Regulatory Uncertainty Keeps the Securities Company Out of Cryptocurrency: Citadel’s CEO

Though Ken Griffin, the founder and CEO of Citadel Securities LLC firm, just isn’t a fan of cryptocurrencies, that’s the purpose why the agency doesn’t commerce digital belongings.

In an interview with the Financial Membership of Chicago, Griffin stated that Citadel doesn’t commerce in crypto belongings as a result of of regulatory uncertainties round them.

The US billionaire hedge supervisor admitted that he doesn’t like cryptocurrencies however acknowledged that his views have little to do with why Citadel – the main international market marker – has but to spend money on the digital belongings market.

Griffin acknowledged that Citadel would commerce crypto belongings if there have been extra regulatory certainty. The famend investor mentioned that there’s demand for cryptocurrencies from the firm’s on-line companions however acknowledged that the regulatory uncertainty is only a main concern.

Whereas some market makers -companies that provide market liquidity by streamlining promote and purchase quotes for others to commerce in opposition to – akin to DRW and Soar Buying and selling, have embraced cryptocurrencies, Griffin admitted that Citadel Securities has not.

“I simply don’t wish to tackle the regulatory danger on this regulatory void that some of my contemporaries are prepared to tackle,” Griffin mentioned.

“As a result of of an absence of regulatory certainty round cryptocurrency, we simply aren’t concerned at present. I imagine [Securities and Exchange Commission] Chairperson Gensler is spot-on on the must have considerate regulation round cryptocurrency,” he mentioned.

Griffin acknowledged that creating rules will make the cryptocurrency trade a smaller market as a result of it should develop into a much more aggressive market when there may be regulatory readability.

The hedge fund billionaire acknowledged that Citadel would commerce cryptocurrencies if regulated, regardless of his ideas.

Griffin criticized the quantity of power and time spend on cryptocurrencies, stating that it’s a jihadist name that some folks don’t imagine in the US greenback. He mentioned that he wished the frenzy round the developments in cryptocurrencies funnelled in direction of creating a extra sturdy US financial system.

“It’s a jihadist name that we don’t imagine in the greenback. What a loopy idea that is that we as a rustic embrace so many brilliant, gifted folks to provide you with a substitute for our reserve forex,” Griffin mentioned.

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