MicroStrategy founder and Bitcoin (BTC) bull Michael Saylor says the collapse of FTX could actually spark further growth in the crypto industry.
In a new interview with CNBC, Saylor says the collapse of Sam Bankman-Fried’s crypto exchange FTX is likely going to speed up the implementation of US crypto regulations.
He also says those regulations could lead to greater adoption of digital assets with the entrance of more traditional financial institutions.
“If there is a progressive regulation, then I think you’ll see, you won’t see 20,000 tokens, you’ll see a handful, dozens, but they’ll be properly registered tokens. The industry is going to grow much more rapidly. And ultimately, we’re moving from the entrepreneurial stage where this was a wild west offshore, where anything goes, to an institutional digital assets stage where the big players like Bank of America and Fidelity and BlackRock and the Goldman Sachs and JP Morgans are going to enter this space and we’re all just going to grow up and the world is going to benefit from that.”
Saylor warns that if regulators move too aggressively in response to FTX’s implosion, it would harm the industry.
“I think it’s definitely going to strengthen the hand of the regulators. It’s going to accelerate their intervention. There’s a regressive regulation, which is to say, you can’t really do anything, and that’ll contract the industry. Bitcoin will be the winner because Bitcoin is a digital commodity and it’s the least controversial of everything.”
He also says there is a need for US regulators to clearly lay out how crypto activities can come into compliance.
“The regulatory intervention of late has been all negative like enforcement, but the marketplace is waiting for the regulators to say this is how you register a digital currency, this is how you register a digital security or a digital commodity, and instead of saying all the crypto exchanges should register, we need to get the crypto exchanges registered because the future of the industry is registered digital assets trading on regulated exchanges, where everyone has the investor protections they need and the investors, in general, understand the difference between Bitcoin and a stablecoin and a security token.”
Daily Hodl Staff. BTC Firebrand Michael Saylor Says FTX Implosion Could Set Off a Rapidly Growing Crypto Industry – Here’s How. 11 Nov, 2022, https://dailyhodl.com/2022/11/11/btc-firebrand-michael-saylor-says-ftx-implosion-could-set-off-a-rapidly-growing-crypto-industry-heres-how/.