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00:00I AM VONNIE QUINN. > > AND I AM SHERY AHN. ACCORDING TO THE DEAN OF WALL STREET LAWYERS, RECORDS POLICY COMES AS BANKS ARE HELPING INVESTORS FED IN VIRTUAL CURRENCIES. WHAT HAS BEEN CONVINCED? > > HE BELIEVES THE OVERSIGHT COUNCIL SHOULD RECORD DATING EFFORTS TO REGULATE BITCOIN. THE REASON THIS IS INTERESTING IS BECAUSE IN DECEMBER, THEY PUT OUT A 150 PAGE ANNUAL REPORT, AND BITCOIN HAD ONE PARAGRAPH IN IT. THEY DOWNPLAYED THE RISKS, BUT THE SURVEY WAS BASED ON 2015. AS YOU KNOW, CRYPTOCURRENCY SURGED, AND EVERYTHING IS WAY DIFFERENT . WE TALKED ABOUT GOLDMAN SACHS BUILDING A CRYPTOCURRENCIES DESK. > > ALSO, ISN ' T THERE A SERIOUS QUESTION MARK IN THE UPCOMING YEAR? > > THAT IS A FANTASTIC QUESTION. YES, ABSOLUTELY. I THINK THE ISSUE OF BITCOIN AND CRYPTOCURRENCY IS THAT STEVE MNUCHIN HAS COME OUT AND SAID THAT WE HAVE TO BE MONITORING ILLICIT ACTIVITY DID BETWEEN THE COIN AND OTHER TRANSACTIONS. THE FEDERAL RESERVE, THE FCC, THE CFTC, AND ALL OF THEM HERE HAVE HAD SOMETHING TO SAY WHETHER IT IS ABOUT CURRENCY FLOWS, MONEY LAUNDERING, CONSUMER PROTECTION. > > WHAT TYPE OF STRATEGY WILL

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Rodgin Cohen's Bitcoin Prophecy Entails Broad Regulatory Response

Bloomberg's Sonali Basak reports on Sullivan & Cromwell Chairman Rodgin Cohen's bitcoin prophecy concerning regulators responding to the cryptocurrency. She speaks on "Bloomberg Markets." (Source: Bloomberg)

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