Cryptocurrency exchange FTX Founder and Chief Executive Sam Bankman-Fried has called on regulators to establish a framework for digital assets.
BTC is up 3.04%, ETH up 4.57%, and XRP up 2.82%.
Bankman-Fried believes that regulators should put their focus on consolidating ordinances and come up with a rule book on cryptocurrencies rather than spending efforts on determining if assets are securities or not.
The official noted that the framework could cover the disclosure and delve into measures to prevent fraudulent schemes, which he said may be more important than distinguishing assets as securities.
Bankman-Fried did not specify which regulators he was referring to but noted that there are already existing frameworks for other asset classes which should also be implemented for digital assets.
The crypto billionaire in December 2021 already encouraged US regulators to provide more guidance on regulations covering digital assets.