SBF Says Fed Is Driving Current

Jun 20,2022
KingData News: Cryptocurrencies are going through a spectacular crash and the head of one of the largest crypto exchanges says the Federal Reserve is responsible for this downturn. "The core driver of this has been the Fed," said Sam Bankman-Fried, the CEO of FTX, whose app and sites are used by investors to buy and sell digital currencies. The Fed is raising interest rates aggressively to fight high inflation, and that has led to a "recalibration" of expectations of risk, Bankman-Fried told NPR. The billionaire said he appreciates the difficulty of what the central bank is trying to do, noting it is "caught between a rock and a hard place." But Bankman-Fried said a lot of his own outlook for his business is now dependent on decisions the Fed will make in the months ahead. Bankman-Fried suggested the fallout could shape crypto regulation, which is being hotly debated in Washington. He said it is likely there will be increased scrutiny of how leverage is used in the crypto industry, and how transparent companies are about potential dangers. "I do feel like we have a responsibility to seriously consider stepping in, even if it is at a loss to ourselves, to stem contagion," SBF said.
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