This issue of The Daily includes recent remarks by the Financial Stability Board Chair (FSB), a spat with Craig S. Wright (CSW), as well as the most recent update on Bakkt, an institutional crypto platform.
New FSB Chair Fears Crypto
Randal Quarles is an investor in equity and a former U.S. As Vice Chair of the Federal Reserve Board of Governors, Randal Quarles serves as Under Secretary of Treasury for Domestic Finance. During his inaugural speech at a Bank for International Settlements’ (BIS) meeting, he remarked upon the challenges cryptocurrencies pose for the Switzerland-based intergovernmental organization.
Quarles stated that “the FSB will review its framework to assess vulnerabilities to ensure we are at cutting edge in financial stability vulnerability analysis… This framework should begin from first principles, benefit from substantial dialog with non-banks, regulators and other relevant bodies… I am confident that the framework will harness strength of the diverse membership of FSB, be forward-looking, and be flexible enough for a financial market that will continue to change over time. Although it will be challenging because of developments such as the rise of crypto-assets, the ultimate goal of a robust framework is important.
In the Daily: Wikileaks goes after CSW, Bakkt Shelter Humanity Update
Federal Reserve Board Building, Washington, DC
The FSB is an international organisation that monitors, assesses and assesses global financial system vulnerabilities. It includes all G20 nations. The FSB released an October 2018 report entitled “Crypto-asset market: Potential channels to future financial stability implications” which concluded that, “based on available information, crypto assets do not pose any material risk to global economic stability at the moment.”
Wikileaks Goes After CSW
Wikileaks has set its sights upon Craig Wright, the BSV-related non-profit publishing classified information that was established by Julian Assange. The group tweeted: “Serial Fabricator who claims to be the inventor of Bitcoin, Craig S. Wright now claims that Bitcoin has always been pro-state and he always worked to the prosecution as he tries raise money for a business project and avoid being sued.”
CSW responded to a Medium post in which he stated: “Bitcoin is not designed to facilitate anonymous money-transfer systems. I have always been against those who seek to operate outside of the law.” Also, he added that he did not like Wikileaks and was not a fan Of Assange’s methods. I oppose bucket shops and criminal markets. Ross Ulbricht is not alone in his criminality. They are not freedom fighters or libertarians. They are just predators. Bitcoin was made to make their lives even harder.