FTX U.S affiliate has resigned from a Washington based industry association in the aftermath of a trading scandal.
The United States-based cryptocurrency advocacy organization Crypto Council for Innovation, or CCI, has let go of the position held by exchange FTX U.S. On Nov. 10, CCI CEO Sheila Warren announced that the council had accepted the crypto exchange resignation from the organization as an associate member.
The company left as cryptocurrency exchange reported liquidity problems, causing market volatility and raising concerns among international regulators and lawmakers.
“We remain committed to working towards building regulation that protects users and safeguards innovation, in order to bring about real change,” said Warren. “The news this week has been shocking, but we’ve also seen the community come together. We have an historic opportunity to get the policies right”.
FTX’s U.S arm joined the council, which counts former Sen. Cory Gardner as its chief political strategist, earlier this year. FTX CEO Sam Bankman-Fried said FTX U.S had not been “financially impacted” by the liquidity issues the global exchange was facing. However, U.S. exchange also announced on its website that trading could be halted starting “in a few days” and warned users to close down any positions if they chose.
The CCI is an alliance made up of Andreessen Horowitz, Block, Coinbase, Electric Capital, Gemini, Fidelity Digital Assets, Paradigm, and Ribbit Capital that was established in April 2021. The advocacy group has engaged U.S. government officials to assist lawmakers on matters relating to blockchain and cryptocurrency.
