This edition of The Daily features recent comments from the Financial Stability Board’s new Chair (FSB), a dispute between Wikileaks (CSW) and Bakkt (an upcoming institutional crypto platform).
New FSB Chair Fears Crypto
Randal Quarles, an equity investor and former U.S. Randal Quarles is an equity investor and former U.S. Treasury Secretary for Domestic Finance. He serves as Vice Chair for the supervision of Federal Reserve Board of Governors. During his inaugural speech as Chairman of the Financial Stability Board, (FSB), at a Bank for International Settlements meeting in Hong Kong, he remarked about the challenges cryptocurrencies present for the Switzerland-based intergovernmental entity.
Quarles stated that the FSB had decided to review its framework for assessing vulnerability to ensure that we were at the forefront of financial stability vulnerability assessment…. The framework should start from the first principles and benefit from substantial dialogue with regulators and non-banks. I believe that the framework will draw on the strength of the wide and diverse membership of FSB. It will also be forward-looking and flexible enough to deal with a financial system that is constantly changing. It will be difficult, as developments such as the emergence crypto-assets could challenge any framework – but that only makes it more important to achieve the goal of a strong framework.
Daily: Wikileaks Moves After CSW, Bakkt Charity Token Homeless Update
Federal Reserve Board Building, Washington, DC
The FSB, an international organization that monitors and evaluates vulnerabilities affecting global financial systems, includes all G20 countries. In October 2018, the organization released a report titled “Cryptoasset markets: Potential financial stability implications”. It concluded that crypto-assets did not pose a risk to global financial stability based on all available information.
Wikileaks Goes After CSW
Wikileaks is the non-profit that publishes classified information and was founded by Julian Assange. It has now set its sights on Craig Wright of BSV. Tweeted the organization: “Serial fabricator, Craig S. Wright claims to have invented Bitcoin. He now claims that Bitcoin was always prostate. As he seeks to raise money for his business and avoid court action, he also claims that he worked for prosecution.”
CSW wrote this in response to a Medium post where he said: “Bitcoin wasn’t designed to aid an anonymous money transfer system and I was always against those seeking to operate beyond the law.” He also stated that he didn’t like Wikileaks and had never liked Assange. I strongly oppose criminal markets and bucket shop. Ross Ulbricht, and others like them are criminals. They aren’t freedom fighters and they aren’t libertarians. They are simply predators and that is what Bitcoin was created to make even more difficult.