Senator Cynthia Lummis (R-WY) has given a specific date for when her long-awaited crypto regulator bill will be unveiled. The legislation will help to sort cryptocurrencies under appropriate regulatory labels and federal jurisdictions. According to a tweet from the senator on Friday, the final version of her bill will be released on Tuesday, June 7th. Lummis has spent months working on the bill alongside Senator Kirsten Gillibrand (D-NY), announcing it as early December 2021. The bill will reportedly provide sweeping…
Multiple Wall Street industrial trading companies have recently made plans to boost their cryptocurrency trading activities. The financial startups may soon open new business ventures to acquire a lump sum of crypto assets to trade.
The most prominent players in the United States equity market have shifted their focus to digital assets. Some of these companies include Jump Trading, Jane Street and GTS.
Wall Street Eyes Cryptocurrency Trading
Several renowned Wall Street companies command trading respect on a global sphere. Additionally, they take up trading space on global equity, stock market, currency, and futures markets. Moreover, these companies plan to engage in crypto asset trading.
In an interview with Financial Times, Jane Street’s head of institutional strategy, Mina Nguyen, reported that the company started trading cryptocurrencies in 2017. But, equally important, their experience gained from trading security assets translated to exceptional trading of digital assets worldwide.
Additionally, their company’s profit growth marked a significant increase. Finally, Mina stated that the institution’s complex earned expertise is an available support system for crypto enthusiasts getting into the crypto market.
The New Cryptocurrency Era
Many traders have been preparing for a financial trend sweeping crypto markets and the United States domino market. In the last two decades, technological advancements have taken new heights. Following technological growth, markets are incredibly efficient and hold billions of dollars in revenues.
A lot of industrial investors now shift focus to crypto assets. High returns in cryptocurrency trade have masked significant dumps and the market’s volatility. However, profits attached to the crypto market have proved lucrative compared to stocks and securities.
High-end trading companies started trading in crypto after the Bitcoin boom in 2017. Most of these companies maintained low-profile reports on crypto dealings as they built up trade for several years. According to JP Morgan analysts, these high-frequency traders take up 80% of the crypto market.
On Wednesday, Coinbase reported having applied to become a commission merchant trader on behalf of institutional investors. Other major traders include GTS (Radkl), with the sole purpose of trading in digital assets. First up in the trade plan consists of Bitcoin, followed by decentralized finance (DeFi).
The Crypto trading wave has billionaires like Steve Cohen, deep in investment with Radkl. In addition, the CEO of GTS, Ari Rubenstein, reported a need for “large-scale sophisticated players.” Consequently, these traders would offer efficient and attractive trade for investors.
Next in line Jump Trading, set up a team of about 80 professionals focused on blockchain and digital coins development. President at Jump Trading, Kanav Kariya, indicated decades in action to produce high-performance crypto infrastructure.