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Stories of Interest
- Stephen Hicks Barred for Defrauding His CT Hedge Funds - SEC
- Barclays CEO Staley Sees Pay Decline - Frankly, He's Lucky to Still be Employed
- Barclays Female Investment Bankers Earn 21% Less in Bonuses than Male Counterparts
- FINRA Eliminates $400 Fee for Explained Arbitration Decision
- SEC Adopts Statement and Interpretive Guidance on Public Company Cybersecurity Disclosures
- SEC Charges Former Bitcoin Exchange and Its Founder With Fraud
- JPMorgan Chase to Replace NYC Headquarters with 70-Story Skyscraper
- Citigroup Raises CEO Corbat's Pay 48% to $23Mn
- Should Congress Create a Crypto-Cop?
- JPMorgan Weighs Buying an Exchange-Traded Funds Firm
- Hey, Goldman Sachs: Wanna Buy BNY Mellon?
- SEC Order Rejecting Acquisition of Chicago Stock Exchange (CSX) by Chinese-Baesd Company
- Kyle Moffatt Named Chief Accountant in SEC CorpFinance
- SEC Suspends Trading in 3 Issuers Claiming Involvement in Cryptocurrency and Blockchain Technology
- Karen Garnett, Assoc. Director of SEC CorpFinance, to Leave After 23 Years of Service
- Louisiana Adviser Barred for Hiding Losses from Investors
- Connecticut HF Manager Illegally Diverted Investor Money - Now Owes Nearly $13Mn
- White House Cleaning House of Advisors Without Full Security Clearance
- Goldman Projects 30% Growth in Wealth Management Advisor Force
- Whistleblower Alleges Manipulation of CBOE Volatility Index
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Wall Street News
Will Trump Save Bitcoin From Regulation
Perhaps the only thing in America more volatile than Donald Trump is Bitcoin. This cryptocurrency, along with its rivals like Ripple and Ethereum, surged to record highs in December 2017, as traders anticipated the launch of futures contract on the CBOE and CME markets.
From its high trading price of $19,783 (12/17/17), Bitcoin has plunged in recent days - closing on Wednesday at $10,821 - 45% lower than its record high. Bitcoin - and it traded as low $9,200 (more than 53% below its record high).
WHAT'S DRIVING THIS PRECIPITOUS DECLINE? One factor is the looming fear of regulation. Countries like South Korea and China are seen as tightening control over cryptocurrency trading, while closer to home the CFTC and the SEC are doing their best to monitor markets and work closely with the exchanges - CME CBOE, Cantor Exchange. CFTC Chair Christopher Giancarlo pledges "to avoid systemic risk and to protect market users and their funds, consumers and the public from fraud, manipulation and abusive practices."
Recent statements from the SEC and the CFTC:
Statement on Cryptocurrencies and Initial Coin Offerings, by SEC Chair Jay Clayton
TRUMP TO THE RESCUE? Given Donald Trump's penchant for deregulation, it wouldn't be a surprise to see Donald Trump ride in on his proverbial Golden Steed and stymie the SEC and the CFTC from their attempts to enact stringent regulations on Bitcoin and its cryptocurrency rivals. While such presidential strong-arming might enhance market volatility, it also would open the window to higher prices for Bitcoin and others.
It also would enhance the possibility that the price of Bitcoin could skyrocket to $100,000 by the end of 2018 - and in advance of Trump's impeachment or nuclear war with North Korea.