Ray Dalio says if bitcoin is really successful, regulators will 'kill it'
Ray Dalio, founder of the world's largest hedge fund Bridgewater Associates, believes regulators would ultimately take control of bitcoin if the cryptocurrency gains mainstream success. "I think at the end of the day if it's really successful, they will kill it and they will try to kill it. "You have El Salvador taking on it and you have India and China getting rid of it. In June, El Salvador has become the first country to adopt bitcoin as legal tender. I have a certain amount of money in bitcoin," Dalio said.cnbc.com
Biden's pick for SEC flags trading app gimmicks for scrutiny
He was asked about the roiling stock-trading drama involving GameStop shares that has spurred clamor for tighter regulation of Wall Street. The GameStop episode prompted lawmakers to raise concern about the business model of Robinhood, the online trading platform that hosted a wave of trading in GameStop. If confirmed to the SEC post, Gensler said, he would work to strengthen transparency and accountability in the markets. Biden’s selection of Gensler to lead the SEC signals a goal of turning the Wall Street watchdog agency toward an activist role after a deregulatory stretch during the Trump administration. The GameStop episode has bolstered political momentum toward tighter regulation of the securities markets, though Republican lawmakers and regulators generally will oppose new rules.
GameStop saga makes Wall Street an issue for Biden team
The SEC took a deregulatory tilt under chair Jay Clayton, a former Wall Street lawyer appointed by President Donald Trump. The populist strain recalls the anger fueling the Occupy Wall Street movement over the big bank bailouts that Congress brought in response to the financial crisis. At least two of them have closed out January's trading with losses of more than 40%, according to reports by The Wall Street Journal and Bloomberg News. Politicians and critics said Robinhood changed the rules of the road midway through, in favor of Wall Street firms who were still able to trade these shares. Wall Street brokerages, big banks and other financial companies were already expecting the Biden administration to be tougher on them than the Trump regime.
President-elect Biden arrives in Washington with big plans, big problems
“To heal we must remember," the incoming president told the nation at a sunset ceremony at the Lincoln Memorial. “Between sundown and dusk, let us shine the lights into the darkness ... and remember all who we lost,” Biden said. “Tonight, we grieve and begin healing together.”Beyond the pandemic, Biden faces no shortage of problems when he takes the reins at the White House. Biden at his Delaware farewell, held at the National Guard/Reserve Center named after his late son Beau Biden, paid tribute to his home state. As Biden made his way to Washington, five of his Cabinet picks were appearing Tuesday before Senate committees to begin confirmation hearings.
Biden, Harris take break from inaugural prep to mark MLK day
Flags are placed on the National Mall, looking towards the Washington Monument, and the Lincoln Memorial, ahead of the inauguration of President-elect Joe Biden and Vice President-elect Kamala Harris, Monday, Jan. 18, 2021, in Washington. As Biden and Harris took breaks from their inaugural preparations to honor the civil rights hero Monday, outgoing President Donald Trump remained out of public view at the White House for the sixth straight day. Biden transition officials, including incoming Homeland Security adviser Liz Sherwood-Randall and the deputy attorney general nominee, Lisa Monaco, held a videoconference with acting heads and career staff from national security agencies to discuss the security situation surrounding Inauguration Day. Even before the Jan. 6 insurrection at the Capitol, inauguration festivities were expected to be muted due to the virus. Mayor Muriel Bowser urged residents to stay away from the city on Inauguration Day.
Biden picks Chopra, Gensler for financial oversight roles
President-elect Joe Biden is set to nominate Rohit Chopra as the director of the Consumer Financial Protection Bureau, tapping a progressive ally of Sen. Elizabeth Warren to helm the agency whose creation she championed. Gensler, a former Goldman Sachs banker, tightened oversight of the complex financial transactions that helped cause the Great Recession. Consumer and investor advocate groups praised the selections of Gensler and Chopra. Mulvaney had been a vocal critic of the consumer agency and made deep changes to it, softening regulations on payday loans, for example, and pulling back on enforcement efforts. As one of two Democratic commissioners on the five-member Federal Trade Commission, Chopra has been an outspoken critic of practices by big companies, especially tech giant Facebook.