- Banman- Fried and Voorhees debated on proposed crypto laws.
- Bankman-Fried emphasized that he will not support the law of decentralized finance.
- Vorhees also admitted that he was in doubt that the policymakers will make net-positive laws.
A youtube channel, Bankless, had organized a debate. The channel invited Erik Voorhees, the CEO of ShapeShift, a Switzerland based crypto exchange and Sam Bankman-Fried, the CEO of FTX as a debater. The youtube channel is centred on crypto money and crypto finance and the debate was centred on the offer of Bankman-Fired for crypto law.
After watching this debate, a crypto trader, investor Sysadmin and Programmer, Romano concluded that Voorhees was more manipulative in that debate. He referred to the debate tactic of Voorhees as “loaded question.” Moreover, he observed that the SpaceShift’s CEO has targeted a single problem instead of targeting a wider concept of law.
In line with Ryan Sean Adams who was the anchor of that debate stated that the prime concern of Voorhees was the law of bodies that create the websites, or front-ends, permits the normal person to use the Decentralized Finance.
Voorhees disclosed his sorrow and stated that, “If DeFi front-ends serving the natives of the United States requires to be licensed, DeFi in the US dies.”
Adding to this he also commented that the law of those bodies should not be done. But, in case it has to be done, then he highlighted:
“And if you are not counting those 99% of people from open, permissionless finance, then all you have done is build a more complex, and costly TradFi system.
SBF will not support DeFi’s law
Although in the overall debate, Bankman-Fried emphasized that he will not support the law of decentralized finance. But he highlighted that it will not depend on our likeness as it is very sure that the regulation will come in the future.
Adding to this, he also talked about the law mentioned: “I am confident that it will be complete it evidenting a balance, where we will do a great work of giving a major portion of customer protection to limitation of commerce.”
Nevertheless, Vorhees also noted that he was in doubt that the policymakers will make net-positive laws. He augmented his point by throwing a light to a New York policy that needs would-be crypto exchanges there to apply for a “Bitlicense.”
Source: https://www.thecoinrepublic.com/2022/11/01/ftx-ceo-defends-crypto-law-proposal-against-erik-voorhees/