Ahead of hearings before the U.S. House of Representatives, the cryptocurrency exchange FTX опубликовала article outlining its view of fair regulation of the digital asset market.
In this material we present a set of ten principles (and, in some cases, proposals) that policymakers and regulators should follow when crafting the regulatory framework for spot and derivative crypto markets, the introduction to the article says.
The company argues that the different legal regimes for spot and derivative products give rise to “inefficient and suboptimal market structures.” An alternative, according to FTX, is the creation of a unified supervisory program:
«The regulatory label of a given product or market should not alter the core regulatory objectives; therefore the same rules should broadly apply across all markets»
FTX noted the need to create a market structure with “direct membership,” that is, one where organisations can conduct regulated trades without a third party.
The exchange said regulators should impose stricter information-disclosure requirements on custodial services. In particular, users should know how the company plans to address potential fraud and theft.
To prevent market manipulation and protect customers, FTX proposes the creation of a transactional-reporting system. The company also notes the need to regulate the issuance of stablecoins:
«Operators of platforms that enable the use of stablecoins for settlements must explain the standards they follow when making the relevant decisions»
On December 8, the U.S. House of Representatives will hold hearings on the topic «Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation». Among the participants are FTX CEO Sam Bankman-Fried, Circle’s chief Jeremy Allaire and other industry representatives.
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