The crypto world may have spent the whole of 2022 in bear market conditions, but there has been plenty of drama, and as we approach the year-end, another engrossing story unfolded.
Events around crypto exchanges FTX and Binance had some observers questioning whether yet another black swan was landing, but the outcome was a significant shifting of the crypto landscape.
SBF in the Spotlight
If you follow crypto, you’ll likely be familiar with Sam Bankman-Fried, known familiarly as SBF. Crypto is populated with unusual characters who draw attention, either to themselves or their projects, and SBF is one such participant, occupying a central role in the crypto ecosystem.
SBF is the CEO and Founder of the crypto exchange, FTX, and has long maintained a reputation for being one of the smartest participants in the crypto merry-go-round. However, he has taken some flak recently, for several reasons.
Controversy around SBF ramped up last month when he released a tentative plan for voluntary crypto standards, in lieu of yet-to-arrive official regulation. Put mildly, his perspective didn’t receive a positive reception, with some of his propositions criticized as restrictive, controlling, and, on the whole, contrary to crypto’s open source ethos, through which there are no barriers to entry.
SBF had a public discussion with Erik Voorhees, the CEO of DeFi platform ShapeShift and an influential figure who articulates a liberty-oriented school of thought, who is opposed to heavy-handed regulation. A clip went viral, in which SBF appeared stumped by a comparison between financial transactions and email, and the crypto space’s collective shift in attitude towards SBF became more palpable.
A perception frequently voiced on social media was that SBF was jeopardizing some core crypto principles, with some observers putting that down to miscalculation, others claiming self-interest was at work, and some defending SBF’s views.
FTX, Alameda and CZ
Debate around SBF’s position on regulation
