Nasdaq and Bank of America Thinks Cryptocurrency Is a Threat and Should Be Regulated

Nasdaq Inc. and Bank of America Corp. CEOs said crypto currencies are a threat and need to be regulated.

According to Bloomberg, Nasdaq CEO Adena Friedman and Bank of America CEO Brian Moynihan spoke at a conference in New York hosted by MIT Sloan School of Management.

According to Friedman, ICOs must be subject to securities laws. The argument went to the head of the US Securities and Exchange Commission (SEC), Jay Clayton, and the commission sent various court jurisdictions to the companies to determine how the ICOs were presented to potential clients as a result. Companies have also been warned for artificial price inflation plans, also known as “pump-and-dump”.

Speaking to Konferanst, Friedman said that if retail investors had put their money into a product, they would be entitled to protection, and Moynihan said that the crypto money could be used for illegal reasons:

“The idea of ​​anonymous currencies has never been good. We have a real potential risk. “

Moynihan added that the use of crypto money could fill a void to move high amounts of illegal money; this is an action that can not be used due to the absence of nominal value bills for official currencies, and the anonymity of some cryptographic currencies offers an advantage in this area.

Interestingly, comments from Friedman follow the announcement that the CEOs earlier this week will be open to creating a stock exchange that traditionally trades as the sector matures. In an interview with CNBC, he said:

“I believe the crypto currencies will continue to insist. The whole point is how long it will take for this area to mature.”

Nasdaq also began working with the crypto currency Gemini, which was founded by Cameron and Tyler Winklevoss to use SMARTS technology while monitoring trade manipulations.

Nevertheless, while Bank of America claims that the annual filing that it completed in February puts the SEC at risk for the business of the cryptographic money market, the competition is on the contrary showing increasing interest in the sector. Earlier this week, it was stated that Goldman Sachs performed the initial hiring for the crypto-currency department, thus documenting the seriousness of helping customers invest in their cryptographic currencies.

Since December, the Wall Street Bank is also pointing to a trading desk dealing with cryptographic currencies. The bank aims to activate the platform at the latest in the summer of 2018.

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