{"id":113386,"date":"2021-05-02T15:01:43","date_gmt":"2021-05-02T15:01:43","guid":{"rendered":"https:\/\/fin2me.com\/?p=113386"},"modified":"2021-05-02T15:01:43","modified_gmt":"2021-05-02T15:01:43","slug":"lolli-ceo-were-a-risk-free-way-to-get-into-the-bitcoin-space","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/lolli-ceo-were-a-risk-free-way-to-get-into-the-bitcoin-space\/","title":{"rendered":"Lolli CEO: We&#39;re a risk-free way to get into the bitcoin space"},"content":{"rendered":"<p><em>A version of this story first appeared in CNN Business&#8217; Before the Bell newsletter. Not a subscriber? You can sign up <\/em><em>right here<\/em>.<\/p>\n<p><cite>New York (CNN Business)<\/cite>Big banks have changed their attitude toward cryptocurrencies in recent years, going from dismissive to cautiously interested. But Wall Street still isn&#8217;t fully embracing digital currencies. <\/p>\n<p>Cryptos are no longer condemned as a bizarre alternative investment, and even central banks around the world are considering issuing digital currencies. Bitcoin is trading at more than $50,000 per token and Dogecoin, which literally started as a joke, is now one of the largest digital currencies.<br \/>\nLast month, crypto trading platform Coinbase went public with a valuation of nearly $100 billion. This should have been a wake-up call for big banks, much as Netscape&#8217;s 1995 IPO was a Sputnik moment for the tech industry.<\/p>\n<ul><\/ul>\n<p>One reason banks are hesitant: Cryptocurrencies are still in regulation purgatory.<\/p>\n<ul><\/ul>\n<p>The US government, for example, can&#8217;t decide what they are. As currencies they face very little regulation. But as securities, such as stocks and other investments, they would face a different level of scrutiny.<\/p>\n<p>In December 2020, the US Securities and Exchange Commission filed a lawsuit against crypto platform Ripple and its leadership for the alleged illegal selling of unregistered securities \u2014 in form of its cryptocurrency XRP \u2014 worth $1.3 billion.<br \/>\nThe case, which is ongoing, suggests XRP is a security and not a currency, because otherwise securities law wouldn&#8217;t apply. Ripple rejects that label.<br \/>\nCases like that, paired with the huge<strong> <\/strong>regulatory uncertainty for other big cryptocurrencies, make it hard to get involved for banks, which are regulated to the bone.<br \/>\n&#8220;Undoubtedly, the<strong> <\/strong>Ripple action was an example of the regulatory dark cloud that could potentially hang over cryptos other than Bitcoin or Ether,&#8221; Ashley Ebersole, <strong>a <\/strong>partner at law firm Bryan Cave Leighton Paisner and former SEC attorney, told CNN Business.<br \/>\nBitcoin and Ether, the currency of Ethereum, are so large and decentralized at this point that no promotional efforts by individuals would make a difference to their trading, Ebersole added.<br \/>\n<img decoding=\"async\" alt=\"Yes, the IRS can tax bitcoin and other cryptocurrencies. What you need to know\" class=\"media__image\" src=\"\/\/cdn.cnn.com\/cnnnext\/dam\/assets\/210408121317-20210408-bitcoin-2020-tax-gfx-large-169.jpg\"><\/p>\n<p>Regulatory uncertainty is scary for companies looking to jump on the crypto bandwagon. But eventually, banks will likely be able to get on board.<br \/>\n<span>Goldman Sachs<\/span> <span>(<span>GS<\/span>)<\/span> reportedly restarted its crypto trading desk in March and will soon offer its private wealth management clients ways to invest in cryptos.<br \/>\nGoldman Sachs CEO David Solomon said on the company&#8217;s earnings call in April that the rapid rise of cryptocurrencies signals that &#8220;there will be significant disruption and change in the way money moves around the world.&#8221;<br \/>\n&#8220;We need to operate within the current regulatory guidelines,&#8221; Solomon said during the earnings call. &#8220;For example, we cannot own Bitcoin or trade it as principal.&#8221;<br \/>\nMeanwhile, <span>JPMorgan<\/span> <span>(<span>JPM<\/span>)<\/span> Co-President Daniel Pinto said that if crypto demand from clients keeps increasing and the asset class keeps growing and developing, banks can&#8217;t just sit on the sidelines.<br \/>\nDigital currencies should best be thought of as a new financial product banks are getting involved with, Ebersole said. &#8220;Does it require new and different financial control? Probably.&#8221;<br \/>\nTo be sure, big Wall Street names have already made money on the most recent bout of crypto-mania. Goldman was the lead bank for Coinbase&#8217;s direct listing, for example, which means the company reaped the highest fees for their investment banking efforts.