Unclear regulatory is keeping firm out of crypto trade: Citadel CEO

The CEO of Citadel talked about their stances on crypto industry and claimed that there is huge regulatory uncertainty over the crypto industry that is retarding the firm to seek crypto trading.

In the present time crypto adoption is increasing more than the speed of light because countries are moving towards the adoption of crypto as a legal tender, to use crypto assets like a currency. But there are many big crypto investors, which are under the confusion whether they would go with the crypto or not because of the huge uncertainty over the crypto by the local regulators.

Read also: Brazil moves closer to implement Bitcoin’s legal framework

In the latest, Citadel firm’s CEO shared such problems in an interview with the Economic Club of Chicago. 

Kenneth Griffin, CEO Citadel, said that there is great uncertainty over the crypto regulation by the regulatory body and these uncertainty are big reasons for the firm to not go with the Crypto trading and crypto based products for their clients.

“Because of a lack of regulatory certainty around cryptocurrency, we just aren’t involved today…i believe (Securities and Exchange Commission) Chairperson Gensler is spot-on on the need to have thoughtful regulation around cryptocurrency”

Further he added that there are many Partners of the firm and also many online Institutional investors, which are asking for the crypto based services. But still such huge demands are not enough for them to go with the crypto trade facilities for their clients. 

According to Griffin, if regulators will provide better clarity with better regulation over the crypto, then it will lead to better results in the crypto industry to give better services and better evolution because of competition. And also the growth and development of the crypto industry will build a better and stronger US economy. 

“What a crazy concept this is that we as a country embrace so many bright talented people to come up with a replacement for our reserve currency.”

Read also: Crypto Industry too Large over Bitcoin , Says Bank Of America