The CEO of ShapeShift and the CEO of FTX, SBF, talk about proposed rules for cryptocurrencies.
Voorhees says, “If DeFi front-ends that serve Americans need to be licensed, DeFi will die in America.” Bankman-Fried makes it clear that he won’t support regulating finance that is run by a lot of different people.
Erik Voorhees, the CEO of a cryptocurrency exchange called ShapeShift, and Sam Bankman-Fried, the CEO of another cryptocurrency exchange called FTX, took part in a debate that was set up by Bankless, a YouTube channel that focuses on crypto money and crypto finance. The proposal for regulating crypto by Bankman-Fried was at the center of the debate that Bankless set up.
Romano, a crypto trader, and investor said that Voorhees was using a trick called “loaded question” to manipulate SBF during the debate. He also said that Voorhees’s action caused SBF to focus on a single issue instead of the bigger idea of regulation.
Erik Voorhees is more manipulative in this debate and frames the argument in a manner that forces Sam to take a stance on a specific issue rather than debating the broad concept of regulation this is a classic debate tactic known as a: “loaded question”
— Romano (@RNR_0) October 30, 2022
Ryan Sean Adams, who ran the debate, said that Voorhees’s main concern was how to regulate the companies that make the websites, or “front-ends,” that let regular people access DeFi.
Voorhees showed his sadness and said, “If DeFi front-ends that serve Americans need to be licensed, DeFi will die in America.”
Voorhees also said that these kinds of organizations shouldn’t be regulated. Voorhees said: “If it had to be done, I’d do it.”
And if you exclude 99% of people from open, permissionless finance, then all you’ve done is create a more complicated, more expensive TradFi system.
During the debate, Bankman-Fried, on the other hand, made it clear that he would not agree with regulating decentralized finance. But he said that the rule will come in the future, whether we like it or not.
Bankman-Fried also said this about the regulation: “I’m optimistic that we’ll find a balance, where [the DCCPA] will do a good job of protecting customers and limiting business.”
Vorhees, on the other hand, said that he didn’t think the lawmakers would come up with rules that were net-positive. He added to what he said by mentioning a law in New York that says crypto exchanges there need to apply for a “Bitlicense.”
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