The founder and CEO of the leading exchange FTX, Sam Bankman-Fried has offered to give early liquidity to Voyager Digital’s customers, according to an announcement FTX published on July 22. Furthermore, Bankman-Fried discussed the crypto industry with CNBC in an exclusive interview, and noted that he was willing to deploy “hundreds of millions beyond what we have thus far” to help digital currency companies affected by the crypto market downturn.
FTX Plans to ‘Provide Early Liquidity to Customers of Voyager’
Not too long ago on June 28, Sam Bankman-Fried told Forbes author Steven Ehrlich that some crypto firms were “secretly insolvent” and he warned more insolvencies were coming. The FTX CEO’s words came true, as more companies with financial issues followed the problems customers were having with Celsius freezing withdrawals. Along with Three Arrows Capital and Voyager Digital, Celsius filed for bankruptcy protection.
happy to do what we can to get liquidity to Voyager’s customers: https://t.co/zDtGMfGq64 https://t.co/MdoIfU229B
— SBF (@SBF_FTX) July 22, 2022
On July 22, Bankman-Fried tweeted out a statement that explains FTX is willing to help Voyager’s customers. “Happy to do what we can to get liquidity to Voyager’s customers,” Bankman-Fried saidIn his tweet. Bankman-Fried has shared a press statement that FTX made a joint offering with West Realm Shires Inc. and Alameda Ventures. The company plans to “provide early liquidity to customers of Voyager.” Bankman-Fried said he wanted to offer a better way to help customers get liquidity.
CEO of FTX said that:
Voyager’s customers did not choose to be bankruptcy investors holding unsecured claims. The goal of our joint proposal is to help establish a better way to resolve an insolvent crypto business – a way that allows customers to obtain early liquidity and reclaim a portion of their assets without forcing them to speculate on bankruptcy outcomes and take one-sided risks.
Bankman-Fried’s CNBC Interview Discusses FTX Ready to Help Distressed Crypto Firms With ‘Hundreds of Millions’ — FTX CEO’s Crypto Oversight Comments Criticized by Shapeshift’s Founder
On July 22, Bankman-Fried did an interview for CNBC’s “Closing Bell,” and said FTX was willing to deploy “hundreds of millions beyond what we have thus far” to crypto firms suffering from the downturn. Bankman-Fried further said that he would love to see more people stepping in to “[provide] capital to those in need.” The news follows the FTX CEO explaining that the company was ready to spend billions on mergers and acquisition deals at the end of May.
The CEO of FTX also spoke about crypto markets, and said that he thinks regulations for cryptocurrency will increase in the future. Bankman Fried also spoke out about the U.S. Securities and Exchange Commission’s cryptocurrency insider trading case. Erik Voorhees, Shapeshift’s founder, spoke after the interview. tweeted about Bankman-Fried’s recent regulation statementsThe CEO of FTX sharedOn Twitter
Tokens can either be securities or tokens not.
Assuming they are accepted by SEC (at the least for issuances), and CFTC (at least futures), I don’t think so. However, I can be flexible.
in the end I want federal oversight of crypto one way or another https://t.co/dexp04XyjC
— SBF (@SBF_FTX) July 23, 2022
In one specific tweet, Bankman-Fried said: “In the end, I want federal oversight of crypto one way or another.” Voorhees remarked that Bankman-Fried’s oversight comment was “the way toward crypto becoming banking 2.0, instead of an actual meaningful change in how money and finance work.”
“If you care about improving the world with this tech, please avoid this impetus,” Voorhees added. You’ve already built an impressive crypto empire [Sam Bankman-Fried]. Please use it for good, and not to entangle us back into the legacy system that is so deeply corrupted and perverse.”
How do you feel about Sam Bankman Fried and FTX offering help to ailing crypto companies weather the storm? What do you think about Bankman-Fried’s regulation statements? Comment below to let us know your thoughts on this topic.
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