London Daily

Focus on the big picture.
Sunday, Sep 14, 2025

0:00
0:00

Crypto billionaire urges clarity on industry regulation

Bitcoin Foundation chair reacts to lawsuit targeting crypto exchange Gemini

Bitcoin Foundation Chairman Brock Pierce argued on Thursday that there is a need for clarity as to which agency should regulate the cryptocurrency industry.

Pierce noted on "Mornings with Maria" that "one of the biggest concerns in this space is security vulnerability" and noted that "we are upgrading the insecure infrastructure that comprises the Internet today."

"Crypto is at the forefront of experiencing all of those pains, but as a result of that we’re going to live in a more secure future," Pierce said.

The crypto billionaire provided the insight reacting to a lawsuit against cryptocurrency exchange Gemini, following the February theft of $36 million of crypto assets in Gemini's custody belonging to retirement accounts, a news release stated.

IRA Financial, a company that provides services for self-directed retirement and pension funds, is suing Gemini, which is owned by the Winklevoss twins Cameron and Tyler, over the company’s alleged failure to prevent the hack.

IRA Financial Trust vows to use the proceeds from the lawsuit to reimburse IRA Financial customers impacted by hack, the news release stated.

The lawsuit alleges that Gemini did not have proper safeguards in place to protect the crypto assets of customers and claims that the exchange acted too slowly to prevent more money from being stolen after IRA notified Gemini.

When reached for comment, a Gemini spokesperson told Fox News Digital that "IRA Financial was hacked and is trying to deflect blame on Gemini by filing this lawsuit."

"This is not a Gemini issue and no Gemini systems were compromised," the spokesperson continued. "While we regret that some of their customers had this experience, this incident starts and stops with IRA Financial."

Pierce stressed on Thursday that there have "clearly" been "calls for increased regulation" and recent events have only further highlighted the need for "sensible regulation."

Along with the stock market, bitcoin has experienced a lot of volatility in recent weeks.


As of Thursday morning, the bitcoin was trading around the $30,000 level, down from its all-time high of over $68,000 reached in November 2021.

The crypto is down more than 34% year-to-date.

Bitcoin and other cryptocurrencies have had some rough weeks in anticipation of and following the half-point interest rate hike by the Federal Reserve.

It was the second of several anticipated increases this year as the central bank seeks to combat soaring inflation, which is at a high not seen in four decades.

The expectation now is that the Fed will take aggressive action to try and curb inflation, which has reduced investor appetite to hold assets perceived as higher risk.

Adding to more fears of volatility in the crypto market was the decoupling of the TerraUSD, a stablecoin whose value was tied to $1 last month. The world’s largest stablecoin by market cap, tether, also briefly edged down from its $1 peg.

Stablecoins are digital currencies with values that are pegged to traditional assets, like the dollar, another currency or gold. Its correspondence with the dollar is what, in theory, makes it stable. However, volatility in the crypto market challenged that presumption.

Pierce argued that "the implosion" of the stablecoins has "definitely" made regulation "a hot topic of discussion" and noted that he was happy to learn of "sensible regulation being proposed by people that have invested the time to know what they’re talking about."

Pierce was referencing the Responsible Financial Innovation Act, bipartisan legislation with the goal of creating a regulatory framework for digital assets that encourages financial innovation as well as consumer protections.

U.S. Sens. Kirsten Gillibrand, D-N.Y., and Cynthia Lummis, R- Wyo., introduced the legislation on Tuesday.

Pierce said he is "really happy to see the bill being proposed on a nonpartisan basis."

He pointed to a few "big things" in the bill, including "regulatory clarity in terms of what regulatory body should be overseeing this."

Pierce noted that several agencies, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), said regulation was "their domain."

"The reality is that cryptocurrency is built upon a database architecture called blockchain and you can build anything with the database," he said.

"But the idea of the CFTC being the regulatory body would be my pick if I had to choose one versus the confusion of everyone trying to say that this is their domain, making it difficult for investors, difficult for developers to operate with all that regulatory uncertainty."

Newsletter

Related Articles

0:00
0:00
Close
French Debt Downgrade Piles Pressure on Macron’s New Prime Minister
US and UK Near Tech, Nuclear and Whisky Deals Ahead of Trump Trip
One in Three Europeans Now Uses TikTok, According to the Chinese Tech Giant
Could AI Nursing Robots Help Healthcare Staffing Shortages?
NATO Deploys ‘Eastern Sentry’ After Russian Drones Violate Polish Airspace
Anesthesiologist Left Operation Mid-Surgery to Have Sex with Nurse
Tens of Thousands of Young Chinese Get Up Every Morning and Go to Work Where They Do Nothing
The New Life of Novak Djokovic
The German Owner of Politico Mathias Döpfner Eyes Further U.S. Media Expansion After Axel Springer Restructuring
Suspect Arrested: Utah Man in Custody for Charlie Kirk’s Fatal Shooting
In a politically motivated trial: Bolsonaro Sentenced to 27 Years for Plotting Coup After 2022 Defeat
German police raid AfD lawmaker’s offices in inquiry over Chinese payments
Turkish authorities seize leading broadcaster amid fraud and tax investigation
Volkswagen launches aggressive strategy to fend off Chinese challenge in Europe’s EV market
ChatGPT CEO signals policy to alert authorities over suicidal youth after teen’s death
The British legal mafia hit back: Banksy mural of judge beating protester is scrubbed from London court
Surpassing Musk: Larry Ellison becomes the richest man in the world
Embarrassment for Starmer: He fired the ambassador photographed on Epstein’s 'pedophile island'
Manhunt after 'skilled sniper' shot Charlie Kirk. Footage: Suspect running on rooftop during panic
Effective Protest Results: Nepal’s Prime Minister Resigns as Youth-Led Unrest Shakes the Nation
Qatari prime minister says Netanyahu ‘killed any hope’ for Israeli hostages
King Charles and Prince Harry Share First In-Person Moment in 19 Months
Starmer Establishes Economic ‘Budget Board’ to Centralise Policy and Rebuild Business Trust
France Erupts in Mass ‘Block Everything’ Protests on New PM’s First Day
Poland Shoots Down Russian Drones in Airspace Violation During Ukraine Attack
Brazilian police say ex-President Bolsonaro had planned to flee to Argentina seeking asylum
Trinidad Leader Applauds U.S. Naval Strike and Advocates Forceful Action Against Traffickers
Kim Jong Un Oversees Final Test of New High-Thrust Solid-Fuel Rocket Engine
Apple Introduces Ultra-Thin iPhone Air, Enhanced 17 Series and New Health-Focused Wearables
Macron Appoints Sébastien Lecornu as Prime Minister Amid Budget Crisis and Political Turmoil
Supreme Court temporarily allows Trump to pause billions in foreign aid
Charlie Sheen says his father, Martin Sheen, turned him in to the police: 'The greatest betrayal possible'
Vatican hosts first Catholic LGBTQ pilgrimage
Apple Unveils iPhone 17 Series, iPhone Air, Apple Watch 11 and More at 'Awe Dropping' Event
Pig Heads Left Outside Multiple Paris Mosques in Outrage-Inducing Acts
Nvidia’s ‘Wow’ Factor Is Fading. The AI chip giant used to beat Wall Street expectations for earnings by a substantial margin. That trajectory is coming down to earth.
France joins Eurozone’s ‘periphery’ as turmoil deepens, say investors
On the Anniversary of Queen Elizabeth’s Death: Prince Harry Returns to Britain
France Faces New Political Crisis, again, as Prime Minister Bayrou Pushed Out
Murdoch Family Finalises $3.3 Billion Succession Pact, Ensuring Eldest Son’s Leadership
Big Oil Slashes Jobs and Investments Amid Prolonged Low Crude Prices
Court Staff Cover Up Banksy Image of Judge Beating a Protester
Social Media Access Curtailed in Turkey After CHP Calls for Rallies Following Police Blockade of Istanbul Headquarters
Nayib Bukele Points Out Belgian Hypocrisy as Brussels Considers Sending Army into the Streets
Elon Musk Poised to Become First Trillionaire Under Ambitious Tesla Pay Plan
France, at an Impasse, Heads Toward Another Government Collapse
Burning the Minister’s House Helped Protesters to Win Justice: Prabowo Fires Finance Minister in Wake of Indonesia Protests
Brazil Braces for Fallout from Bolsonaro Trial by corrupted judge
The Country That Got Too Rich? Public Spending Dominates Norway Election
Nearly 40 Years Later: Nike Changes the Legendary Slogan Just Do It
×