Cryptocurrency

Wintermute CEO argues Crypto Twitter “doesn’t matter” as much as “US regulators, politicians” in response to SBF discourse

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Wintermute CEO Evgeny Gaevoy took to Twitter on October 23 to add commentary to a discussion with FTX CEO Sam Bankman-Fried about his intentions in the crypto industry. Gaevoy claimed that Crypto Twitter is “a small part of the world” and “not a problem.”

Gaevoy goes on to say that “U.S. regulators and politicians, as well as the wider user base, are more important”, trying to refute the argument that SBF is “in some sort of thug’s ark”. It seems that. A concept that Gaevoy found “ridiculous”.

SBF’s recent regulatory requirements

Recently, Texas announced FTX and SBF investigations into unregistered securities offerings. Following this announcement, SBF shared her thoughts on the future of cryptocurrency regulation on her Twitter account.

SBF’s thinking essentially consisted of a desire for “regulatory oversight and customer protection” and an “open and free economy”. On the other hand, he argued that “standards” were necessary until proper regulation was put in place. SBF also argued that the crypto industry should comply with OFAC sanctions. FTX Policy Post Linked to Twitter thread. OFAC sanctions have been central to his recent censorship controversy over the Ethereum blockchain, with SBF support “triggering” in his own words Eric Voorhees, a Crypto investor and his CEO at ShapeShift. it was done.

Voorhees wrote extended response To SBF in a blog post on Money and State on Oct. 20.

“We recognize that decentralized code is speech and should not be regulated. Unfortunately, however, he advocates any kind of regulation of the means by which ordinary humans interact with such code.” doing.”

SBF released a statement calling for more clarity on what defines a security in the crypto world, arguing that “BTC and ETH are not considered securities”. In a “rant” about the SEC, he responded:

“If Ethereum had been explicitly classified as a security in its first crowdsale, the SEC would have hidden behind it one of the greatest world-changing inventions in human history.”

Voorhees vehemently disagreed with the SBF’s comments that his views on sanctions were “a path to tyranny, ubiquitous surveillance, and the worst dystopia, an Orwellian financial system you can dream of.”

The concept of blockchain blocklisting addresses at the protocol level was strongly opposed by Voorhees, and was proposed by the SBF as “the right approach to sanctions compliance in the blockchain environment.”

Wintermute and SBF discourse

Gaevoy’s comment came after Voorhees’ comment, and Gaevoy may have been aware of Voorhees’ reaction, given the public space in which it was made. “Almost he matches Erik Voorhees’ post,” said the CEO of Wintermute, stating:

“The main difference between standards and regulations/legislation is really important. I’m not necessarily optimistic that we can determine standards, but at least we can try, right?”

“We’ll find out soon enough,” Gaevoy said when asked if SBF was pushing for such a plan or trying to shape regulations just to “align with FTX.” However, in a meeting with the SBF, he made a point to get to know him well enough to state that he is not “Palpatine”, referring to the SBF’s resemblance to the villains in the Star Wars movies. Gaevoy believes it “now knows” if the SBF wanted more crypto regulation was malicious.

Gaevoy’s comments may seem fairly neutral and semi-optimistic about the future potential of cryptocurrencies, but it’s disappointing to hear that he thinks public engagement on social media “doesn’t matter”. doing.

Gaevoy said a “broader user base” was “far” more important than crypto Twitter, along with “US regulators and politicians.” However, no parties outside the United States were mentioned, and the location of this “broader user base” is unknown.

Crypto Twitter is made up of some of the brightest minds in the blockchain industry and some of the most knowledgeable private investors. The notion that these individuals and entities outside the United States are irrelevant to the discussion may be troubling global investors.

To give Gaevoy room for doubt, the “broader user base” may include all projects, individuals and investors outside the United States. However, such groupings may indicate US bias in the crypto industry.

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