Bank of England leader calls crypto regulation a 'matter of urgency' for financial stability
October 13, 2021, 11:42AM EDT
1 min read
Tightening ties between traditional finance and cryptocurrency markets mean that regulators around the world can't stop talking crypto.
On October 13, Jon Cunliffe, deputy governor of financial stability at the Bank of England, spoke on the risks crypto poses to the financial system, particularly in stablecoins, decentralized finance and derivatives trading on unbacked digital assets.
While Cunliffe repeatedly noted that cryptocurrency markets remain quite small, he highlighted that the risks they pose hinge upon "the degree of interconnectedness between crypto and the conventional financial sector." That degree of interconnectedness has been growing.
Cunliffe found regulation's pace to be lacking, especially relative to the rate of the industry's developments. Speeding up regulation, he said, "needs to be pursued as a matter of urgency."
"Financial stability risks currently are relatively limited but they could grow very rapidly if, as I expect, this area continues to develop and expand at pace. How large those risks could grow will depend in no small part on the nature and on the speed of the response by regulatory and supervisory authorities."
The Block Research was commissioned by Forte to create “Blockchain-Based Gaming: A Primer” which provides a comprehensive introduction to how blockchain technology is being employed in video gaming experiences.
“It’s a global development.” On this episode of The Scoop, 10T Founder and CEO Dan Tapiero joined host Frank Chaparro to discuss his insights into the globalization of crypto markets and how his macro investing strategy has seen his fund 10T pour hundreds of millions into crypto unicorns. To date, Tapiero has already allocated the […]
The U.S. Securities and Exchange Commission is said to be allowing the first Bitcoin futures exchange-traded fund (ETF), per a Bloomberg report. The publication said in a report on Thursday night that the U.S. regulator “isn’t likely to block the products from starting to trade next week,” citing people familiar with the matter. The report […]