In her crypto-friendly stance, Peirce may be sticking her neck out. “Bureaucracy is difficult,” she told Decrypt in that previous interview, “It’s really hard to get anything done.”

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Hope on the horizon

But that may be changing soon.

“Regulatory barriers seem to be rapidly declining in all jurisdictions—even in the US, which has historically lagged behind Europe until only recently,” Seamus Donoghue, VP Sales & Business Development at METACO told Decrypt.

“Even the most staid conservative firms now feel comfortable with the regulatory clarity to get involved with crypto markets.”

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Industry leaders who spoke to Decrypt yesterday highlighted the significance of BNY Mellon decision, adding that this development must be matched with a supportive approach from the crypto industry, such as “ramping up its compliance and risk monitoring programs, reducing market manipulation and continuing to raise customer protection standards,” as Asaf Meir, CEO at cross-exchange risk monitoring platform Solidus Labs, told Decrypt.

The crypto industry will therefore have to work together with policy-makers in Washington—not just the New York’s finance establishment.

 

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