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Founder and CEO of global market maker Citadel Securities, Ken Griffin, said his company would participate in cryptocurrency markets without the regulatory uncertainty.
In an interview with Bloomberg, Griffin said Citadel Securities has stayed out of crypto trading due to the risks associated with operating in an unregulated industry.
“We are not trading crypto due to regulatory uncertainty.”
Griffin claims that Citadel Securities’ reputation as a traditional market maker would give it an edge in the crypto markets if it weren’t for the “regulatory vacuum” that exists in the crypto space.
“I would trade it because it would meet the needs of our online brokerage partners who want to have a top tier business doing pricing… We provide great service every day and every minute of every day and they want us to provide crypto prizes.
I just don’t want to take regulatory risk in this regulatory vacuum that some of my contemporaries are prepared to take.
The CEO of Citadel Securities has said he agrees with the efforts of the director of the United States Securities and Exchange Commission (SEC), Gary Gensler, to regulate cryptocurrencies.
According to Griffin, the regulation will transform the cryptocurrency market into a smaller but more competitive space.
“I really believe that President Gensler is on point, on the need for thoughtful regulation around cryptocurrency. In fact, I think it will make it a smaller market because it will become a much more competitive market when the regulations are clear.
And it will be good. A smaller market, fewer people involved who are frankly trying to make a quick buck. And whatever virtues this product has, and I think it’s pretty nebulous, it will become very different in a world of competitive trading and competitive pricing by top market makers willing to do their best.
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Featured Image: Shutterstock / Tionico Adam Refly / Vladimir Sazonov
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