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Griffin Says Regulations Will Help Reduce Risks And Foster Institutional Adoption
CEO of prominent market makers Citadel, Ken Griffin, speaking at a Bloomberg intelligence meeting in New York on Thursday, urged lawmakers and regulators to get their act together and create clear regulations for the nascent market. Griffin noted that the crypto markets had earned the right to “thoughtful regulations.”
The billionaire said the SEC had to bring clarity to what it termed securities while also calling for regular disclosure from stablecoin issuers on their reserves. Griffin added that the SEC and the CFTC needed to work out how the regulators would share responsibility for policing the nascent market.
“With more clarity in crypto, you’re going to see more of the Tier 1 firms able to provide liquidity, able to provide research, able to help enhance price discovery. That will help the market mature into whatever it is going to become,” said Griffin highlighting the need for regulatory clarity.
It is worth noting that Griffin, for a long time, has been opposed to the crypto markets, in the past calling it an attack on the dollar reserve system. However, in 2022, the billionaire has had a change of heart, saying, “I haven’t been right on this call.” Griffin has since hinted that Citadel Securities will make markets in crypto, possibly providing liquidity for institutions and retail investors.
 
 
Crypto Regulations Have Come To The Fore Again
Following the market crash in the last couple of weeks and the Terra UST debacle, regulations of the crypto markets have become a hot topic. Market participants, including MicroStrategy’s Michael Saylor and Circle’s Jeremy Allaire, have said that the recent happenings will hasten the development of crypto market rules.
As reported on Saturday, the International Organization of Securities Commissions (IOSCO) is already discussing the creation of a global crypto regulatory body. IOSCO chair Ashley Adler disclosed that, in his view, regulators need to treat the crypto markets with the same level of importance as climate change.
Treasury Secretary Janet Yellen called for lawmakers to produce stablecoin regulations by year’s end in the US. Meanwhile, the SEC and CFTC are negotiating how they should share crypto enforcement powers.
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