FTX CEO Outlines Biggest Challenges Facing Crypto Industry
The co-founder and chief executive officer of cryptocurrency exchange FTX has outlined his top priorities for the industry to tackle in the coming years.
In a series of tweets, FTX chief Sam Bankman-Fried (SBF) highlighted his roadmap for the crypto space, including the biggest challenges to overcome.
SBF started by outlining what crypto had managed to accomplish, including a solid user base of roughly 200 million worldwide. He also noted the development of smart contracts, of which he said “it’s hard to overstate how important [they are] for the space.” SBF claimed smart contracts were responsible for bridging crypto to Web3 rather than being another digital form of gold.
As far as what the industry is missing, SBF highlighted regulation as the primary concern. He said there was tension between the crypto industry and regulators, with both sides being “left feeling frustrated.”
SBF also claimed crypto was being limited by its ability to scale, despite efforts in the past year to improve speed and efficiency. He said industrial scale application of crypto would require millions of transactions per second (TPS), rather than the current ~50k TPS. SBF argued that a lack of scale was holding crypto back from achieving its “huge promise” for payments.
FTX’s CEO outlined a few ways that the crypto industry could tackle the aforementioned problems, including working collaboratively with regulators in order to get a framework in place. He also recommended creating a “concrete roadmap” for the industry to scale to millions of TPS and then execute upon it.
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