FTX Proposed the Crypto Regulation Rules in the USA
The FTX cryptocurrency exchange published a list of principles and proposals to help policymakers create a legal framework for regulating cryptocurrencies in the United States.
The document provides 10 key recommendations, one of which, as an alternative approach, offers a unified regulatory regime for spot and derivatives markets. According to the blog, the same rule sets should generally apply across all kinds of markets.
FTX also explains the need for a direct membership market structure that allows organizations to conduct regulated transactions without the involvement of a third party. The exchange is also proposing the development of greater transparency regarding custodians of the crypto assets.
The blog also says about the need to establish clear time frames for reporting transaction activity in order to avoid market manipulation and ensure customer protection. FTX also pointed to the need to regulate the issuance of stablecoins.
As you know, the US Federal Reserve, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the United States (OCC) within the US Treasury decided that in 2022 they will continue to work on a number of areas related to the regulation of digital assets that require further clarification.