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FT News Briefing
UK uncovers criminal crypto network
Dec 5, 2024
Donald Trump has chosen cryptocurrency advocate Paul Atkins to lead the SEC, potentially reshaping regulations in the crypto space. Meanwhile, political unrest in South Korea and France has captured attention. A major UK investigation has unveiled a massive money laundering operation linked to organized crime, connecting European drug traffickers and Russian hackers. This podcast also highlights the murky ties between cryptocurrency and global crime networks, alongside Google's new AI weather forecasting model that outstrips traditional methods.
12:29
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Quick takeaways
- Donald Trump's nomination of Paul Atkins for SEC chair signals a potential shift toward relaxed regulations and support for cryptocurrencies.
- The uncovering of a multi-billion dollar crypto money laundering scheme highlights the serious risks posed by digital currencies in organized crime.
Deep dives
New Leadership at the SEC
Donald Trump has nominated Paul Atkins to chair the Securities and Exchange Commission, indicating a shift toward less stringent regulations on Wall Street and a more favorable approach to cryptocurrencies. Atkins' previous experience as a commissioner and his advocacy for the growth of crypto markets have garnered support from industry leaders, who are eager to rebuild public trust in the agency. This contrasts sharply with the current chair, Gary Gensler, known for introducing numerous new regulations and enforcement actions. This nomination is seen as a direct response to concerns regarding the previous administration’s regulatory stance and may shape the future landscape of financial oversight.
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