In five to ten years, crypto conferences like Bitcoin Miami will cease to exist, as digital assets will become part of Tradfi. Oliver Lynch, CEO of Bittrex bitcoin exchange, stated this. Cointelegraph.
According to the top manager, cryptocurrencies should establish themselves as a “completely new” component of traditional finance, and not try to “squeeze” into existing products.
“You have securities, you have derivatives, you have cryptocurrencies. It’s just another component, right?”, — Lynch noticed.
The CEO of Bittrex pointed out that in a number of jurisdictions, including the US, regulators tend to view them through a TradFi lens in an attempt to understand the nature of digital assets, which is “inefficient.”
In his opinion, more “reliable” regulatory regimes are those that actually work without the involvement of fiat currencies (crypto-on-crypto).
Lynch lamented that as the digital asset ecosystem matures, regulatory requirements are becoming more “obscure.” They are “approved without proper discussion”, which leads to a fragmented competitive environment, he added.
According to the CEO, these circumstances made Bittrex’s U.S. operations “uneconomical” and prompted the decision to wind down Bittrex.
Let’s remind, on May, 8th the American division of the company sent the application for bankruptcy protection to Delaware court.
In 2023 SEC pointed to violations in the work of Bittrex, Coinbase, Kraken, Gemini and Genesis. CFTC filed a lawsuit against Binance and its CEO Changpeng Zhao.
Earlier, Coinbase CEO Brian Armstrong noted that the regulatory policy regarding cryptocurrencies would negatively affect the financial situation of the United States.
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
In five to ten years, crypto conferences like Bitcoin Miami will cease to exist, as digital assets will become part of Tradfi. Oliver Lynch, CEO of Bittrex bitcoin exchange, stated this. Cointelegraph.
According to the top manager, cryptocurrencies should establish themselves as a “completely new” component of traditional finance, and not try to “squeeze” into existing products.
“You have securities, you have derivatives, you have cryptocurrencies. It’s just another component, right?”, — Lynch noticed.
The CEO of Bittrex pointed out that in a number of jurisdictions, including the US, regulators tend to view them through a TradFi lens in an attempt to understand the nature of digital assets, which is “inefficient.”
In his opinion, more “reliable” regulatory regimes are those that actually work without the involvement of fiat currencies (crypto-on-crypto).
Lynch lamented that as the digital asset ecosystem matures, regulatory requirements are becoming more “obscure.” They are “approved without proper discussion”, which leads to a fragmented competitive environment, he added.
According to the CEO, these circumstances made Bittrex’s U.S. operations “uneconomical” and prompted the decision to wind down Bittrex.
Let’s remind, on May, 8th the American division of the company sent the application for bankruptcy protection to Delaware court.
In 2023 SEC pointed to violations in the work of Bittrex, Coinbase, Kraken, Gemini and Genesis. CFTC filed a lawsuit against Binance and its CEO Changpeng Zhao.
Earlier, Coinbase CEO Brian Armstrong noted that the regulatory policy regarding cryptocurrencies would negatively affect the financial situation of the United States.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
