The former president of FTX in the United States thinks crypto regulation has potential
Brett Harrison, former president of FTX in the United States, has said that regulators have a tough job.
There is “hope” that US politicians and regulators can come to an agreement on fair and effective digital asset legislation, according to Brett Harrison, former president of FTX US and now founder and CEO of crypto infrastructure business Architect.
Harrison said in a group talk at the Mainnet meeting in New York on Thursday, “Regulators are in a tough spot that we have to understand.”
When things go wrong, as the downfall of FTX last year, agencies are held accountable to the public, as Harrison pointed out.
‘It’s not now really the moment for pushing for innovation,’ he continued. “It’s about preventing this from happening again, as they say.”
Harrison established Architect this year, and the company has had its own regulatory requirements. This week, the business earned its National Futures Association-issued, CFTC-independent introducing broker license for regulated derivatives. Architect is now authorized to take orders to trade futures contracts, but it is unable to do so in fiat money or other assets.
After the news broke, Harrison said on X (previously Twitter) that “modern and secure technological entry points built for the diverse range of products they have come to cover, physical and digital,” were necessary to increase institutional involvement in the derivatives markets.
During the panel discussion, former FTX.US employee Harrison (who left the firm in September 2022, before its parent company collapsed in November) said that the future of crypto legislation in the United States is dependent on more than one agency.
Given that many assets and sections of the business may come under joint jurisdiction, “it’s wrong,” to suggest either the CFTC or the SEC should be the principal agency in control, Harrison said.
According to Harrison, a lot rides on the outcome of the forthcoming elections for the business to see any progress on Capitol Hill.