Placing up $1 billion for rescues and acquisitions of cryptocurrency companies because the sector began additional collapsing following plummeting bitcoin and different costs, FTX boss Sam Bankman-Fried expects a few of the investments will result in earnings, whereas others probably will probably be disappointing.

“Combined is principally the reply. I believe some had been going to transform worthwhile, some gained’t be,” Sam Bankman-Fried, CEO of digital asset change FTX mentioned in an interview on Bloomberg’s “David Rubenstein Present: Peer-to-Peer Conversations.”

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“I imply, with Voyager, I believe there’s $70 million there that we put in that I’m undecided we’re ever seeing once more,” he added.

Voyager filed for chapter in July regardless of being provided a $485 million mortgage from Alameda Analysis, the crypto buying and selling agency based by Bankman-Fried.

FTX US, the American affiliate of FTX, struck a $400 million revolving credit score cope with BlockFi with the choice to buy the platform outright at a variable value of as much as $240 million. That deal has some hope, Bankman-Fried mentioned.

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So far as regulation of the business and the debates about whether or not it must be dealt with by the Commodity Futures Buying and selling Fee (CFTC) or the Securities and Alternate Fee (SEC), Bankman-Fried informed Bloomberg it doesn’t actually make a distinction.

“What we’ve tried actually laborious to do over the past yr is get the business to a spot the place it’s joyful to simply accept wise regulation,” he mentioned.

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Bankman-Fried, like others within the cryptocurrency sector, frequently heads to Washington, D.C. to foyer Congress on behalf of the business. He was singled out with three different exchanges on Tuesday (Aug. 30) by a congressional committee demanding details about what was being finished to guard customers in opposition to fraud, PYMNTS reported.

FTX is among the largest crypto exchanges, with the bulk coming from the non-U.S. change. FTX.US, for instance, solely had $290 million in 24-hour quantity on Aug. 31, in comparison with the non-U.S. change’s $2.2 billion.

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