The CEO of FTX – Sam Bankman-Fried – came out with a long Twitter thread to outline some of the hurdles in front of the cryptocurrency industry and how to potentially handle them in the following years.what the industry has already achieved. Namely, these include a solid userbase, smart contracts, numerous potential use cases, the beginning of scaling solutions, as well as “an enormous amount of attention.
One of the things that make it hard for the industry to move forward while also limiting institutional involvement is the lack of a clear process for token issuance, regulation on platform registration, and stablecoins in many jurisdictions.Moreover, “many regulators have found it very difficult working with crypto companies: instead of working collaboratively, we’ve seen a ton of examples of tension boiling over.
Stablecoins are maybe the most straightforward: create a reporting/transparency/auditing-based framework to ensure they are backed as they say they are.SBF also said that there should be standardized markets oversight in a unified regime “that creates similar standards for spot, futures,” and so forth.One of the things that blockchain-based networks have had hard times with is scaling.
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