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Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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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.