Cryptocurrency Trading Platform Omniex Hired Former SEC and FDIC Executives

According to an August 7, 2018 press release, Omniex has appointed several former American financial executives to its own board of advisors. Arthur Levitt is a former United States Securities and Exchange Commission chairman, and Sheila Bair was a member of the United States Federal Deposit Insurance Corporation. The former executives worked at the SEC and FDIC, which means that they have a lot of insight about American banking and currency trade and regulation laws. Omniex is an instutition-oriented crypto currency trading venue. It primarily works with banks and other financial institutions that deal with trades in large numbers and high values of a wide variety of currency types. Omniex has also announced a few additional personnel changes. Maartje Bus, who is the former head of capital exchange markets at Thomson Reuters, will become the director of strategic partnerships at Omniex. Tom Eidt has been named by Omniex as itschief compliance officer and general counsel. He is the former head of regulatory affairs at KCG. Levitt is a proponent of the use of technology for crypto currency trading. He explained that institutional investors should have purpose-built technology that is specific to their market niche. Because crypto currency is a new asset class, it needs to have customized technology that is prepared to handle the intricacies and potential problems related to the technology both now and into the future. For her part, Bair explains that crytpo currency trading is still in its infancy, and regulations have yet to catch up even at this early stage. In her view, people need to come together in order to develop a way of thinking around how crypto currencies should be regulated and managed in the near and long-term future. She also argues that it might behoove the Federal Reserve of the United States to issue its own digital currency. While she argues that Bitcoin is revolutionary, she states that its effectiveness of a form of payment continues to leave a lot to be desired.