FTX CEO wishes to become a part of the discussions with the regulators for building crypto space.

In an interview with CNBC, crypto exchange CEO Sam Bankman-Fried discussed crypto regulations and highlighted FTX’s efforts to stay on top of the changing regulatory landscape. Sam shared his company’s drive toward applying for licenses across numerous jurisdictions and pointing out the need to be responsive to changing regulatory landscape.

“Governments to have a clearer stance in the next three to five years.”

As the FTX CEO discussed the ongoing regulator’s concerns over the Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, the FTX CEO clarified that the KYC and AML requirements change for each jurisdiction. Foreseeing the need for more clarity in the regulatory space, Bankman-Fried expects governments to have a clearer stance in the next three to five years. The CEO further stated he wishes to become a part of the discussions with the regulators “to build out this regime.” Financial regulators across countries are actively working on crypto regulations. 

“FTX treats USDT as any other free-floating crypto.”

Sam admitted that few governments lead this space to provide a framework for running a crypto business. Touching on the subject of Tether and its controversial U.S. dollar backing, Bankman-Fried clarified that FTX treats USDT as any other free-floating crypto, saying, “The [FTX] exchange doesn’t treat it [USDT] as necessarily one-to-one with the U.S. dollar. That’s for the market and users to determine.” However, the CEO stated that he has not come across a report that suggests that USDT should be priced massively away from the U.S. dollar.