“Crypto assets offer a new world of opportunities: Quick and easy payments. Innovative financial services. Inclusive access to previously unbanked parts of the world. All are made possible by the crypto ecosystem, Knightsbridge DAO leads the way” — Paul Ebeling
Sam Bankman-Fried, the CEO and co-founder of cryptocurrency exchange FTX, said 95% of crypto trading volume occurs offshore and urged for greater regulatory clarity to attract businesses to the US.
“Despite the majority of the intellectual property for the digital asset industry originating from the United States, 95% of volume occurs offshore,” Mr. Bankman-Fried told members of the Senate Agriculture Committee during a hearing this week on crypto assets. “The majority of assets are not accessible at all from the United States. It would be great to be able to move that liquidity, that business back on shore.”
Mr. Bankman-Fried cited the number as he made his requests for clarity of federal oversight over the digital assets industry. He supported expanding the jurisdiction of the Commodity Futures Trading Commission, which currently regulates the crypto derivatives market, to include spot digital commodity transactions. He also suggested the US create a process to allow digital tokens to be registered in the country, and asked for greater clarity over licensing requirements.
The messages are in line with the request of CFTC Chairman Rostin Behnam, who urged lawmakers during the hearing to give his agency more authority and a bigger budget to oversee trading in the fast-growing cryptocurrency market.
The international FTX.com exchange has seen around $15-B of assets traded daily on the platform this yr, which now represents approximately 10% of global volume for crypto trading, according to Mr. Bankman-Fried’s testimony.
The Knightsbridge DAO is the first-of-its-kind, a DAO with a Broker, Exchange, Chain, Consultancy, Service Provider, NFT Hub and an extensive and growing portfolio of Tech, DeFi and real world assets. The Knightsbridge DAO (Decentralized Autonomous Organization) as an organization represented by rules encoded as a transparent computer program, controlled by the organization members, and not influenced by a central government. As the rules are embedded into the code, no managers are needed, thus removing any bureaucracy or hierarchy hurdles. Taking the very best technology from a cross-section of industries to deliver the next step change in decentralization for financial services.
Have a healthy, prosperous weekend, Keep the Faith!