even allow himself a last remark tinged withirony and D’self-mockery about Ben Armstrong’s reaction. baptized « BitBoy Crypto »the latter published, on his YouTube channel, a committed and vehement response against SBM, Brian Armstrong and all “the bespectacled suit-and-tie demons who run the world and want to kill crypto”… all in a flowery language of which the Americans have the secret.
“It’s a huge honor to see the passion and intensity with which BitBoy regards me” : With these words ends the Twitter thread of the CEO of FTX. Knowing perfectly the logic of social networks, he animates the debates by brilliantly distilling his truths, while making his self-criticism… all while turning the criticisms of the community to his advantage. A nice balancing act for those who have understood that regulation will be inevitable in the years to come.