Sam Bankman-Fried is the founder and CEO at crypto exchange FTX. FTX Official/YouTubeSam Bankman-Fried stated that he spends five hours per day on crypto regulation and licensing.He told CNBC that "a lot of regulators are currently trying to figure out their regulatory regime for cryptocurrency derivatives."He also defended FTX's decision to continue offering quotes for tether despite legal problems.Subscribe to our daily newsletter 10 Things Before The Opening Bell.Sam Bankman-Fried (29-year-old billionaire CEO at FTX) said he spends a lot of time dealing with cryptocurrency regulation, as more countries around the globe increase their oversight."We are applying for licenses in many jurisdictions right now... We need to keep up with that." In a Monday interview, the crypto billionaire said that they must continue adapting. "I believe it's about five hours per day that I spend on everything, from licensing to regulation and everything in-between."Bankman-Fried stated that his cryptocurrency derivatives exchange attempts to adapt and conform with each jurisdiction's rules. He did however mention the difficulties of this given the lack of clarity in these laws.He stated that "a lot of regulators are currently trying to figure out their regulatory regime crypto derivatives will be." CNBC also reported that he anticipates more developments in the coming three to five years.FTX announced on July 20 that it raised $900million in series B financing. This equates to a valuation of $18billion. Bankman-Fried stated that the majority of the funds would be used to expand and acquire.The California-born entrepreneur also supported the Hong Kong-based company's decision to keep quoting prices on tether despite legal problems with stablecoin.Tether, which has $62 billion in circulation, is the largest stablecoin in the world. The criminal investigation into whether Tether executives committed bank fraud is underway.He explained to CNBC that Tether can be used on FTX like any other cryptocurrency. It's not exactly a dollar on FTX. It is a free-floating cryptocurrency.He said, "There is an order book for it. It is not part of the USD basket so the exchange does not treat it as being necessarily one-to-one. It's up to the market and users how they decide.In an effort to protect its customers from forced liquidations, FTX slashed its leverage offer to 20 times. It was originally 101 times. Investors have a greater chance of making a profit than they do losing when they leverage.
