Bitcoin (BTC/USD), Ethereum (ETH/USD) – “Everything has gone down this year,” not just crypto, FTX CEO Bankman-Fried tells Mooch

Keading cryptocurrencies aren’t the only investments declining in 2022 FTX CEO and co-founder Sam Bankman Fried.

“Everything’s in the red this year because the dollars have gone up this year,” Bankman-Fried said SkyBridge Capital founder Anthony Scaramucci at the SALT Conference this week.

Bankman-Fried, who reportedly bought a 30% stake in SkyBridge for $45 million, stressed that shares are trading lower even with a broad sell-off on Wall Street in 2022 along with the sharp drop in cryptocurrency prices .

The prices of Bitcoin BTC/USD and ether ETH/USD are down 57% and 58% year-to-date, respectively. The cryptocurrency market is now worth nearly $1 trillion. That’s significantly lower than the sector’s $2.8 trillion market cap last November.

Bankman-Fried blames the Federal Reserve for the rate hike as one of the reasons risky assets have fallen in value.

“That doesn’t change the underlying fact or the fact that blockchain still has big use cases in terms of financial settlement, in terms of payments, in terms of on-chain social media, and in terms of other things,” he said he.

Bankman-Fried’s comments come like that SPDR S&P 500 ETF Trust SPY and SPDR Dow Jones Industrial Average ETF THERE are down 18% and 15% year-to-date, respectively.

See Also: Bankman-Fried Welcomes Comparisons With JP Morgan For Crypto Bailouts – “Right For The Industry”

Bankman Fried-On Regulation: Another topic Bankman-Fried discussed with The Mooch was cryptocurrency regulation.

“Somehow there has to be some sane federal oversight of the industry,” Bankman-Fried said. “There must be an agency or agencies responsible for overseeing space.”

Bankman-Fried’s comments are a debate over whether the Securities and Exchange Commission (SEC) or the Commodities and Futures Trading Commission (CFTC) should take over oversight.

“The SEC and the CFTC are the two most natural places to do that,” the billionaire said. “They’re both going to play a part in it one way or another.”

FTX has been working with Congress to draft “bills” on crypto regulation, Bankman-Fried said. Benzinga previously reported that Bankman-Fried traveled to the White House in May, in a move that could have included meetings on cryptocurrency regulation.

“I’m optimistic that we will get a license,” he added. “I’m actually surprisingly optimistic that that’s actually going to happen, that there’s going to be a bill for a framework for digital assets in a year. ”

Bankman-Fried is a leader in the cryptocurrency industry, with FTX spending millions of dollars to take stakes in ailing crypto companies during the bear market.

Also Read: Anthony Scaramucci Makes $250M Bet on ‘Google of Crypto’

Scaramucci is also a major proponent of digital assets. His SkyBridge fund made headlines when he started investing in cryptocurrencies. About 16% of SkyBridge was in crypto before a sell-off reduced holdings to 8%. The company currently has $2.8 billion in assets under management but is down 25% this year, the Financial Times reported.

Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers