{"id":376331,"date":"2021-12-04T11:46:05","date_gmt":"2021-12-04T08:46:05","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ftx-releases-crypto-regulation-proposals-before-us-congressional-hearing\/"},"modified":"2021-12-04T11:46:05","modified_gmt":"2021-12-04T08:46:05","slug":"ftx-releases-crypto-regulation-proposals-before-us-congressional-hearing","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ftx-releases-crypto-regulation-proposals-before-us-congressional-hearing\/","title":{"rendered":"# FTX releases crypto regulation proposals before US congressional hearing"},"content":{"rendered":"

“# FTX releases crypto regulation proposals before US congressional hearing <\/strong>”
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Bahamian-based cryptocurrency exchange FTX released a list of principles and proposals to help policymakers build the regulatory framework. The policy recommends the market-structure choices made by several leading crypto exchanges and suggests its implementation across all jurisdictions.\u00a0<\/p>\n

FTX shared the \u201cFTX\u2019s Key Principles for Market Regulation\u201d blog after Maxine Waters, the chair of the House Committee on Financial Services, invited several CEOs of major crypto firms to testify on the topic of digital assets and the future of finance. <\/p>\n

Out of the 10 key principles<\/a>, one of the recommendations calls for an alternative regulatory app<\/a>roach that proposes a unified regulatory regime for spot and derivatives marketplaces. According to the blog:<\/p>\n

\u201cThe regulatory label on a given product or market need not change the core goals of regulation, and the same rulesets should general<\/a>ly apply across all markets.\u201d<\/p><\/blockquote>\n

FTX also explains the need for a direct membership market structure, i.e, allowing entities to perform regulated trades without the involvement of a third party. The exchange also suggests a regulation demanding greater transparency around the custodians of crypto assets, arguing that the platform \u201cusers should be given visibility\u201d into how custodial services plan to address concerns related to fraud and theft.<\/p>\n

The blog further demands frameworks for reporting transactional activity to avoid market manipulation and ensure customer protection. FTX also pointed out the need for regulating stablecoin issuance:<\/p>\n

\u201cA platform operator that permits the use of stable coins for settlement of transactions should be required to explain the standards the platform operator uses in deciding which stable coins it permits for such purposes.\u201d<\/p><\/blockquote>\n

Related: <\/strong>KYC tools can minimize hassle for US crypto market, FTX CEO says<\/em><\/strong><\/p>\n

In August, FTX CEO Sam Bankman-Fried announced the exchange\u2019s proactive measures to streamline its Know Your Customer (KYC) operations. <\/p>\n

Citing the importance of KYC tools for cryptocurrency\u2019s mainstream adoption, Bankman-Fried inaugurated a new feature on FTX that confirms a user\u2019s jurisdiction based on their registered phone number:<\/p>\n

\u201cWe check users\u2019 phone numbers against their submitted names in KYC1, in order to further verify them. When this doesn\u2019t work or there isn\u2019t data, we\u2019ll require KYC2 to access some features of the site, including futures.\u201d<\/p><\/blockquote>\n