Senior executives at some of the world’s largest investment banks are moving away from traditional finance for cryptocurrency jobs, often seeking more excitement and higher rewards in an industry regulators have dubbed the “Wild West.” The exits of traders, quants, tech specialists and bankers from traditional Wall Street or City backgrounds for cryptocurrencies are gaining … Read more
Hello! Welcome back to Distributed Ledger, our weekly cryptocurrency newsletter that hits your inbox every Thursday. I’m Frances Yue, a cryptocurrency journalist at MarketWatch, and I’ll walk you through this week’s latest and best digital assets so far. Find me on Twitter at @FrancesYue_ to send feedback or tell us what you think we should … Read more
As US regulators tighten oversight of the digital asset space, cryptocurrency companies are doubling down on their lobbying efforts. Companies engaged in cryptocurrency businesses spent at least $ 4.9 million on lobbying in 2021, up 116% from 2020, according to a recent study by crypto intelligence site Crypto Head. According to the study, cryptocurrency lobbying … Read more
The New York hipster couple accused of one of the biggest cryptocurrency thefts in the world had quietly opened bank accounts in Russia and traveled to Ukraine to obtain fake IDs, authorities said. Federal prosecutors exposed the new details of the couple’s financial and travel movements as part of the government’s appeal against a judge’s … Read more
As cryptocurrency loses its stigma as nothing more than a convenient conduit for criminals and money launderers, banks have so far proceeded with caution. Goldman Sachs and JPMorgan are among the large banks that have engaged in trading cryptocurrencies – not cryptocurrencies per se, but futures contracts and other instruments – to reap the volatility … Read more
Believers in the transformative power of blockchain have labeled the rise of bitcoin BTCUSD, + 0.18% and other cryptocurrencies a revolution, implicitly placing financial industry incumbents and federal regulators in the role of eager reactionaries. Former Commodity Futures Trading Commission Chairman Chris Giancarlo made the analogy explicit on Tuesday when he called the Biden administration’s … Read more
Opaque regulations remain a major challenge for the cryptocurrency industry, according to Elena Hughes, chief compliance officer of the cryptocurrency exchange Gemini Trust Co. She joined NYC-based Gemini in May 2020 after more than a decade of compliance work for traditional financial institutions such as Morgan Stanley and Goldman Sachs Group Inc. Gemini was launched … Read more
Google and its rivals are wielding a new weapon in the battle for cloud computing market share: large investments in companies that agree to access their services. With Thomas Kurian as CEO of the cloud since 2019 after a long tenure at Oracle Corp. ORCL -0.50% , the alphabet Inc. GOOG 0.04% leveraged its $ … Read more