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BANKS WON’T PROMOTE BITCOINS WITH SAME ENTHUSIASM

BANKS WON’T PROMOTE BITCOINS WITH SAME ENTHUSIASM

Speaking to Bitcoin trustees in Miami, Genesis CEO Michael Moro said banks have so far been limited to taking steps in the field such as investing in crypto startups or derivatives.


"It's their best effort to find a representative to participate in Bitcoin: One, to make it look like they are doing something," Moro told a panel at the Bitcoin 2022 conference on Wednesday. “But two, most importantly, their regulators are in charge of the banks and they are responsible for everything they do. They are too far away to be able to trade real Bitcoin. "


The institutional adoption of cryptocurrensets has been steadily growing since the end of 2020, with banks including Goldman Sachs Group Inc. introducing crypto trading to their customers in recent months. The U.S. The Securities and Exchange Commission approved a Bitcoin-related futures product for the first time in October, but continued to reject bank applications and hedge funds to provide similar products tied to crypto spot prices.


Banks also say they have been barred from keeping their own cryptocurrency funds, leading to others such as Standard Chartered Plc. set up shotable units that can handle tokens directly.


Moro said products that pay cash or provide exposure to Bitcoin are simply a “safe way” for banks to tell regulators that they do not touch crypto, while still providing access to the digital markets their customers request.


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Jenna Wright, managing director of the crypto exchange LMAX Digital, said on a similar panel the London-based company would present its loan products to its 35 clients, who wanted to sell the market but were restricted by existing law. .


"You have had the opportunity to make the best of both worlds," Wright said. “But these guys have to be a little smarter, banks, because they are used to the five-day market. We've been in crypto for several years now, and that's not how it works. "



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