Kenneth Griffin, CEO, states that the firm isn’t ready to accept regulatory risk yet
Citadel Securities is a global hedge-fund company based in the United States. It has not purchased or traded cryptocurrency because of the regulatory uncertainty.
This is the view of Ken Griffin, the company’s founder and Chief Executive Officer.
Griffin made this comment in an interview with.
“We just aren’t involved today,”He spoke out about the reasons why multinational firms have not been able to add Bitcoin and other crypto assets into their portfolios, as well as his thoughts.
According to the billionaire investor, he doesn’t want to “take on the regulatory risk” given the uncertainty — even if some of the leading companies in the investment space are already doing so.
Speaking to the Economic Club of Chicago, Griffin pointed to the need for the proper regulation of cryptocurrencies, citing Gary Gensler’s recent comments on the matter.
Gensler, the Chair of the US Securities and Exchange Commission (SEC), recently said that the regulator was keen on crypto regulation, with so many firms on the sidelines likely to be encouraged into crypto if there’s clarity around the issue.
Griffin isn’t shy about stating that he is largely against cryptocurrencies. Citadel, however, will be able invest in crypto if there is more competition.
He believes that clarity in the market will make crypto attractive to big-money investors. According to him, this will be possible due to the market becoming clear. “smaller”Consequently, it is attractive to major players in the mainstream market.
The digital assets industry has experienced significant growth and many crypto enthusiasts believe that cryptocurrencies could replace the US dollar or other national currencies.
El Salvador’s adoption of Bitcoin as legal tender would be a good example of this possibility. Griffin, however, isn’t convinced and equates concerns about the US Dollar with a “jihadist call”And “crazy concept”.
Griffin acknowledged that Citadel would likely enter the cryptocurrency market if it is properly regulated.
Coin Journal first published the article Citadel Securities unable to trade crypto due to regulatory uncertainty