Founder and CEO of world market maker Citadel Securities Ken Griffin says his agency would take part within the cryptocurrency markets if it weren’t for regulatory uncertainty.
In an interview with Bloomberg, Griffin says Citadel has stayed out of buying and selling crypto because of the dangers related to working inside an unregulated trade.
“We don’t commerce crypto due to the regulatory uncertainty.”
Griffin says Citadel’s repute as a standard market maker would place it better off within the crypto markets if it weren’t for the “regulatory void” that exists throughout the crypto house.
“I’d commerce it as a result of it will meet the wants of our on-line brokerage companions who wish to have a tier-one agency making costs… We offer an incredible service on daily basis and each minute of on daily basis and so they need us to supply pricing in crypto.
I simply don’t wish to tackle the regulatory danger on this regulatory void that a few of my contemporaries are prepared to tackle.”
The Citadel Securities CEO says that he agrees with the efforts of U.S. Securities and Alternate Fee (SEC) head Gary Gensler to manage cryptocurrencies.
In accordance with Griffin, rules will rework the cryptocurrency market right into a smaller however extra aggressive house.
“I actually imagine that Chairperson Gensler is spot on, on the necessity to have considerate regulation round cryptocurrency. I really assume that doing so will make it a smaller market as a result of it would turn out to be a much more aggressive market when there’s regulatory readability.
And that shall be good. A smaller market, much less individuals concerned who’re frankly simply making an attempt to make a fast buck. And regardless of the virtues are of that product, and I feel these are fairly nebulous, will turn out to be very completely different in a world of aggressive exchanges and aggressive pricing by tier-one market makers prepared to place their finest foot ahead.”
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