Goldman restarts its crypto desk / Dan Loeb exploring crypto / NYAG and SEC issue warnings

Goldman Sachs could reopen its crypto trading desk...

Inside.com Part of   Network March 03, 2021

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Bitcoin $50,612 7 day: +3.3% Ethereum $1,589 7 day: +2.3% All crypto $1.55T 7 day: +2.1% Bitcoin dominance 61.1% 7 day: -0.1% Prices as of 10:50 a.m. EST

Goldman Sachs headquarters Goldman Sachs (NYSE:GS) could reopen its crypto trading desk, offering bitcoin futures and other derivatives.  The U.S.-based multinational investment bank paused operations at its crypto trading desk in September 2018 amid regulatory uncertainty. Goldman is pursuing the reopening of its crypto trading desk, exploring custody solutions, and could even propose its own bitcoin ETF, according to Bloomberg's Matthew Leising. Leising attributed Goldman's 2021 desk reopening to higher bitcoin prices and transaction volumes. Interest in bitcoin has soared and attracted investments from billionaires like Paul Tudor Jones, Elon Musk, Michael Saylor, and Stan Druckenmiller. Leising also noted the new Purpose Bitcoin ETF (BTCC-U.TO) facilitating almost $400M of transactions within its first two days on the public market. Click to tweet the following text (you can edit it before sending): $GS Goldman Sachs will revive its crypto trading desk amid the 2021 #bitcoin $BTC boom. Bloomberg

Billionaire investor Dan Loeb is the latest hedge fund manager to explore bitcoin publicly. Loeb leads Third Point, an asset manager with approximately $17B worth of assets under management (AUM). More: Loeb tweeted that he has "been doing a deep dive into crypto" and is looking to overcome "the idea that being late to the crypto party will inevitably lead to one taking the sucker seat at a high stakes poker table." He admitted that this could still be "early days." Loeb cited a blog post from Andreessen Horowitz's Chris Dixon about non-fungible tokens (NFTs). He said that Dixon has a "brilliant mind" and that he enjoyed his article "as an art collector and investor." While learning, Loeb is "maintaining healthy skepticism." Click to tweet the following text (you can edit it before sending): Billionaire investor @DanielSLoeb1 of @Third Point is the latest hedge fund manager to explore #bitcoin and #NFTs publicly. Dan Loeb

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NYAG Warning Letter New York Attorney General (NYAG) Letitia James published a warning for crypto investors. She also reminded unregistered businesses operating in New York of her authority to suspend operations. "Too often, greedy industry players take unnecessary risks with investors' money," she said. More: In a three-page investor notice published on March 1, James recommended extreme caution with virtual currencies. Her report mentioned a growing number of bad actors in the crypto industry due to bitcoin's price swings and excessive media attention. In a press release issued on the same day, James shared that, in the last week, her office successfully ended Coinseed's operations and stopped Bitfinex & Tether's illegal activities in New York. James also encouraged individuals aware of any illegal or unethical behavior in virtual currency trading to file an anonymous transmission via her office's whistleblower site. Click to tweet the following text (you can edit it before sending): The New York Attorney General published a warning statement for #crypto companies and investors. "Virtual currency is a high-risk and unstable investment," she said. NBC News

The SEC's Division of Examination published a risk alert after examining advisers, investors, and transfer agents for digital assets. The SEC's Division of Examinations (formerly known as the Office of Compliance Inspections and Examinations) found that digital assets create unique risks for investors. The risk alert mentioned several focus areas for supervising the digital asset activities of brokers, investment advisors, transfer agents, and exchanges, and improving compliance. To ensure the safekeeping of funds and operations, Division staff will "examine broker-dealers to understand operational activities, including operations that are unique to the safety and custody of Digital Asset Securities." The staff also noted that pseudonymity on distributed ledger technologies poses unique challenges to anti-money laundering compliance. The SEC neither approved nor disapproved the observations. Click to tweet the following text (you can edit it before sending): The SEC's Division of Examination issued a risk alert regarding digital asset securities, noting unique challenges to anti-money laundering compliance. SEC Division of Examination

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President Joe Biden's nominee to lead the SEC, Gary Gensler, promised to take a closer look at crypto. The U.S. Senate Banking Committee conducted a three-hour virtual hearing and questioned the incoming regulator on his intentions. Senators questioned Gensler's approach to cryptocurrencies in particular. Gensler taught about cryptocurrencies at the MIT Sloan School of Management. Gensler's enforcement agenda is expected to be even more aggressive than that of his predecessor, Jay Clayton. Bitcoin dipped a few hundred dollars intraday after Gensler said the SEC must "root out crypto fraud." Senators also asked for Gensler's opinion regarding Gamestock (NYSE:GME) and Robinhood. He said he would examine gamification technologies used by the trading platform. "What does it mean when you have behavioral prompts to get investors to do more transactions? We're going to have to study that and think about it," Gensler told Senators. Click to tweet the following text (you can edit it before sending): Bitcoin dipped a few hundred dollars intraday on Tuesday after Gensler said the SEC must "root out crypto fraud." Law360

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Curated by Associated Press fanboy, eye-strained news terminal watcher, and bitcoin follower since $1, Aaron Wise. Temporarily listening to news squawk boxes in Florida while awaiting the construction of cryptopia. Editor Charlotte Hayes-Clemens is an editor and writer based in Vancouver. She has dabbled in both the fiction and non-fiction world, having worked at HarperCollins Publishers and more recently as a writing coach for new and self-published authors. Proper semi-colon usage is her hill to die on.

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