Safeguards for crptocurrency and cryptocurrency products is likely to rise as Wall Street sees institutional investor interest increase, two SEC officials and a former CFTC Chair told a crypto conference in Washington, DC today. Photographer: Chris Ratcliffe/Bloomberg
Safeguards for cryptocurrency and cryptoproducts are likely to increase as interest by pension funds and Wall Street firms rise, a crypto conference in Washington, DC was told this morning.
Wall Street trading desks and firms catering to institutional investors are being big drivers in propelling adequate protections, said Gary Goldsholle, a senior adviser to the director of the Securities and Exchange Commission’s Division of Trading and Markets.
Since the beginning of 2018, there has been a greater appreciation by more players in the cryptocurrency arena that appropriate regulation is needed, said Jim Newsome, a leader in drafting a crypto best practices report for the Chamber of Digital Commerce.
Newsome, a former Commodity Futures Trading Commission chief, predicted spot markets for cryptocurrencies will decide to become more regulated.
While many people have made comparisons between the genesis of the Internet and blockchain tied in with its cryptocurrency offspring, the long-time financial markets regulator and observer said there is an important difference.
Newsome noted at the start the Internet was centralized and created by the government while blockchain/cryptocurrency began decentralized and given birth by private funding.
The decentralized and private birth means it is going to take longer to get to the end game for crypto and blockchain than the Internet.
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