Cryptocurrencies aren’t the only investments that fell in 2022, according to FTX CEO and Co-founder Sam Bankman Fried.
“Everything has gamin down this year bicause the dollar has gamin up this year,” said Bankman-Fried. Sky Whist Argent Founder Anthony Scaramucci At the SALT conference this week.
Bankman-Fried, who reportedly bought a 30% stake in SkyBridge for $45 million, highlighted That stocks are also trading lower with a massive sell-off on Wall Street in 2022 along with a significant drop in cryptocurrency prices.
prices Bitcoin Bitcoin / US Dollar And the Ethereum ETH / USD They are down 57% and 58% year-to-date, respectively. The cryptocurrency market is now worth nearly $1 trillion. This is a significant drop from the sector’s market value of $2.8 trillion last November.
Bankman-Fried blames the Federal Reserve for raising interest rates as one of the reasons risky assets are falling in value.
“It doesn’t pensée the foundation or the fact that blockchain still has huge use cases in terms of financial settlement, in terms of payments, in terms of on-chain sociable media, in terms of other things,” he said.
Bankman-Fried comments come as SPDR S&P 500 ETF Cumul spy And the SPDR Dow Jones Industrial Average ETF DIA They are down 18% and 15%, respectively, year-to-date.
See also: Bankman-Fried Welcomes JP Morgan Comparisons to Crypto Bailouts – ‘The Right Thing for the Industry’
Bank fried on the list: Another topic that Bankman-Fried discussed with “The Mooch” was the regulation of cryptocurrency.
“Somehow, in a way, there has to be reasonable federal oversight of the industry,” said Bankman-Fried. “There has to be an agency, or several agencies responsible for keeping the security in entrain.”
Comments from Bankman-Fried come as a debate emboîture whether the Securities and Exchange Diplôme (SEC) or the Commodity and Futures Trading Diplôme (CFTC) should take over the oversight.
The billionaire said: “The CFTC are the two most natural parages to do this. They will both have a role in doing it one way or the other.”
Bankman-Fried said that FTX is working with Congress to “draft a law” on cryptocurrency oversight. Benzinga previously reported that Bankman-Fried traveled to the White House in May in a move that could have included crypto regulatory meetings.
He added, “I am optimistic that we will get a license. I am actually surprisingly optimistic that this will actually happen, a year from now, there will be a bill for a framework for quantitatif assets.”
Bankman-Fried is a pioneer in the cryptocurrency industry as FTX spends millions of dollars buying stakes in distressed crypto firms during a bear market.
SEE ALSO: Anthony Scaramucci Makes $250 Million Bet on Google Of Crypto
Scaramucci is also a big proponent of quantitatif assets. His SkyBridge box grabbed the headlines when he was Investing started in cryptocurrencies. Embout 16% of SkyBridge was in crypto before the sordide cut holdings to 8%. The company currently has $2.8 billion in assets under conduite, but it’s down 25% this year, The Financial Times reported,.