Skip to Content
Blockchain

The US government shutdown might be making crypto winter even worse

January 15, 2019

Though many cryptocurrency enthusiasts are not fans of regulators, it turns out the industry needs the feds after all (if one assumes that the industry wants to increase adoption of crypto-assets by Wall Street firms, that is).

Stuck in a holding pattern: The most high-profile example is the launch of Bakkt, the forthcoming digital asset exchange from the owner of the New York Stock Exchange. Or rather, its delayed launch. Bakkt can’t get off the ground until the government reopens so that regulators can open a 30-day public comment period. That’s according to CoinDesk, which has posted a detailed look at how the shutdown is “halting crypto progress on Wall Street.”

The absence of gatekeepers: Regulators are not available approve (or disapprove) of much-anticipated crypto-related investment products, like Ethereum futures and Bitcoin exchange-traded funds. Vince Molinari, cofounder of the trading platform Templum, told CoinDesk that the US Securities and Exchange Commission is likely to delay initiatives seen as important for Wall Street’s continued adoption of the technology. These include much-anticipated guidance on custody and the secure storage of crypto-assets. “I think the entire space gets pushed back,” he said. (Also see “The next generation of ICOs will actually have to follow the rules.”)

Keep Reading

Most Popular

A Roomba recorded a woman on the toilet. How did screenshots end up on Facebook?

Robot vacuum companies say your images are safe, but a sprawling global supply chain for data from our devices creates risk.

A startup says it’s begun releasing particles into the atmosphere, in an effort to tweak the climate

Make Sunsets is already attempting to earn revenue for geoengineering, a move likely to provoke widespread criticism.

10 Breakthrough Technologies 2023

Every year, we pick the 10 technologies that matter the most right now. We look for advances that will have a big impact on our lives and break down why they matter.

These exclusive satellite images show that Saudi Arabia’s sci-fi megacity is well underway

Weirdly, any recent work on The Line doesn’t show up on Google Maps. But we got the images anyway.

Stay connected

Illustration by Rose Wong

Get the latest updates from
MIT Technology Review

Discover special offers, top stories, upcoming events, and more.

Thank you for submitting your email!

Explore more newsletters

It looks like something went wrong.

We’re having trouble saving your preferences. Try refreshing this page and updating them one more time. If you continue to get this message, reach out to us at customer-service@technologyreview.com with a list of newsletters you’d like to receive.