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Bloomberg ex CTFC chairman interview agencies regulating cryptocurrency within USA

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(Last Updated On: March 9, 2021)

This was Bloomberg Radio  with summaries of USA government agencies regulating cryptocurrencies

Multi agencies regulating bitcoin. Not transparent. Crypto exchanges don’t prohibit wash trading to inflate volume. Trade with itself or an affiliate. He said responsibility should be with CFTC and SEC. Too many agencies regulating too many different area. He want to regulate stable coin backed to US Dollar. Is issuers have the reserves they claim? Is Tether backed with their $30B in float. They say it is linked to an affiliate.

Does crypto threaten the Fed? Facebook tried to do it so central banks looked at digital currencies. There is digital money for large corporations.

He goes on about financial inclusion for the unbanked with improved efficiency.

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