In this issue of The Daily, we report on recent statements by the new chairman of the Financial Stability Board (FSB), a flaw between Wikileaks and Craig S. Wright (CSW), and the latest update on the upcoming institutional crypto platform, Bakkt.
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New FSB chair fears crypto
Randal Quarles is a stock investor and former US Secretary of State in the Treasury Department of Domestic Finance, who is now Deputy Chairman of the Board of Governors of the Federal Reserve. In his inaugural address as chairman of the Financial Stability Board (FSB) at a meeting of the Bank for International Settlements (BIS) in Hong Kong, he commented on the challenges that cryptocurrencies pose for the intergovernmental body based in Switzerland.
Quarles said, "The FSB has decided to review its vulnerability assessment framework to ensure that we are at the forefront of the financial stability vulnerability assessment. This should be a framework based on the first principles and benefiting from a comprehensive dialogue with non-members – banks, banks, regulators and other relevant official bodies … I trust that the framework will leverage the strength of the broad and diverse members of the FSB that it is future-oriented and flexible enough to handle a financial system that evolves over time. It's not going to be easy – developments like the emergence of crypto assets can challenge any framework – but that makes the goal of a robust framework all the more important. "
The FSB is an international body that oversees and assesses vulnerabilities in the global financial system and includes all G20 economies. As early as October 2018, a report by the organization entitled "Markets in Cryptographic Investments: Possible Channels for Future Impact on Financial Stability" stated that "Cryptographic investments, based on the information available at this time, do not pose a material risk to global financial stability. "
Wikileaks goes to CSW
Wikileaks, the non-profit association for the publication of classified information, founded by Julian Assange, has targeted Craig Wright of BSV. The organization tweeted: "The series maker, who claims to be the inventor of Bitcoin, Craig S. Wright, now claims that Bitcoin has always come across the state and has always worked for the prosecutor as he seeks money for business projects and escape courts to raise action. "
This was in direct response to a recent CSW media article in which he wrote: "Bitcoin was never meant to help an anonymous money transfer system, and I have always been against those who try to operate outside the law." I do not like Wikileaks and have never been a fan of Assange's methods. More importantly, I am strictly against criminal markets and bucket deals. Ross Ulbricht and others like him are criminals. They are not freedom fighters, not libertarians. They are simply predators and everything Bitcoin has created to make it far more difficult. "
Wikileaks accepted Bitcoin in June 2011 after it suffered its first financial stalemate when Paypal, Mastercard, Visa and Bank of America stopped donating to the organization. Wikileaks announced last year that Coinbase had blocked its official Wikileaks store without notice and called for a global blockade of cryptocurrency exchange.
Bakkt Exchange Update
A recent Intercontinental Exchange (ICE) winning bid has revealed new details about its anticipated cryptocurrency futures trading subsidiary, Bakkt. Following the exceptions of ICE, the investment in Bakkt will cost $ 20 to $ 25 million in the first quarter based on the run rate in the first quarter.
ICE Chief Executive Jeff Sprecher told the analysts, "Bakkt is a unique structure for us and we have actually established it as a stand-alone company with its own name, management team and capitalization. At the moment, ICE is the main investor of the company. I assume that we will do other financing rounds. "
Spokesman added, "We have very, very large retail stores [with] A global end-user connectivity that we hope will be integrated into this ecosystem and could turn this initiative into a very, very valuable business if our business plan goes down … This is fundamentally different from the way ICE is normally done Doing business. They are good at building an infrastructure that I think will be introduced later this year. "
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The contribution in the Daily: The new FSB chair fears Krypto, Wikileaks goes to CSW, Bakkt update first appeared in the Bitcoin News.