FTX Publishes Crypto Regulation Proposals Ahead of U. S. Congressional HearingUSA

FTX, the Bahamas-based cryptocurrency exchange, has published a list of principles and proposals for policymakers to establish the regulatory framework. The policy recommends potential market design choices made through various primary cryptocurrency exchanges and suggests their implementation in all jurisdictions.

FTX shared the blog “FTX Key Principles for Market Regulation” after Maxine Waters, chair of the House Financial Services Committee, invited several CEOs of primary crypto corporations to testify on the topic of virtual assets and the long term of finance.

Of the 10 key principles, one of the recommendations calls for a regulatory choice that proposes a unified regulatory regime for the spot and derivatives markets.

FTX also explains the need for a directly owned market structure, i. e. one that allows entities to conduct regulated transactions without the intervention of a third party. The exchange also suggests a regulation requiring greater transparency around crypto asset custodians, arguing that the platform “users have visibility. “on how custody facilities plan to deal with issues similar to fraud and theft.

The blog also calls for reporting frameworks for transactional activities in order to prevent market manipulation and ensure some protection for visitors. FTX also highlighted the desire for the issuance of stablecoins:

Related: KYC Tools Can Minimize Hassle for the U. S. Crypto MarketAccording to FTX CEO

In August, FTX CEO Sam Bankman-Fried took the exchange’s proactive steps to optimize its Know Your Customer (KYC) operations.

Citing the importance of kyC equipment for the widespread adoption of cryptocurrency, Bankman-Fried inaugurated a new feature at FTX that confirms a user’s jurisdiction on their registered phone number:

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