Ex-regulators join advisory board of cryptocurrency startup Omniex via @reuters

Reuters reports, “Former U.S. Securities and Exchange Commission chairman Arthur Levitt and former Federal Deposit Insurance Corp chair Sheila Bair have joined the board of advisors of cryptocurrency trading platform Omniex, the company said on Tuesday.

“Omniex also said it had hired Maartje Bus, former head of capital markets at Thomson Reuters Corp (TRI.TO), as director of strategic partnerships, and Tom Eidt, former head of KCG’s regulatory affairs, as chief compliance officer and general counsel.

“More former watchdogs and financial services executives have been joining the cryptocurrency ranks, as the nascent sector looks to mature and cope with more regulatory scrutiny.

“’We’re in the nascent stages of a revolutionary, global asset class, but we’re also on the cusp of regulatory thinking on how to approach and regulate crypto assets,’ Bair said in a statement.

“Bair served as chair of the U.S. banking regulator from 2006 to 2011 and played an important role in the government’s response to the financial crisis of 2008.

“Omniex, which has offices in San Francisco and Santa Monica, California, is developing technology and services to make it easier for financial institutions to trade cryptocurrencies such as bitcoin.

“While interest in cryptocurrencies has grown, the sector still lacks the same level market infrastructure available to investors in other asset classes.

“’Institutional investors need purpose-built technology to solve the challenges they face today and equipped to handle the hidden obstacles they’ll encounter tomorrow in this new asset class,’ Levitt said in a statement.”

Continue to read the full story at Reuters.