Richest Man in Crypto Outlines Biggest Challenges for Industry

Richest Man in Crypto Outlines Biggest Challenges for Industry

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."

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


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