The CEO of Soros Fund Management, one of the largest hedge funds in the world, defended the cryptocurrency industry after regulatory pressure from the US Securities and Exchange Commission (SEC).
In a statement Wednesday, CEO Dawn Fitzpatrick said that despite the difficulties, cryptocurrencies will be permanent.
The announcement comes after the SEC sued Binance and Coinbase, two of the largest crypto exchanges, for selling illegal securities.
The SEC alleged that the exchanges violated federal securities laws by offering products such as futures, options, and tokens that are unregistered or exempt. The lawsuits caused shock waves in the Bitcoin and crypto markets, causing prices to drop and liquidity to dry up.
Also speaking about the US economy, Fitzpatrick said he does not think interest rates will fall quickly as inflation and debt levels remain high. He added that he thinks we will see more bank failures and bailouts in the near future.
Soros Fund Management is a hedge fund founded by billionaire investor George Soros. The fund revealed that it owns some Bitcoin and has been investing in crypto infrastructure for years.
*Not investment advice.
