Nasdaq, Bank of America: Cryptocurrencies Pose a Threat and Should be Regulated
From NewsBTC
The CEOs of Nasdaq Inc. and Bank of America Corp. have said that cryptocurrencies pose a threat and that they should be regulated.Read more: https://www.newsbtc.com/2018/04/27/nasdaq-bank-of-america-cryptocurrencies-pose-a-threat-and-should-be-regulated/Adena Friedman, CEO of Nasdaq, and Brian Moynihan, CEO of Bank of America, were both speaking at a conference in New York hosted by the MIT Sloan School of Management on Friday, reports Bloomberg.
According to Friedman, initial coin offerings (ICOs) should be subjected to securities laws, an argument that has been heard from Jay Clayton, chair of the U.S. Securities and Exchange Commission (SEC). As a result, the agency has issued several subpoenas to companies in order to determine how ICOs are presented to potential customers. The agency has also warned of pump-and-dump schemes involving them.
During the conference, Friedman stated that retail investors deserved protection if they were going to put their money into a product, whereas Moynihan argued that cryptocurrencies could be used for illegal reasons.
“The idea of anonymous currencies just never turned out to be a good thing,” Moynihan told the conference. “You have a real potential risk.”
It feels like this week Nasdaq looked into crypto for the first time with their announcement that they could see listing cryptos in the future. Now it seems they just realized crypto doesn't need them and is making them obsolete. Time to phone in their friends to come and help.
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@contentjunkie While cryptocurrencies are something that should be promoted, there also should at least be a little bit of oversight over them. While I don't agree with said oversight, a large share of the past ICOs that have happened in the past have been scams in one sort or another. While, I again don't agree with the oversight, what comes into play here is the protection of those who can't protect themselves.
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