<\/p>\n<h3>Social media is a lifeline for Indians. And a threat for Modi<\/h3>\n<p>On most days, Network Capital, a business networking group with over 67,000 members on <span>Facebook<\/span> <span>(<span>FB<\/span>)<\/span>, focuses on providing its community with information on job vacancies, higher education, and careers.<br \/>\nRecently, however, the group has been flooded with posts from users looking for hospital beds, oxygen and medicines, as a devastating second wave of Covid-19 sweeps across India.<br \/>\nMembers of the Facebook group, mostly Indian professionals, have responded swiftly to appeals for help, at times sharing extensive <span>Google<\/span> <span>(<span>GOOGL<\/span>)<\/span> spreadsheets with details of medical suppliers and volunteer organizations.<br \/>\nWith authorities struggling to provide adequate information, distressed patients and their families have turned to <span>Twitter<\/span> <span>(<span>TWTR<\/span>)<\/span>, Facebook, WhatsApp, Instagram or LinkedIn, begging for help, my colleague Diksha Madhok reports from New Delhi.<br \/>\nBut even as Indians turn to social media during one of the country&#8217;s darkest hours, Prime Minister Narendra Modi seems to be cracking down on the major platforms in an attempt to stifle dissent. Last month, Twitter removed several tweets about Covid-19 at the request of the Indian government, including some that were critical of the prime minister&#8217;s handling of the pandemic.<br \/>\nIn a statement last week, India&#8217;s Ministry of Electronics and Information Technology said it had asked Twitter, Facebook and others to remove around 100 posts by users it accused of spreading fake or misleading information.<br \/>\nNew Delhi&#8217;s intervention has put the social media companies in a difficult position in one of their biggest markets, wedged between their users and a government that recently introduced new rules that could make them liable for not removing controversial posts.<br \/>\nPratik Sinha, co-founder of fact-checking website Alt News, said he does not buy the government&#8217;s explanation that it was going after fake news. &#8220;There are hundreds of thousands of posts with fake news on social media during the pandemic, why take down only these 100 and let the others stay,&#8221; he said.<\/p>\n<h3>Up next<\/h3>\n<p><strong>Monday:<\/strong> Earnings from Estee Lauder, Avis Budget and Suncor Energy; US ISM Manufacturing Index<br \/>\n<strong>Tuesday:<\/strong> Earnings from ConocoPhillips, CVS Health, DuPont, Marathon Petroleum, Pfizer, Sysco, Under Armour, Activision Blizzard, T-Mobile US and Virgin Galactic<br \/>\n<strong>Wednesday:<\/strong> Earnings from General Motors, Hilton, Jones Lang LaSalle, Allstate, MetLife, Maersk and PayPal; US crude oil inventories<\/p>\n<ul><\/ul>\n<p><strong>Thursday:<\/strong> Earnings from Anheuser-Busch InBev, ArcelorMittal, Moderna and Volkswagen Group; US unemployment claims<br \/>\n<strong>Friday:<\/strong> Earnings from Siemens, Adidas, IAG, Credit Agricole, BMW and Cigna, US jobs report for April<br \/>\nSource: <a href=\"https:\/\/edition.cnn.com\/2021\/05\/02\/investing\/stocks-week-ahead\/index.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A version of this story first appeared in CNN Business&#8217; Before the Bell newsletter. Not a subscriber? You can sign up right here. New York [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":113385,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Lolli CEO: We&#039;re a risk-free way to get into the bitcoin space - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/lolli-ceo-were-a-risk-free-way-to-get-into-the-bitcoin-space\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lolli CEO: We&#039;re a risk-free way to get into the bitcoin space - Fin2me\" \/>\n<meta property=\"og:description\" content=\"A version of this story first appeared in CNN Business&#8217; Before the Bell newsletter. Not a subscriber? You can sign up right here. New York [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/markets\/lolli-ceo-were-a-risk-free-way-to-get-into-the-bitcoin-space\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2021-05-02T15:01:43+00:00\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2021\/05\/Lolli-CEO-Were-a-risk-free-way-to-get-into-the-bitcoin-space.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fin2me.com\/markets\/lolli-ceo-were-a-risk-free-way-to-get-into-the-bitcoin-space\/\",\"url\":\"https:\/\/fin2me.com\/markets\/lolli-ceo-were-a-risk-free-way-to-get-into-the-bitcoin-space\/\",\"name\":\"Lolli CEO: We&#39;re a risk-free way to get into the bitcoin space - Fin2me\",\"isPartOf\":{\"@id\":\"https:\/\/fin2me.com\/#website\"},\"datePublished\":\"2021-05-02T15:01:43+00:00\",\"dateModified\":\"2021-05-02T15:01:43+00:00\",\"author\":{\"@id\":\"https:\/\/fin2me.