The cryptographic industry desperately takes place the American regulations as a last major piece of its global mature puzzle, but the veteran of the sector and expert in compliance Tuongvy le, a former lawyer for the securities and exchange committee, argues that what the Congress and the regulators work is not only for the space of digital assets of today, but for the heart of the future financial system.
The, which has held legal and regular positions at Anchorage Digital, Bain Capital and the former Worldcoin (now Network World), it is said that the new rules coming to its former regulatory employer will possibly govern the company at the heart of the markets. The migration of transactions in terms of basic securities and products in traditional finance on blockchain is a spectacular decision for an area which has been stuck in an approach inherited from transactions management, rooted in long compensation and settlement approaches established decades ago.
“The Crypto-Tradfi convergence has already started,” she said in an interview, describing more amplified ideas in an article she published with Austin Campbell from New York University on Monday. “Once the market structure and the stable legislation is adopted, it will really take off. Honestly, it can be difficult to realize that you are under a real transformation as it happens, but I think we are going to look at it as a society. In Toronto.
Until now, it has been impressed by the changes that Congress legislators have made in the latest discussion of the market structure bill which is built on the back of innovation and financial technology of the previous session for the law of the 21st century (Fit21), calling it “much more practical, achievable and rationalized”. She praised her approach to obtain several types of transactions under the reach of unique trading platforms and also her opinions on the maturity of blockchain.
She said that the ongoing legislation at the Congress at the moment will be a “huge unlocking” for industry, but American financial agencies, including the SEC and Commodity Futures Trading Commission, are already in motion.
“Even regulators recognize how blockchains can be used to create better architecture for capital markets,” she said. “So the question is how can we start to integrate this capital technology in a way that makes markets more efficient and transparent and fair?”
She worked cases of application of the dry and maintains that many of those involved in a broker’s fault, market manipulation and fraudulent reports could have been prevented if the transactions were live and transparent, with fewer intermediaries required.
“A large part of the industry begging for regulatory clarity for years, not only because the constant threat of an action in application or even criminal accusations is not a means of regulating an industry, but because having a clear regime in place facilitates the distinction between good and bad actors,” she said, noting that the fact that the regulations cannot be clearly supposed to be obstacles that that uncertainty is no more risks than regulations for activities that activities are often important.
“Sometimes clarity is more important than what laws really say, because companies will find a way to work with it,” she said.
Takes it to be expected that legislators, we will also strengthen new resources for market regulators when they are monitoring cryptography, but these agencies will also have to extend their expertise, because you “cannot regulate what you do not understand”.
“The CFTC, in particular, if it will obtain a large part of this new authority in the markets of the cryptographic points, will really have to be better resources,” she noted. “They are just not there for the moment.”
Cryptol Hill’s Capitol Hill – despite certain setbacks on Capitol Hill.
“The wind is really in the back of the industry right now, and if we can get good legislation, it will really release a golden age from financial innovation,” said the.
Read more: the former chief lawyer of the dry claims that the agency must clearly understand its rules of cryptographic compliance
