As more Wall Street watchdog members trade digital assets, Chief Executive Officer Robert Cook said on Tuesday that the Financial Industry Regulatory Authority expects to enhance its resources to comprehend and monitor cryptocurrencies.
Mr. Cook said at a trading industry conference, “We are already having to be active in the space, and we believe it is appropriate for us to bulk up our capabilities there.”
Mr. Cook stated that FINRA has several members who have been permitted to trade digital asset securities. These members allow consumers to access crypto products and members with registered representatives with crypto-related outside business operations.
According to him, the regulator is also working on digital asset verification techniques and investigating if it can conduct cross-market monitoring on multiple blockchains.
Interest Rate is in Peak
Bitcoin hit an 18-month low on Tuesday as significant crypto lender Celsius Network stopped withdrawal,s and the threat of steep U.S. interest rate hikes rocked the volatile asset class.
As reported by ndtv, Coinbase Global Inc, a crypto exchange, announced Tuesday that it would slash around 1,100 positions, or 18% of its workforce, to weather the crypto bear market. Hundreds of jobs have been cut at companies like BlockFi and Crypto.com, while prominent companies like Meta Platforms and Intel Corp have put the brakes on hiring.
While government authorities compete for dominance as the lead regulator for digital assets, M.r Cook believes FINRA will play a role regardless of the outcome.
“We’ll need to be involved and prepared to have the resources to do it,” he said, adding, “Anyone who is getting laid off from a crypto platform and wants to work for FINRA, give me a call.”