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Chris Brightman: 'The idea that we somehow can use distributed ledger technology to eliminate all the constraints of centuries of legal convention is a libertarian pipe dream'

Asset Management Correspondent

The chief executive of California-based asset manager Research Affiliates has called cryptocurrencies a “Ponzi scheme”, claiming bitcoin and the blockchain technology underpinning the world's largest digital asset help fuel illegal activity.

“They are a Ponzi scheme that facilitates money laundering,” Chris Brightman told 

 when asked about his views on cryptocurrencies.

Research Affiliates CEO calls crypto a ‘Ponzi scheme,’ questions ‘substance’ of blockchain

Research Affiliates CEO questions ‘substance’ of blockchain and says crypto is a ‘ponzi scheme’

Chris Brightman's comments on blockchain come after BlackRock indicated it was bullish on the technology

David Ricketts

BlackRock

Riot Blockchain

Galaxy Digital

Coinbase

Voyager Digital

Currencies

JPMorgan overhauls top private banking team in Emea

JPMorgan picks LatAm exec to lead UK private banking after Gregson exit

Rich Americans look to London as UK battles non-dom exodus

Citigroup overhauls debt capital markets team in Europe

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The unit has faced senior departures in recent months. Citigroup has now combined teams and named new leaders

Fidelity International hires Axa IM’s Le Morhedec as global fixed income CIO

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Axa IM veteran joins after more than 20 years with the Paris-headquartered group

UBS UK high net worth boss Chris Oliver resigns

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Global family office boss Michel Frey to take on new City role

Consumer prices rose 3.4% in May compared with a year earlier, down from the 3.5% of April but still well above the BOE target, with oil price rises threatening to keep inflation higher for longer.

U.K. Inflation Eases Slightly Despite Concerns Over Rallying Oil Prices

Oil prices remained volatile and major indexes were mixed in Asia as markets continued to digest the unfolding Israel-Iran conflict amid waning hopes for a quick de-escalation.

Oil Markets Volatile as Investors Watch for Mideast Escalations

Referring to the impact of artificial intelligence, Andy Jassy tells employees, “We expect that this will reduce our total corporate workforce.”

Amazon CEO Says AI Will Lead to Smaller Workforce

Employees’ days are bleeding into the evening, new data show—thanks to a growing load of meetings, emails and, yes, actual work.

More of Us Are Putting in Extra Hours After the Workday

Research Affiliates, which once criticized the popular investing strategies, now sees growing value in them.

Rob Arnott’s Firm Says the Time Is Finally Right for ‘Smart Beta’

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