FTX boss Sam Bankman-Fried says the crypto world must act more responsibly to show it doesn’t need strict regulation, as he hits out at scammers

FTX boss Sam Bankman-Fried says the crypto world must act more responsibly to show it doesn’t need strict regulation, as he hits out at scammers

The cryptocurrency industry needs to prove that it's responsible and doesn't require super-strict regulations, according to Sam Bankman-Fried, a 29-year-old crypto billionaire. Bankman-Fried, who co-founded the FTX crypto exchange, singled out crypto scammers for criticism in an interview with Insider last week, saying they made lawmakers want to stamp down on the industry. Regulators and governments globally are increasing their scrutiny of the crypto world, following in 2020 and 2021. Lawmakers such as have argued that the trading of highly volatile cryptocurrencies poses big risks to consumers and requires more oversight. Bankman-Fried told Insider that he's taking regulation "extremely seriously" and that it's his biggest focus, especially in the wake of the global regulatory , an exchange that offers similar derivative products to FTX. "I just wish that the industry were, as a whole, doing a more conscientious job of interfacing with regulators," he said, adding that players in the crypto space need to be "responsible and show that they don't need to have overly paternalistic regulations." He added: "Every time there's a scam in crypto, that's going to be pushed by regulators to lock down the industry more." His comments came weeks after hackers took $610 million from a