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Bitcoin Needs to Kiss the Government’s Ring, Claims CME Chief Terry Duffy

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Crypto won’t ever be anything else greater than a perimeter funding till it will get govt backing. That’s the overview of Terry Duffy, the CEO of most sensible derivatives market CME Group.

Duffy informed Bloomberg that resistance to crypto is just too nice to conquer with out institutional toughen from a government similar to the federal government (see video above beginning at 9:40).

“Until governments really start to accept cryptocurrencies in some way, shape or form, it’s going to be difficult for the major commercial [banks] to get gung-ho on bitcoin or any other cryptocurrency.”

Bitcoin Requires a ‘Lot of Controls’

Duffy notes that he used to be a large proponent of list bitcoin futures on a significant change, despite the fact that he had reservations about it as it’s a brand new asset elegance.

“I was a big believer that we needed to go forward and list bitcoin in some way, shape, or form. But [I was] also understanding that this is a brand-new a new asset class, so we put in a lot of controls on bitcoin. That was important.”

As CCN reported, CME Group used to be the second one regulated U.S. derivatives marketplace to listing bitcoin futures. In July 2018, Duffy stated he didn’t wish to rush into list different crypto futures merchandise as a result of he didn’t wish to possibility the CME Group’s recognition.

“Before we get into any other cryptocurrencies, we’re going to see how this one goes,” Duffy said. “I think that six to eight months as a listing of bitcoin is not a good enough barometer to decide what your future should be for any other cryptocurrency. I will take a wait-and-see approach with bitcoin for now.”

Duffy: JPMorgan Crypto Launch Was a Surprise

Terry Duffy says he used to be inspired when he discovered this week that JPMorgan had determined to launch its own cryptocurrency.

The revelation despatched surprise waves throughout Wall Street and the crypto trade as a result of JPMorgan CEO Jamie Dimon’s well-documented disdain for bitcoin.

Duffy additionally identified that Goldman Sachs has performed a an identical about-face with appreciate to crypto. However, Duffy says it’s now not sufficient to have even legacy banks like those two giants casually hop at the bandwagon.

Cryptocurrencies won’t ever reach mainstream adoption till the federal government offers its nod of approval, Duffy says.

“The key to the success of any currency ― whether it’s fiat or crypto ― is going to be associated with the government. So I think the government needs to be more involved.”

SEC Crypto Mom Sounds Glum about Bitcoin ETF

Meanwhile, the Securities and Exchange Commission’s Hester Peirce is skeptical the company will approve a bitcoin ETF this yr.

Peirce has been dubbed the SEC’s “Crypto Mom” for her pro-crypto stance. In July 2018, Peirce used to be the one probably the most 5 SEC commissioners who wanted to approve the Winklevoss twins’ bitcoin ETF utility.

Peirce ― an appointee of President Donald Trump ― slammed the SEC’s rejection of the Winklevoss bitcoin ETF utility. She stated the rejection would stifle innovation within the nascent trade, and put the SEC within the awkward place of enjoying babysitter for traders.

Peirce reaffirmed those sentiments all over a speech this week, when she stated that “arcane rules” will most likely lengthen the approval of a bitcoin ETF this yr.

Terry Duffy Image from Michael Reaves / Getty Images / AFP

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NYSE files a trademark application for trading NFTs

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The world’s largest stock exchange may be planning to bring business into the Metaverse.

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Traders say $4,000 Ethereum back on the cards ‘if’ this bullish chart pattern plays out

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Global tensions that could trigger a correction in markets abound, but traders say ETH’s current setup could result in a swift return to the $4,000 level.

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CryptoPunks community reacts to the ongoing copyright battle between V1 and V2

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Although the collection is no longer deemed authentic by Larva Labs, its creators alleged sold 210 ETH worth of CryptoPunks V1 when the wrapped versions first gained traction.

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Binance.US is under investigation from SEC over trading affiliates: Report

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Binance CEO Changpeng Zhao allegedly has connections to two market makers buying and selling crypto on Binance.US.

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Boost Insurance unveils product covering against crypto theft from qualified custodians

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Boost Insurance, an insurance infrastructure-as-a-service platform, alongside go-to-market partner, Breach Insurance, a company that provides insurance technology and regulated insurance products for the cryptocurrency market, today announced the launch of Crypto Shield, an insurance product for cryptocurrency available to retail wallet holders.

Crypto Shield covers the theft of cryptocurrency while in the custody of a qualified custodian.

The Crypto Shield product allows individuals to purchase protection for their crypto wallets held by select custodians. In the case that the custodian is breached or suffers a social engineering attack resulting in lost assets, individuals insured under Crypto Shield can be reimbursed for the value of their policy.

Boost + Breach

While there is some commercial insurance available to cryptocurrency institutions, Breach envisioned Crypto Shield as a solution to the protection gap that currently exists for individuals holding crypto, securing a partnership with Boost to assist in bringing the Crypto Shield product to life.

Boost’s insurance infrastructure-as-a-service packages the necessary operational, technological, compliance, and capital requirements for new insurance programs into a white-label solution, enabling insurtechs like Breach to swiftly launch new lines of business.

“Boost’s deep expertise and insurance infrastructure-as-a-service platform, and Relm’s industry-leading crypto reinsurance capabilities, have positioned Breach to bring a highly complex insurance product to the market in a beautifully delivered customer experience.”
– Eyhab Aejaz, Co-Founder & CEO at Breach

To deliver that product in a seamless experience, Boost and Breach’s platforms connect via API, allowing Boost’s policy administration system to deliver back-end management for the Crypto Shield product. Breach’s customers are then able to purchase and manage every part of their policy and claims process, all from within Breach’s proprietary crypto insurance platform.

“With Boost’s infrastructure-as-a-service platform, companies like Breach can launch and deliver innovative new insurance offerings, at a fraction of the time and cost required to build a full-stack insurance program from scratch.”
– Alex Maffeo, CEO & Founder of Boost

In addition to powering the new product, Boost and Breach partnered to source and secure the necessary reinsurance backing from industry expert Relm Insurance Ltd. (Relm), underwritten by Trisura Specialty Insurance Company. Operating out of Bermuda, Relm is a capacity provider to the crypto sector with a track record of insuring companies across the ecosystem. Relm has recently been awarded an ‘A Exceptional’ Financial Stability Rating (FSR) by Demotech.

“Relm’s partnership with Boost and Breach to reinsure the US’s first cryptocurrency insurance product for retail wallet holders is a milestone in supporting the development of crypto and blockchain technologies.”
– Joe Ziolkowski, CEO at Relm

The post Boost Insurance unveils product covering against crypto theft from qualified custodians appeared first on CryptoNinjas.

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