Home Business How Sam Bankman-Fried became a crypto billionaire in just a few years

How Sam Bankman-Fried became a crypto billionaire in just a few years

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How Sam Bankman-Fried became a crypto billionaire in just a few years

Bankman-Fried is open to federal regulation and has repeatedly emphasized this point in different interviews. In a recent interview with CNBC, the CEO of FTX said that federal regulations are good for cryptocurrency. “I think it’s good for everyone. It provides customer protection that we’re missing right now, real federal oversight, financial crime protection…and at the same time allows (crypto ) to bring liquidity back to U.S. markets.”

According to him, the so-called crypto-winter saw many major crypto exchanges lose profits, including his own company, FTX, which took a “significant hit” amid falling crypto prices (via Fox). But, he says, these fallouts could be used to “shape crypto regulation,” which is currently being debated in Congress.

Its openness to being regulated is an approach that seems to have paid off for Bankman-Fried. These days, FTX is considered a “lender of last resort,” meaning his company rescues failing crypto companies by giving them loans (via CNBC). Recently, he struck a deal with crypto firm BlockFi that gives him the option to acquire them for up to $240 million.

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