April 26, 2023
Franklin Templeton CEO: The Future of the Crypto Industry Is Regulated
Cheyenne Ligon Cheyenne Ligon is a CoinDesk news reporter with a focus on crypto regulation and policy. She has no significant crypto holdings. Follow @ cheyenneligon on Twitter AUSTIN, Texas — Grousing about the state of crypto regulations in the U.S. has become the norm for many industry players, but Franklin Templeton CEO Jenny Johnson said she thinks it’s important for the industry to accept that more regulations are coming – whether they like it or not. Speaking at CoinDesk’s Consensus Festival on Wednesday, Johnson said the future of the industry “will be regulated,” and that cryptocurrencies like Bitcoin (BTC) were a “distraction” from crypto’s real innovation, blockchain technology. “Bitcoin is the greatest distraction from the greatest disruption [coming to the financial system], and that’s blockchain,” Johnson said. Read full coverage of Consensus 2023 here. “I can tell you, if bitcoin ever became so big that it became a threat to the U.S. dollar as the reserve currency, the U.S. would limit … the use of bitcoin. Currencies are very important for governments … to manage their economies,” said Johnson. “They will not cede their currency to this concept of a global currency.” Johnson added that it’s better for companies to engage directly with regulators as they develop new products. Johnson added that Franklin Templeton, which manages $1.5 trillion in assets, has been in close contact with the U.S. Securities and Exchange Commission (SEC) as it developed its newly launched blockchain-based mutual fund . Read More: A $1.4T Financial Giant Expands Its Money Market Fund on Polygon Johnson added that the global investment firm, which has offices in over 30 countries worldwide, is used to working with regulators outside the U.S. as well. “I can tell you, different areas in the world are more advanced than others, more comfortable with [crypto] than others,” Johnson said, naming Singapore, Hong Kong, and the UAE as examples of crypto-friendly jurisdictions. Johnson said that regulators, both in the U.S. and outside of it, are nervous about passing regulations that could have unintended consequences. “This is a complicated space, and the regulators are trying to be thoughtful,” Johnson said. Regulatory uncertainty aside, Johnson is still bullish on the potential for crypto and blockchain technology to disrupt the financial industry. Blockchain technology could, according to Johnson, open investment opportunities for asset managers by reducing friction and eliminating “toll takers” that currently waste resources. Edited by Tracy Wang. DISCLOSURE Please note that our privacy policy , terms of use , cookies , and do not sell my personal information has been updated . The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies . CoinDesk is an independent operating subsidiary of Digital Currency Group , which invests in cryptocurrencies and blockchain startups . As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights , which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG . Cheyenne Ligon Cheyenne Ligon is a CoinDesk news reporter with a focus on crypto regulation and policy. She has no significant crypto holdings. Follow @ cheyenneligon on Twitter Learn more about Consensus 2023 , CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now. Cheyenne Ligon Cheyenne Ligon is a CoinDesk news reporter with a focus on crypto regulation and policy. She has no significant crypto holdings. Follow @ cheyenneligon on Twitter
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