AUSTIN, Texas – Grousing about the state of crypto regulations in the U.S. has become the norm for many industry players, but Franklin Templeton’s 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.on Wednesday, Johnson said that the future of the industry “will be regulated,” and that cryptocurrencies like bitcoin 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.“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 US 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 as it developed its
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