CZ, from Binance, assured that his exchange is the first one that everyone looks at, as it is the largest. Coinbase and FTX have been in close contact from the beginning to comply with more friendly laws.

If there are qualified representatives to share their thoughts about the bitcoin (BTC) market and cryptocurrencies, the regulations, and uncertainty, are those who lead the threads of the most important companies in the ecosystem. Binance, Coinbase, and FTX are the most trusted trading exchanges, and their CEOs gave their opinions about the present and future of digital currencies.

Matthew Favas was the moderator of the talks for the Money Talks podcast of the English newspaper The Economist. The protagonists appeared in the headline of an episode as the CryptoKings, and it got detailed that they are powerful but still unknown men.

When the discussion approached the issue regarding regulations for this market,  two different positions appeared. On the one hand, Coinbase and FTX were more conciliators. On the other hand, Binance indirectly highlights some bias when applying controls.

Coinbase and its Supportive Stance from the Start

Brian Armstrong, CEO of Coinbase, explained that the exchange took a different path than the anarchy of the early days of digital currencies. He said they put on a suit and met with regulators from California, then they reunited with the rest of the United States of America and bankers.

Brian Armstrong said they desired to make it easier for fiat money to enter Coinbase and the world of cryptocurrencies. He also maintains that they think in terms of decades regarding the evolution of bitcoin and how people would adopt these technologies.

This strategy, in his vision, was a success. The CEO said they did not contact the regulators to teach them and eventually get their licenses, and assured them that they would never become massive. He concluded by saying that he dedicates a large part of his time to this matter.

Finally, the representative also left other interesting concepts during his participation in the episode. He assured that there is still uncertainty about which crypto assets can get considered securities and which digital assets cannot go that way.

The leader said that non-fungible tokens (NFT) and decentralized finance (DeFi) are difficult to regulate since it is unknown who creates a smart contract. He also explained that cryptocurrencies would arrive not to replace cash but to give freedom to choose.

Sam Bankman-Fried, president of the FTX exchange, spoke similarly. Regarding the possible laws that affect cryptocurrencies, he believes that it is vital to have a good understanding to obtain licenses and know how to respond to situations. He thinks that this understanding can separate them from many other exchanges.

Binance has Clashed with Regulators this Year

Of these three companies, the one that has had the most ups and down with the regulators of various countries is Binance. Changpeng Zhao, its CEO known as CZ, highlighted that the company is the most prominent player in the cryptocurrency space. He highlighted that once regulators get involved, they look at Binance first.

By: Jenson Nuñez

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