The United States government is exploring the various ways it can regulate the budding cryptocurrency market.
Sam Bankman-Fried, the CEO of cryptocurrency exchange FTX, has stated that there is progress regarding talks with the United States government.
Late last year, the US Congress summoned some cryptocurrency executives to talk about the best way to regulate the crypto space without negatively affecting innovation and adoption.
Bankman-Fried said there have been positive responses from the US government regarding the cryptocurrency market. He said;
“Instead, the bulk of the crypto industry–and the bulk of the community–has been supportive and excited; that regulatory oversight, *as long as it's thoughtfully done*, is the right thing for the world. I don't want to make uniform statements. Not all of the industry has been supportive, just as not all regulatory efforts are appropriate and thoughtful. But, by and large, when everyone's come to the table willing to talk, the discussions have been fruitful, at least in DC.”
The FTX CEO said the talks have been positive with regulators despite the rocky start to the relationship between the industry and regulatory agencies.
Bankman-Fried said regulatory agencies are more open to discussing the various ways to regulate the broader cryptocurrencies than in the past.
He attributed the positive talks to the support cryptocurrency companies have received from the broader crypto market. Sam Bankman-Fried said;
“But more than anything else, this progress wouldn't have been possible without the support of the industry. And I was worried that we would end up in DC without industry support, with the rest of the industry fighting against regulatory progress. But that didn't happen.”
The cryptocurrency market continues to grow despite the various regulatory hurdles. However, regulatory agencies in various parts of the world are now open to the idea of regulating the market as the adoption rate increases.