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\"},\"breadcrumb\":{\"@id\":\"https:\/\/fin2me.com\/markets\/lolli-ceo-were-a-risk-free-way-to-get-into-the-bitcoin-space\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/fin2me.com\/markets\/lolli-ceo-were-a-risk-free-way-to-get-into-the-bitcoin-space\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/fin2me.com\/markets\/lolli-ceo-were-a-risk-free-way-to-get-into-the-bitcoin-space\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/fin2me.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Markets\",\"item\":\"https:\/\/fin2me.com\/category\/markets\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Lolli CEO: We&#39;re a risk-free way to get into the bitcoin space\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/fin2me.com\/#website\",\"url\":\"https:\/\/fin2me.com\/\",\"name\":\"Fin2me\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/fin2me.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/fin2me.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\",\"name\":\"Mark\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/fin2me.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/39b72719fb75a2d3c7d7695026648602?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/39b72719fb75a2d3c7d7695026648602?s=96&d=mm&r=g\",\"caption\":\"Mark\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Lolli CEO: We&#39;re a risk-free way to get into the bitcoin space - Fin2me","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/fin2me.com\/markets\/lolli-ceo-were-a-risk-free-way-to-get-into-the-bitcoin-space\/","og_locale":"en_US","og_type":"article","og_title":"Lolli CEO: We&#39;re a risk-free way to get into the bitcoin space - Fin2me","og_description":"A version of this story first appeared in CNN Business&#8217; Before the Bell newsletter. Not a subscriber? You can sign up right here. New York [...]","og_url":"https:\/\/fin2me.com\/markets\/lolli-ceo-were-a-risk-free-way-to-get-into-the-bitcoin-space\/","og_site_name":"Fin2me","article_published_time":"2021-05-02T15:01:43+00:00","author":"Mark","twitter_card":"summary_large_image","twitter_image":"https:\/\/fin2me.com\/wp-content\/uploads\/2021\/05\/Lolli-CEO-Were-a-risk-free-way-to-get-into-the-bitcoin-space.jpg","twitter_misc":{"Written by":"Mark","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/fin2me.com\/markets\/lolli-ceo-were-a-risk-free-way-to-get-into-the-bitcoin-space\/","url":"https:\/\/fin2me.com\/markets\/lolli-ceo-were-a-risk-free-way-to-get-into-the-bitcoin-space\/","name":"Lolli CEO: We&#39;re a risk-free way to get into the bitcoin space - Fin2me","isPartOf":{"@id":"https:\/\/fin2me.com\/#website"},"datePublished":"2021-05-02T15:01:43+00:00","dateModified":"2021-05-02T15:01:43+00:00","author":{"@id":"https:\/\/fin2me.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a"},"breadcrumb":{"@id":"https:\/\/fin2me.com\/markets\/lolli-ceo-were-a-risk-free-way-to-get-into-the-bitcoin-space\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/fin2me.com\/markets\/lolli-ceo-were-a-risk-free-way-to-get-into-the-bitcoin-space\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/fin2me.com\/markets\/lolli-ceo-were-a-risk-free-way-to-get-into-the-bitcoin-space\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/fin2me.com\/"},{"@type":"ListItem","position":2,"name":"Markets","item":"https:\/\/fin2me.com\/category\/markets\/"},{"@type":"ListItem","position":3,"name":"Lolli CEO: We&#39;re a risk-free way to get into the bitcoin space"}]},{"@type":"WebSite","@id":"https:\/\/fin2me.com\/#website","url":"https:\/\/fin2me.com\/","name":"Fin2me","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/fin2me.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/fin2me.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a","name":"Mark","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/fin2me.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/39b72719fb75a2d3c7d7695026648602?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/39b72719fb75a2d3c7d7695026648602?s=96&d=mm&r=g","caption":"Mark"}}]}},"_links":{"self":[{"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/posts\/113386"}],"collection":[{"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/comments?post=113386"}],"version-history":[{"count":0,"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/posts\/113386\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/media\/113385"}],"wp:attachment":[{"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/media?parent=113386"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/categories?post=113386"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/tags?post=113386"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}