… [crypto] sector veteran and compliance expert TuongVy Le, a former Securities and Exchange Commission lawyer, argues that what Congress and the regulators are working on isn’t just for today’s digital assets space but for the core of the future financial system.
Le, who has held top legal and regulator positions at Anchorage Digital, Bain Capital and the former Worldcoin (now World Network), told CoinDesk that she expects the new rules coming to her old regulatory employer will eventually govern the business at the heart of the markets. Migrating the securities and commodities transactions in traditional finance onto the blockchain is a dramatic move for a field that’s been stuck in a legacy approach to handling transactions, rooted in lengthy clearing and settlement approaches established decades ago.
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She’s so far been impressed with the changes congressional lawmakers have made in the latest discussion draft of the market-structure bill that is built on the back of the previous session’s Financial Innovation and Technology for the 21st Century Act (FIT21), calling it “much more practical, workable and streamlined.” She praised its approach to getting multiple types of transactions under the reach of single trading platforms and also its views on blockchain maturity.
She said that the legislation underway in Congress right now will be a “huge unlock” for the industry, but the U.S. financial agencies, including the SEC and Commodity Futures Trading Commission, are already moving.
ToastedRavioli@midwest.social 1 day ago
Im all for making the traditional market more efficient and transparent, if blockchain can accommodate that, so long as we can also make crypto more like the traditional market. At least in terms of criminalizing shit that would obviously be illegal to do with securities
InvertedParallax@lemm.ee 19 hours ago
This has nothing to do with that.
Crypto has only 1 purpose:
To free the rich from all national obligations and make them truly independent international powers, above all laws and taxes, because their money is an independent entity beyond the reach of anyone.