FTX US resigns from the Crypto Council for Innovation

United States-based exchange FTX US has left its position at the crypto advocacy group Crypto Council for Innovation, or CCI.

In a statement to Cointelegraph on Nov. 10, CCI CEO Sheila Warren said the council had accepted FTX US’ resignation as an associate member of the group. The firm’s departure came amid crypto exchange FTX reporting liquidity issues, leading to volatility across the market and concerns from global regulators and lawmakers.

“We remain committed to working towards building regulation that protects users and safeguards innovation, in order to bring about real change,” said Warren. “The news this week has been shocking, but we’ve also seen the community come together. We have an historic opportunity to get the policies right.”

FTX CEO Sam Bankman-Fried said FTX US had not been “financially impacted” by the liquidity issues the global exchange was facing. However, U.S. exchange also announced on its website that trading could be halted starting “in a few days” and warned users to close down any positions if they chose.

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Formed in April 2021, the CCI consists of an alliance including Andreessen Horowitz, Block, Coinbase, Electric Capital, Gemini, Fidelity Digital Assets, Paradigm and Ribbit Capital. The advocacy group has hired U.S. government insiders in its goal to support lawmakers on issues related to crypto and blockchain.