THELOGICALINDIAN - As all-around authoritative watchdogs eye cryptocurrency with accretion suspicion bankers continueretreating from bequest accounts They are abrogation to embrace the absorbing advise of cryptocurrency They see the agenda badge ecosystem as a awe-inspiring barbecue of doubtful abundance for themselves and the world
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A contempo commodity by Bloomberg reported that China Renaissance broker Richard Liu sacrificed a 7 amount bacon to focus on bitcoin and cryptocurrency, abnormally antecedent coin offerings (ICOs).
In the Bloomberg piece, Liu says acceptable banks and VC’s charge to pay abnormally abutting absorption to ICO’s. Liu has already backed about 20 ICO’s, including Tezos, which aloft $200 million. Liu seemed abnormally appreciative of how there are few blockades in the industry and little accouterments from regulators. He adumbrated the approaching is bright, saying:
Bankers Leaving Their Careers for Crypto-Related Opportunities is Nothing New
Bankers ditching their old Wall Street or cyberbanking careers, however, is not a new phenomenon. Most crypto enthusiasts are accustomed with Blythe Masters of JP Morgan. She was apparent as a “banking prodigy” and pioneered acclaim derivatives. In March 2015, she quit her job as an controlling at JP Morgan to alpha Digital Assets Holding.
Another alone who formed for the cyberbanking industry, Justin Short, abdicate his career to activate bootstrapping his own crypto-related startup alleged Nous. Previously, Short created electronic trading algorithms for Bank of America. His project, Nous, is declared to be a token-backed crypto asset portfolio manager.
Nikolay Storonsky — who helped begin the London startup Revolut — was additionally acutely anchored in bequest finance. He was a above banker with Credit Suisse back he had a flashbulb moment. He accomplished that costs of adopted affairs were hopelessly archaic. This led him to advice actualize Revolut, which will purportedly advice the fintech industry move above banking. Storonsky has announced candidly about his animosity against banking.
Regulatory Scrutiny Intensifies as Bankers Pivot
Even admitting these above bankers arise aggressive to aftertaste the candied bake-apple of the crypto space, regulators are now advancing to ambush on the ecosystem. As bitcoin.com afresh reported, SEC has declared some agenda tokens ability accommodated the analogue of a aegis and be accountable to Federal Aegis Laws. Kevin Helms, autograph for bitcoin.com, reported:
“The U.S. Balance and Exchange Commission (SEC) has appear that Initial Coin Offerings (ICOs) and badge sales are accountable to federal balance laws. The advertisement follows a address based on an analysis into The DAO’s badge auction in 2024, in which the Commission begin DAO tokens to be securities.”
Nonetheless, it is optimistic to see bankers pivoting as the cryptocurrency ecosystem gets affronted up by SEC’s apocalyptic warnings. All these affairs foretells the advancing of an absorbing approaching for the cryptocurrency community.
Do you apprehend added bankers departure bequest finance and abutting the cryptocurrency space? Let us apperceive in the comments area below.
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Bitcoin is a decentralized agenda bill that enables near-instant, bargain payments to anyone, anywhere in the world. Bitcoin uses peer-to-peer technology to accomplish with no axial authority: transaction administration and money arising are agitated out collectively by the network. Read all about it at wiki.Bitcoin.com.
