Exchange virtual money
New York’s powerful banking regulator announced Thursday its first license for a Bitcoin exchange, extending its influence over the growing but little-regulated virtual currency industry. New York City-based itBit Trust Co. was the first company dealing in so-called crypto-currency to receive a trust license from the state Department of Financial Services (DFS). ItBit immediately announced it was accepting US retail and institutional Bitcoin trading customers, and said it had recruited to its board the former chair of the Federal Deposit Insurance Corporation, Sheila Bair. Benjamin Lawsky, superintendent of the DFS, which supervises the massive New York City banking industry, said it was “critical” to regulate the virtual money industry in […]
The death of the hedge fund industry has been highly exaggerated.
January is death-to-the-hedge-fund-industry month, according to the popular press. That’s right, folks, you heard it here first: The hedge fund industry, according to the popular press, CNBC, FOX Business, Bloomberg and, of course, the Wall Street Journal and Financial Times have all written the eulogy for he hedge fund industry. “Death to Hedge Funds” is the headline that keeps on giving. It seems that no matter what happens — good performance, bad performance, more regulation, less regulation, inflows of capital or outflows of capital — the industry is dying, according to all of these esteemed media outlets. In fact, the industry is far from dead. And reports of its demise […]