Sunday, May 16, 2021

Biden Cyber Nominee to Protect Morgan Stanley's Bitcoin Futures


President Biden nominated Jen Easterly for a key cybersecurity position in his White House.  Easterly works for Morgan Stanley defending the firm from cyber threats.  Morgan Stanley announced it would cram Bitcoin Futures contracts into a smattering of its mutual funds.  Bitcoin is the favored currency of ransonware pirates.  I imagine the head of cybersecurity had input as to the safety of Bitcoin and the risk's involved in investing in the cyber-currency. 

The SEC had this to say about Morgan Stanley's move:

Bitcoin is a “highly speculative” asset, according to the staff statement, published Tuesday by the Division of Investment Management. The note warned investors in mutual funds that trade bitcoin futures may be taking on more risk than they realize.

Goldman Sachs announced it would offer Bitcoin derivatives.  How long before Goldman is charged with manipulating that market?  Morgan Stanley also has a record of self dealing to the detriment of customers.

As a public official Easterly would be in a position to influence the direction of those Bitcoin futures.  Easterly knows how to defend Wall Street with its new Bitcoin bet products.