In a recent Twitter thread, FTX CEO Sam Bankman-Fried, the richest person in crypto with a net worth of $22.5 billion, touched upon regulations and scaling issues as the biggest challenges facing the crypto industry.
The tension between regulators and cryptocurrency companies is growing
One of the key issues in the industry, he said, is growing tensions between regulators and cryptocurrency companies, with both sides becoming increasingly frustrated.
Bankman-Fried believes that cryptocurrency businesses should be governed by a single regulatory framework to avoid 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.
Sam Bankman-Fried addresses scaling issues
The crypto tycoon also addressed scaling issues, claiming that current blockchains aren’t fast enough for crypto to gain widespread adoption. He goes on to say that none of the chains have achieved 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.
Bankman-Fried proposes tapping into the gaming community to speed up mass adoption, which could potentially help onboard billions of users.
Bankman-Fried is the richest person in crypto
In a recent interview with Business Insider, Bankman-Fried, the richest person in crypto with a net worth of $22.5 billion, spoke on the future of his FTX exchange, noting that his biggest fear is seeing it become “slow and dysfunctional.”
Bankman-Fried is the epitome of a workaholic, averaging only four hours of sleep per day on his beanbag.
The crypto billionaire believes that crypto is a force for good, as an ardent supporter of effective altruism: