Terrence (Terry) A. Duffy, the Chairman and Chief Executive Officer of CME Group, sits down with Bloomberg interviewer and discusses many of current events and top questions of the day. Among other topics, Duffy answers questions about cryptocurrency, bitcoin, and crypto regulations.
On Cryptocurrency: “I’ve learned a lot about digital currencies over the last several years. You can imagine going back to the time when the first person pulled out a credit card and people asked, ‘What is that?’ And you can think of the first time when someone pulled out the first paper check, people asked, ‘What is that?”
On Cryptocurrencies and Regulations: “There are 1,146 currencies in circulation in the world today… Cryptocurrency is one of those vehicles that people feel is not going away. People say they are tulips. Governments say, “We are no longer having ICOs in China. Russia came out today and ban them. The market went down significantly and then the market went right back up. That tells me that people want to see what the end of the game may be.”
On Regulations: “I think what’s good for the market is that you don’t limit the people to the marketplace. I think liquidity is especially important. When you limit participation especially in times of stress. During times of stress you want to make sure there a good number of people in the marketplace that can fix the situation…Even though we are not moving a lot right now you still want the market to be open when stress does present itself.”