Thomas Peterffy Quotes

Though I don't personally believe that Bitcoin is true money, it should be perfectly legal, and there should be no restrictions on it; there should be no taxes on it.

In our early experiences with bitcoin, we found how few people were building bitcoin exchanges the right way. They really weren't taking the regulation seriously; they were taking it too much like how you would approach something when you're 18, full of the excitement of youth and throwing caution to the wind.

A lot of people don't want to deal with the effort needed to secure your bitcoins. That's why we started to build Gemini, which is a U.S.-based exchange with compliance - it's NASDAQ, E-Trade and DTC built into one.

There is no evidence that more regulation makes things better. The most highly regulated industry in America is commercial banking, and that didn't save those institutions from making terrible decisions.

There is a very real danger that financial regulation will become a wolf in sheep's clothing.

Under the Dodd-Frank law, the SEC got the lion's share of the rules to write, more than 100 rules, and we have done an extraordinary amount of that. Eighty percent have been either proposed or adopted. So, a lot, a lot accomplished but of course, more to do.

The best defence against mafia business is full declaration of assets and incomes.

Creating a regulatory system that reflects the modern-day realities of financial markets is not as difficult as it may appear.

The SEC got more than 100 rules to write under Dodd-Frank, the lion's share of all the agencies. And we've moved, I think, with a tremendous sense of urgency. But it takes a long time to write rules and get them approved by a five-member commission.

This country, of course, needs fundamental reform of our financial regulatory system, as I, and many other financial institution executives, have publicly advocated for a considerable period.

Banking, I would argue, is the most heavily regulated industry in the world. Regulations don't solve things. Supervision solves things.

It's the FSA and its plethora of EU bodies that's failed.

The regulators can’t do it. These institutions are just too large and complex.

… attempting to supervise the financial sector is a fool’s errand

Nation states that are used to imposing capital controls will face a quandary: ban cryptocurrencies and live in the technology dustbin; enable them, and this virus - this religion, this protocol - will enable the free flow of money and language, along with packets, around the globe.

Dodd-Frank greatly expanded the regulatory reach of the Federal Reserve. It did not, however, examine whether it was correctly structured to account for these new and expansive powers. Therefore, the Committee will be examining the appropriateness of the Fed's current structure in a post Dodd-Frank world.

Our objective in regulation should be to put in place tough enough regulation and capital and liquidity standards that we level the playing field and make it costly.

Virtual currency, where it's called a bitcoin vs. a U.S. dollar, that's going to be stopped. No government will ever support a virtual currency that goes around borders and doesn't have the same controls. It's not going to happen.

Banning cash transactions over R3 lakh will allow banks to diversify their banking activities into new areas and not mundane ones.

I believe that we have to have a new regulatory regime for our financial system.

The financial system has to be regulated, we have to end with the tax havens, and it's necessary that the central banks in the world should control a little bit the banks' financing because they cannot bypass a certain range of leverage.

Getting in the middle of financial transactions is a regulatory minefield.

Britain needs a tough, strong financial conduct regulator.

I frankly think we in the financial service world believe we need appropriate kinds of regulations. No question about that. But when something like Dodd-Frank has been created, sort of in the mystery of night, it is a huge document. It's vast. It weighs about 10 pounds when I carry it around.

Regulations don't solve things. Supervision solves things. If we could figure out that the subprime thing was a train wreck that was coming, where were the regulators?