Governments are looking into regulating the currently decentralized cryptocurrency space, and that’s a good thing for the market.
So said Fortune senior writer Jen Wieczner.
“I think it’s going to be very good for prices, because you’re going to allow for investment in big companies that have already embraced regulations,” she said in an interview with Cheddar Friday. “I think you have a lot of investors now, especially institutional investors, who are waiting on the sidelines, because they don’t want to be involved in a scam or their compliance department don’t allow them to.”
Mexico was the latest to crack down on money laundering and illegal activities in cryptocurrency. Reuters reported the proposed legislation, which is waiting for approval from President Enrique Peña Nieto, will regulate fintech and promote financial stability in cryptocurrency.
Similarly, the SEC launched a probe into the operations of American tech companies handling crypto this week. The Wall Street Journal reported that the watchdog is looking into the process of Initial Coin Offerings, trying to weigh whether firms have been violating securities laws.
Wieczner said that some companies will not stand up to the scrutiny.
“For some of them, regulation is likely going to completely knock them out,” she said.
Jack Dorsey has stepped down as CEO of Twitter, saying he believes the social media platform is "ready to move on from its founders". The move has many wondering where Dorsey will focus his attention next, as he is still CEO of his financial payments company Square, which is heavily involved in cryptocurrency. Doug Astrop, managing partner at Exponential Investment Partners, joined Cheddar to discuss what Dorsey's resignation means for tech investors, particularly within the crypto space.
Astra founder, chairman, and CEO Chris Kemp spoke to Cheddar's Kristen Scholer about his company's first successful launch into orbit last month, becoming the fastest space company to reach orbit using a privately developed liquid-fueled rocket. He also noted that the company's priority is to "improve life on Earth from space" by rapidly increasing the number of low-orbiting satellites to do everything from connecting people to monitoring weather patterns.
Once again, YouTube is releasing its annual list of the top trending videos and music videos that had people in the U.S. talking. Madeline Buxton, trends expert for YouTube joins Cheddar News to discuss.
Stocks closed at session lows Wednesday as investors grew skittish over the first reported case of the COVID-19 omicron variant in California. Josh Sailar, Partner at Blue Zone Wealth Advisors, joins Cheddar News' Closing Bell to discuss investor worry over the new variant, the Fed dropping the word 'transitory' to describe inflation and potentially speeding up their asset tapering timeline, 2022 predictions, and more.
The Robin Hood Foundation is New York City's largest poverty-fighting organization. For more than 30 years, Robin Hood has built and fueled non-profits across all five boroughs. CEO Richard Buery joined Cheddar News' Closing Bell ahead of his ringing the closing bell at the New York Stock Exchange and later, lighting of the NYSE Christmas tree.
Creator commerce platform LTK raised $300 million in a recent funding round, now valuing the company at $2 billion. LTK is the world's largest influencer marketing platform and is known for helping to pioneer the so-called 'creator economy.' The company helps content creators make money off of their social media posts by hosting them on one central marketplace. LTK says more than $3 million in products are bought each year on its website and app. Now, the company is looking to continue its growth. LTK co-founder and president Amber Venz Box joins Cheddar News' Closing Bell to discuss.
