The Crypto Roundup: 12 July 2023 | CryptoCompare.com

Singapore’s sovereign wealth fund Temasek has revealed it’s avoiding investments in cryptocurrency-based firms in the midst of the regulatory turbulence surrounding the sector.

According to its Chief Investment Officer, Rohit Sipahimalani, there’s currently “a lot of regulatory uncertainty in this environment,” which makes it hard for the firm to make another investment in the space.

Regulatory scrutiny has become a significant issue for crypto firms this year after the SEC filed lawsuits against leading cryptocurrency exchanges Binance and Coinbase, alleging securities law violations. The regulator previously sued Ripple for alleging violating securities regulations by selling XRP without prior registration with it.

Sipahimalani suggested that with the right regulatory backdrop and suitable investment opportunities, there is no barrier to Temasek exploring the sector. He added Temasek was never looking to invest in crypto in the first place, and noted the firm invested in FTX as it allows them to get “fee-based revenue without thinking [of] balance sheet risk or any trading risks.”

The firm, which announced in mid-November it would be writing down its $275 million investment in the now-collapsed cryptocurrency exchange, posted its worst returns since 2016 earlier this week.

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• Source: https://www.cryptocompare.com/email-updates/daily/2023/jul/12/