Swap contracts, famously described as the financial equivalent of “weapons of mass destruction,” have continued to evolve since their heyday leading up to the 2008-2009 financial.
Over the past decade, though, and particularly in recent months, digital assets have boomed.
Big names like MassMutual, MicroStrategy, and Tesla have bought Bitcoin; PayPal and Square s CashApp have made it easy to buy crypto with the tap of a finger; and major financial players like BNY Mellon and Visa and Mastercard have said they re planning to offer custody and transaction services for certain digital assets.
Some SPACs have even considered getting in on the action, according to people interviewed for this story.
While complex technology and scrutiny from regulators might deter some investors and big firms from adoption, lawyers have been riding the wave, clocking billable hours as they try to help clients reimagine finance while avoiding lawsuits, scandals, and enforcement action.
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After breaching a record-high of $58,000 last Sunday, bitcoin slid to $47,000 on Friday.
Despite regulatory uncertainty, three CEOs of money managers are still bullish.
They explain why bitcoin is still in its early stages and set to mature into a gold-like market cap.
Is bitcoin entering a bear market ?
After the digital currency slid from its record high of $58,000 last Sunday to $47,000 as of Friday afternoon, its biggest weekly loss since a 33.5% decline last March, some skeptics are saying bitcoin is on the verge of falling into, if not already, in a bear market.
Senators Introduce Bill to Rescue CFTC Whistleblower Program Friday, February 26, 2021
Yesterday, Sens. Chuck Grassley (R-Iowa), Maggie Hassan (D-N.H.), Joni Ernst (R-Iowa), and Tammy Baldwin (D-Wis.) introduced the CFTC Fund Management Act. The purpose of this bipartisan legislation is to increase the whistleblower reward fund used to pay rewards to those that report commodities fraud. The fund is in danger of depletion due to the increasing success of the program. The bill would allow the commission to set aside more money from fines collected to pay whistleblower awards.
The Commodities Futures Trading Commission (CFTC) relies on whistleblower to uncover fraud and other illegal activities. Its Customer Protection Fund, established by Congress in 2010, hold funds that are used to reward whistleblowers for their disclosures. However, it is also used to pay for operating expenses and educational initiatives associated with the CFTC whistleblower office.