Citadel Avoids Crypto

Ken Griffin, the founder of Citadel Securities, recently said that regulatory concerns around cryptocurrency are keeping the tokens off his platform. Market makers across the globe have embraced crypto because it allows them to expand their businesses, but Griffin says that Citadel has not done so for good reason. He told the Economic Club of Chicago that, “I just don’t want to take on the regulatory risk in this regulatory void that some of my contemporaries are willing to take on.” Griffin also said that, “Chairperson Gensler is spot-on on the need to have thoughtful regulation around cryptocurrency.” Griffin is referring to U.S. Securities and Exchange Commission Chairman Gary Gensler. Recently, Gensler told a Senate hearing last month that the SEC was looking into several aspects of the cryptocurrency market. The agency is looking at the offer and sale of crypto tokens, crypto trading, lending options and crypto custody concerns. Griffin went on to say, “I actually think that doing so will make it a smaller market because it will become a far more competitive market when there is regulatory clarity and that will be good.” Some regulators around the world are concerned that the advent of cryptocurrency could cause a loss of control in the financial markets. Griffin disagrees, saying, “Let’s face it, it’s a jihadist call that we don’t believe in the dollar.”