- U.S Senators had summoned the 29-year-old multi-billionaire to appear before them.
- Large organizations have recently joined the cryptocurrency bandwagon.
Digital asset regulation is once again being called for by FTX CEO Sam Bankman Fried, who claims that institutions have been reluctant to engage in crypto because they believe regulatory certainty is essential. Large financial organizations like JPMorgan, Goldman Sachs, and Fidelity have recently joined the cryptocurrency bandwagon, propelling its market value to multi-billions of dollars.
Need For Institutional Entry
According to industry proponents, the “crypto winter” of 2018 saw bitcoin fall by more than 84 percent from its all-time high. They argue that institutional involvement will help the market avoid similar price declines and waning interest during that period.
According to remarks from Bankman-Fried, the present crypto trend, at least among institutions, seems to be pessimistic since corporations want to ensure that they have a clear strategy before making quick judgments in a volatile market. Even while authorities are aware of the rising public interest in digital assets, the industry has received little attention because of fraud and other risks.
Watchdog Financial Stability Board (FSB) has warned that “ongoing vigilance” is required to keep an eye on institutional investors’ engagement in crypto markets, claiming they might lead to a financial disaster. Sam recently tweeted that the crypto discussions have been fruitful in Washington DC. Watcher Guru first reported it on its official Twitter handle. Have a look over the tweet.
JUST IN: FTX CEO Sam Bankman says, “#Crypto discussions have been fruitful in Washington DC.”
— Watcher.Guru (@WatcherGuru) February 23, 2022
This week, Sam Bankman-Fried ditched his usual hoodie and black T-shirt for a suit and tie for a hearing before US Senators. FTX, a cryptocurrency exchange business he founded and ran as co-founder and CEO, had summoned the 29-year-old multi-billionaire to appear before them on digital asset legislation on Wednesday (Feb 9).
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