Congress Examines Potential 'Systemic Risks' From Crypto

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Law360 (June 30, 2021, 4:38 PM EDT) — Institutional buyers’ foray into cryptocurrencies might pose a systemic danger to the monetary system ought to cryptocurrencies’ worth volatility result in giant, simultaneous losses, a congressional subcommittee heard Wednesday.

Alexis Goldstein, director of economic coverage on the Open Markets Institute, informed the U.S. Home Subcommittee on Oversight and Investigations that sudden worth drops in cryptocurrencies similar to Bitcoin might set off a string of expensive liquidations if institutional buyers maintain related positions.

“If a majority of hedge funds with billions of {dollars} in property beneath administration start to carry vital positions in crypto, as sure surveys point out they’re all for doing, it…

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