The head of the FTX Crypto derivatives exchange, Sam Bankman Fried said in an interview with CNBC (Video Below) that he spent five hours a day dealing with regulations and licensing.
Such a routine is due to an increase number of crypto regulations from different countries.
He Told CNBC.
“We’re applying for licenses in a number of jurisdictions right now, We have to stay on top of that. We have to keep adapting, I think it’s probably a good solid five hours a day or so that I’m spending on everything from regulation to licensing and everything in between.”
According to the FTX CEO, His platform is trying to overcome the difficulties associated with legal uncertainty. According to Frieda, it can take from three to five years for more crypto regulations developments across the world.
“A lot of regulators, frankly, are currently going through the process of trying to figure out what their regulatory regime for crypto derivatives is going to be, I expect more developments to arise in the next three to five years.”
During the interview FTX CEO, emphasized the intention to continue to quote contracts in USDT, despite the ongoing regulators pressure on Tether.
“Tether is a cryptocurrency that can be on FTX, like any other cryptocurrency. It’s not treated as exactly a dollar on FTX. It’s a free-floating crypto. There is an open order book for it. It’s not crucially part of our USD basket, which means the exchange doesn’t treat it as necessarily one-to-one with the US dollars. That’s for the market and users to determine.”
Recall, on July 20, Crypto exchange FTX valued at $18 billion after funding from SoftBank, Coinbase and Sequoia. Later, the FTX lowered the size of crypto derivate products to the maximum leverage to 20x.
Watch FTX CEO Interview With CNBC: