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

Geoffrey Hinton tells us why he’s now scared of the tech he helped build

“I have suddenly switched my views on whether these things are going to be more intelligent than us.”

Meet the people who use Notion to plan their whole lives

The workplace tool’s appeal extends far beyond organizing work projects. Many users find it’s just as useful for managing their free time.

Learning to code isn’t enough

Historically, learn-to-code efforts have provided opportunities for the few, but new efforts are aiming to be inclusive.

Deep learning pioneer Geoffrey Hinton has quit Google

Hinton will be speaking at EmTech Digital on Wednesday.

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.