Coin Stories News Block: Debate Reaction, Financial Risks Looming, SEC Doubles Down on Controversial Bank Custody Rule, Record Outflows in Bitcoin ETFs
Sep 11, 2024
This week features Janet Yellen, former Secretary of the Treasury, who discusses her views on financial risks and her past predictions of crises. Vice President Kamala Harris and former President Donald Trump reflect on a recent presidential debate, scrutinizing the lack of focus on economic issues. The podcast also delves into the SEC's controversial custody rule and the alarming trend of record outflows from Bitcoin ETFs, raising questions about institutional adoption amid market volatility.
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Yellen's Warnings Signal Concern
- Janet Yellen's denial of current financial risks signals underlying concerns rather than reassurance.
- Her history of missing crises suggests caution despite her claims of stability.
Regulatory Reassurance Often Misleading
- Regulators try to quash panic by downplaying crises but often signal the opposite.
- History shows official reassurance of no imminent crisis often precedes market trouble.
SEC's Custody Rule Risks Instability
- SEC's SAB-121 rule uniquely restricts banks from Bitcoin custody, treating crypto unlike traditional assets.
- This increases instability by pushing custody to less regulated, offshore institutions instead of banks.