The discussion about crypto regulations in the US is currently at its peak and after Ripple, now FTX, another popular crypto exchange platform has come up with a list of principles to help federal agencies regulate the crypto market. FTX posted a blog titled "FTX Key Principles for Market RegulationWith ten key proposals that could be implemented in various crypto markets.
The FTX proposal also comes in the wake of Maxine Waters, the chair of the House Financial Services Committee, inviting Crypto CEOs to testify before Congress on December 8. According to a previous announcement, Circle CEO Jeremy Allaire, CEO of FTX. Sam Bankman-Fried, Bitfury CEO Brian Brooks, Paxos CEO Chad Cascarilla, Stellar Development Foundation CEO Denelle Dixon, and Alesia Haas, CEO of Coinbase Inc. and CFO of Coinbase Global will attend the congressional hearing before a packed room.
Top 10 principles suggested by FTX cryptocurrency exchange It is by no means a proposed legislation, but rather a general perspective on how legislators should approach regulations for the digital asset market. The official blog said,
โFTX is not proposing specific legislation here, but rather principles and proposals that could be reflected in policymaking, whether in the form of legislation, rulemaking or other regulatory action. Many of these principles are familiar to traditional securities and derivatives markets, but some of the principles reflect market structure choices made by FTX and other crypto platform operators that we believe lead to superior results for investors and indeed for the public. Therefore, FTX believes that public policies should not only allow these options, but promote those that lead to such results. "
The ten key principles mentioned in the proposal include,
- Proposal for a primary market regulator with a rule book for spot and derivatives prices.
- Providers of complete infrastructure and maintenance of the neutrality of the market structure
- Crypto Asset Custody: Key Disclosure and Functional Requirements
- Trading platform providers - market and regulatory reporting assurance
- Ensuring customer protection
- Ensure financial responsibilities are met
- Ensuring that stablecoins used on the platform meet appropriate standards
- Full Stack Infrastructure Providers: Ensuring Adequate Cybersecurity Safeguards Are Maintained
- Full Stack Infrastructure Providers - Ensuring Anti-Money Laundering and Knowing Your Customer Compliance
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