Richest Man in Crypto Outlines Biggest Challenges for Industry

On December 27th, 2021, Sam, the CEO of FTX, sent a series of tweets providing his opinions on the crypto space. Sam is one of the wealthiest men in the crypto industry, running one of the largest crypto exchanges. Sam began by mentioning the progression of crypto. However, he later finished by highlighting the problems and possible solutions.

Sam Started By Mentioning Some Crypto Achievements

On Monday 27th, Sam from FTX sent tweets addressing his opinions on the state of crypto. According to Sam, the crypto space already has a solid user base of nearly 200 million people. He mentioned that crypto has a market cap lower than big companies like Microsoft and Apple. However, crypto gets more attention than those companies.

Sam highlighted the relevance of smart contracts and the newly developed Metaverse. He mentioned Web3, Defi digital gold, and others products of smart contracts. On top of the smart contract growth, Sam noted some use cases associated with crypto and the contracts. Smart contracts contribute to the growth of payment, store of value, tokenized assets, social media, and other solutions.

Sam mentioned the growth of scaling solutions offered in the crypto space from lighting and Layer 2s. According to Sam, the developments indicate that things have been going well with crypto.

Sam Addresses Challenges and Solutions

During his thread session, Sam also highlighted the problems associated with crypto. One of the issues is regulations. The tension between regulators and industry participants frustrates crypto growth. Also, there are no clear policies on handling different assets and growing crypto networks. Hence, some large institutions fear investing because of the lacking framework.

Crypto institutions and regulators have also not been properly collaborating. There have been cases of feuds between the two, primarily affecting crypto. Aside from the regulatory standstills, Sam talked about the blockchain TPS. Most blockchains have low TPS, thus making it hard to adopt them industrially.

While giving the state of crypto affairs, Sam also offered recommendations on what needs to be done. He asked for collaboration between the government and crypto networks to create sound policies. The main intention is to protect consumers and propel crypto to growth. He mentioned that setting a framework for stablecoins would assure investors of a solid backing. Furthermore, he proposed creating standards similar for spots, futures, and others.

He highlighted the use of NFT in gaming. But, he still emphasized that high TPS is necessary for crypto growth. There were hundreds of responses following his thread, some agreeing with what he said.

FTX Recent Announcements

Recently, FTX has given several announcements concerning the platform and its roadmap. Some of the significant developments were recent token listings. They also announced a monkey giveaway contest starting 28th to 29th December. According to one of their Tweets, FTX is now a top 20 crypto exchange. It would be fun to see where it’s going.