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Richest Man in Crypto Outlines Biggest Challenges for Industry

Tue, 12/28/2021 - 08:51
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Alex Dovbnya
FTX CEO Sam Bankman-Fried touched upon regulations and scaling issues in a recent Twitter thread
Richest Man in Crypto Outlines Biggest Challenges for Industry
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FTX CEO Sam Bankman-Fried recently shared his outlook on crypto in a lengthy Twitter thread.

He singled out growing tensions between regulators and cryptocurrency companies as one of the key issues within the industry, with both sides becoming increasingly frustrated.

Bankman-Fried believes that there should be a unified regulatory regime for cryptocurrency businesses, thus avoiding regulatory gaps:

The goal of all of this is to come out stronger. To emerge with customer protection and regulatory clarity in a way that consumers and institutions alike feel comfortable interfacing with the digital asset ecosystem.

The crypto mogul also addressed scaling problems, arguing that existing blockchains are not fast enough for crypto to reach mass acceptance. He adds that not a single chain has reached the required level of scalability:

I always laugh when a blockchain says they're already fast. None are! Fast means millions of TPS. No one is there yet.

In order to speed up mass adoption, Bankman-Fried proposes tapping into the gaming community, which could potentially help to onboard billions of users. That said, there is strong aversion toward crypto and non-fungible tokens within the gaming community. Gaming chat Discord recently dropped its plan to integrate Ethereum.
In a recent interview with Business Insider, Bankman-Fried, the richest known person in crypto with a net worth of $22.5 billion, spoke about the future of his FTX exchange, claiming that his biggest fear is seeing it become "slow and dysfunctional."

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Bankman-Fried is a textbook example of a workaholic, sleeping only four hours per day on his beanbag.

As an ardent supporter of effective altruism, the crypto billionaire believes that crypto is a force for good:

The industry has the potential to improve a lot of people's lives.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at