PEOPLE

Solana Summit | SBF discusses FTX's response to regulation, social platforms, and how DeFi adoption should rapidly expand

share
Solana Summit | SBF discusses FTX

FTX founder Sam Bankman-Fried, SBF, discussed the potential of blockchain technology in social platforms at a conference in Lisbon, as well as shared his views on the growing NFT sector and current cryptocurrency regulations.

How is FTX Dealing with Regulation?

During a 5-hour and 40-minute meeting, SBF interacted online with the host and live audience. He was first asked about how FTX and FTX.US are dealing with regulatory issues:

The exchange is currently focused on two things: licensing and working with the CFTC, SEC, and other relevant bodies to understand potential licensing opportunities. Secondly, we are focused on educating and engaging in dialogue about the future development of crypto regulations.

He noted many discrepancies between the current market and regulators. Both the SEC and other regulatory bodies quickly pointed out the lack of regulation in spot markets, and the reserve system of stablecoins is another significant regulatory issue.

SBF emphasized that FTX continues to engage in discussions with regulatory bodies about the future regulatory framework, which will aid in the safe development of the industry.

The Great Opportunity of Social Platforms

SBF also discussed the potential of blockchain technology applied to social platforms, stating:

I believe there is a great opportunity for social platforms built on blockchain technology. They can address many existing pain points of platforms that have now reached a critical point in the overall environment. We need a secure, private way of messaging, a way to access with multiple user interfaces, and protocols that are cross-platform capable and composable.

The Rapid Expansion of DeFi

SBF proposed that the fastest way for DeFi to expand is through integration with existing platforms, such as social media platforms:

The potential way to significantly increase DeFi adoption is to first build a great product and integrate DeFi with their existing user base, which is an order of magnitude larger than all DeFi users combined.

He cited the example of the offline mapping app Maps.me integrated with Solana, believing that whether it's existing social media platforms or fintech platforms, they can help DeFi expand to hundreds of millions of users.

Whether it's the adoption rate of social platforms or DeFi, SBF referenced Solana, closely tied to FTX, as an example. He mentioned that its high throughput will make Solana a key hub for gaming and social platforms.

He believes gaming has become one of the most attractive things in the world, and in the next few years, up to one-third of users could enter the crypto space through gaming. Blockchain games provide compelling value propositions for blockchains like Solana.