Regulators in the United States are all working towards regulating the cryptocurrency market.
Sam Bankman-Fried, CEO of FTX crypto exchange, said that regulators in the United States need to work together to collectively regulate the cryptocurrency market.
recently Interview with BlockworksBankman-Fried said the Securities and Exchange Commission (SEC), working with the Commodity Futures Trading Commission (CFTC), will make it easier to regulate the cryptocurrency market.
According to the CEO of FTX, regulating the cryptocurrency space will boost the adoption of digital currencies in the long run.
He said that significant progress could be made if agencies could agree on who is responsible for licensing cryptocurrency exchanges. He said;
“That alone will solve, like, 60% of the problem.”
Despite the lack of regulation in the cryptocurrency space at the moment, Sam Bankman-Fried believes that the past few months have registered progress. He said;
“We’re not really in a place with more federal oversight than we were a year ago. We’re in a place where there are concrete proposals that can be implemented very soon that are being seriously considered.”
Regulators in different parts of the world are still trying to understand and regulate the cryptocurrency market.
The cryptocurrency market has registered huge growth in the past few years. In November 2021, the total market cap reached $3 trillion for the first time.
However, the market has been in a bearish trend for the past six months and the market capitalization is now around $1.7 trillion.
Despite the recent bearish sentiment, market experts still believe that the cryptocurrency price will recover. Despite trading below the $40k mark in the recent past, bitcoin may again set a new high in the coming years.
Sam Bankman-Fried is confident that U.S. regulators will find a way to properly regulate the cryptocurrency market in the next few years.