CME Group CEO Terry Duffy Encourages Government Involvement for Cryptocurrency’s Wellbeing
According to the CEO of the CME Group, Terry Duffy, it will be difficult for commercial banks around the world to get involved in the crypto market until governments start accepting these digital assets. He said this during an interview with Bloomberg on February 14.
Duffy has also talked about Bitcoin (BTC) and its price. He mentioned that he does not know if the price of the most popular digital asset has bottomed. Since December 2017, Bitcoin price dropped more than 80% and other virtual currencies have lost more than 90% of their value. This is why the crypto community is currently waiting for a trend reversal.
He has also talked about the JPM Coin, the virtual currency that is going to be released by JP Morgan, one of the largest financial institutions around the world. The main intention behind this virtual currency is to make financial transactions much more efficient.
According to Duffy, JP Morgan’s attitude towards virtual currencies seemed to have changed. At the very beginning, JP Morgan was very skeptical about Bitcoin. Indeed, everyone remembers the negative comments given by the company’s CEO. He said that Bitcoin is a fraud and that governments were going to ultimately destroy it.
About it, Duffy commented:
“The key to the success of any currency, whether it’s fiat or crypto, is going to be associated with the government. So I think the government needs to be more involved.”
In a recent press release uploaded by the U.S. Securities and Exchange Commission (SEC), the regulatory agency informed that it gained an injunction against an Initial Coin Offering (ICO) called Blockvest. The agency is trying to increase its presence in the market by regulating ICOs and other projects related to blockchain technology and cryptocurrencies.
According to Brad Garlinghouse, the JPMorgan Coin misses the point of cryptocurrencies. The JPM Coin could eventually become a competitor to Ripple and its strategy to allow financial companies to process cross-border transactions in a fast and easy way.
As predicted, banks are changing their tune on crypto. But this JPM project misses the point – introducing a closed network today is like launching AOL after Netscape’s IPO. 2 years later, and bank coins still aren’t the answer https://t.co/39EAiSJwAz https://t.co/e7t7iz7h21
— Brad Garlinghouse (@bgarlinghouse) February 14, 2019