SBF Profile picture
Sep 8 5 tweets 4 min read
1) I'M NOT A REGULATOR, THIS IS NOT LEGAL ADVICE

but:

my current best guess is consistent what @GaryGensler says: that the CFTC will regulate spot + futures for non-security tokens, and the SEC will regulate spot + issuance of tokens that are securities

wsj.com/articles/secs-…
2) This is also consistent with the @SenStabenow / @JohnBoozman / @CoryBooker / @SenJohnThune bill, and with @RoKhanna / @CongressmanGT.

And it's consistent with what @CFTCbehnam and others have said publicly.
3) It seems pretty likely that BTC, ETH, and many forks/variants will not be securities; and that many other tokens will be securities.

(How about other large tokens? Or futures or swaps on security tokens? Or tokenized stocks? And what exactly is a stablecoin? We'll see!)
4) And, for what it's worth:

I think this is all pretty reasonable; and a resolution providing regulatory oversight along these lines would be healthy for consumers, protect against risk, prevent scams, give clarity to the industry, and allow liquidity to come back to the US.
5) And it's consistent with what @gillibrandny / @SenLummis drafted--

as well as what @tphillips and others have argued for from the customer protection angle

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More from @SBF_FTX

Nov 14
1) What
2) H
3) A
Read 32 tweets
Nov 11
1) Hi all:

Today, I filed FTX, FTX US, and Alameda for voluntary Chapter 11 proceedings in the US.
2) I'm really sorry, again, that we ended up here.

Hopefully things can find a way to recover. Hopefully this can bring some amount of transparency, trust, and governance to them.

Ultimately hopefully it can be better for customers.
3) This doesn't necessarily have to mean the end for the companies or their ability to provide value and funds to their customers chiefly, and can be consistent with other routes.

Ultimately I'm optimistic that Mr. Ray and others can help provide whatever is best.
Read 5 tweets
Nov 10
1) I'm sorry. That's the biggest thing.

I fucked up, and should have done better.
2) I also should have been communicating more very recently.

Transparently--my hands were tied during the duration of the possible Binance deal; I wasn't particularly allowed to say much publicly. But of course it's on me that we ended up there in the first place.
3) So here's an update on where things are.

[THIS IS ALL ABOUT FTX INTERNATIONAL, THE NON-US EXCHANGE. FTX US USERS ARE FINE!]

[TREAT ALL OF THESE NUMBERS AS ROUGH. THERE ARE APPROXIMATIONS HERE.]
Read 22 tweets
Nov 8
1) Hey all: I have a few announcements to make.

Things have come full circle, and FTX.com’s first, and last, investors are the same: we have come to an agreement on a strategic transaction with Binance for https://t.co/DWPOotRHcX (pending DD etc.).
2) Our teams are working on clearing out the withdrawal backlog as is. This will clear out liquidity crunches; all assets will be covered 1:1. This is one of the main reasons we’ve asked Binance to come in. It may take a bit to settle etc. -- we apologize for that.
3) But the important thing is that customers are protected.
Read 6 tweets
Nov 6
1) A huge thank you to everyone who has supported us--we're excited to keep climbing together.

And especially to those who stay level headed during crazy times. We deeply appreciate it.
2) A bunch of unfounded rumors have been circulating. You can see .

FTX keeps audited financials etc. And, though it slows us down sometimes on product, we're highly regulated.
3) We've already processed billions of dollars of deposits/withdrawals today; we'll keep going. (Taking up anti-spam checks to process more--sorry if you got those. We're hitting node rate capacity, will keep going.) Also tons of USD <> stablecoin conversions going on.
Read 5 tweets
Nov 6
1) Posting about what everything wants to know more about:

SEND!
2) Seriously SEND is awesome.

It's the omni box for money (soon we'll merge blockchain into the same box!)

Right now, sending money internationally is a pain in the ass. People are paying 10's of percent's, waiting weeks, and hoping that it lands.

Crypto can do better.
3) It works domestically and internationally. It works with relatives and with employees.

Because that's how blockchain works:

it just works.
Read 5 tweets

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