Brett Harrison, the founder and CEO of Architect and former president of FTX US, has expressed cautious optimism regarding the potential for US politicians and regulators to reach a consensus on effective and equitable legislation for digital assets. Speaking at a panel discussion at the Mainnet conference in New York on Thursday, Harrison emphasized the complexities regulators face in the evolving digital asset landscape.
Harrison, who established Architect this year, highlighted the challenges and responsibilities of regulatory agencies, especially when things go awry, referencing the downfall of FTX last year. He stressed the importance of accountability to the public by these agencies in such situations. According to Harrison, the current focus should be on preventing the recurrence of such unfavorable situations rather than on innovation.
This week marked a significant development for Architect, as the firm secured a National Futures Association introducing broker license for regulated derivatives. This achievement exempts the company from the oversight of the Commodity Futures Trading Commission (CFTC), authorizing it to facilitate orders to trade futures contracts. However, the firm is restricted from conducting such trades in fiat money or other assets.
In a post on X, formerly known as Twitter, Harrison stated that the derivatives markets necessitate modern and secure technological entry points, designed to accommodate the diverse range of products they encompass, both physical and digital. He believes this is essential to enhance and expand institutional participation.
Harrison, who left FTX.US in September 2022, months before the collapse of its parent company in November, shared insights on the multifaceted nature of crypto policy in the United States. He argued against a single government agency, such as the CFTC or the Securities and Exchange Commission (SEC), having primary control over crypto policy, citing the possibility of multiple assets and business aspects falling under joint jurisdiction.
Harrison emphasized that the forthcoming elections hold substantial implications for the progression of the business on Capitol Hill. He added that the prioritization of crypto policy in the upcoming year is contingent on the prevailing political dynamics.
Moreover, Harrison’s insights reflect a broader perspective on the evolving relationship between the crypto industry and regulatory frameworks. The dialogue at the Mainnet conference underscored the need for a balanced and informed approach to legislation that considers the intricacies of digital assets while ensuring accountability and public interest.
Source: https://www.cryptopolitan.com/former-ftx-president-on-crypto-legislation/