Crypto expected to become part of TradFi in 5-10 years: Exchange CEO

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Crypto needs to establish itself as an entirely new component of traditional finance, rather than trying to squeeze into existing financial products, the CEO of crypto exchange Bittrex Global suggests.

The company’s U.S. arm recently filed for Chapter 11 bankruptcy, announcing plans to return customer funds and break down U.S. operations. He added that it would have no impact on global operations.

Speaking to Cointelegraph at Bitcoin Miami on May 18, Bittrex Global CEO Oliver Linch said that in many places, including the US, regulators tend to view crypto through the lens of the traditional finance while trying to understand its nature.

Heading to Miami this week for @TheBitcoinConf!

I’m honored to be part of the “What Happened: Exchanges/FTX” panel this Thursday. Find me on the Nakamoto main stage alongside @stephanlivera, @luledemmissie and @Leishman.

We’ll see each other there! pic.twitter.com/2oCaXo2KJn

— Oliver Linch (@OliverLinch) May 16, 2023

He argued, however, that trying to analyze crypto through the prism of traditional finance is inefficient.

Instead, crypto should be a whole new thing […] thing in the traditional financial space while aligning with the same core principles as other traditional financial products, Linch said, adding:

You have securities, you have derivatives, you have cryptos. It’s just another component, right?

On the other hand, Linch pointed out that the most robust regulatory regimes put in place are countries that actually engage with crypto-on-crypto zone terms.

In an ideal world, Linch suggested that in five to 10 years, crypto will seamlessly integrate into mainstream finance, and events like Bitcoin Miami shouldn’t exist.

Related: Where Crypto Can Grow: Digital Asset Regulation Around the World

The US arm of the crypto exchange announced on April 1 that it would cease operations on April 30, citing a difficult regulatory and economic environment in the United States.

Co-founder and CEO Richie Lai said that as the crypto ecosystem has evolved, regulatory requirements have become increasingly unclear and enforced without proper discussion and input, leading to an uneven competitive landscape. .

This environment made it economically unviable for Bittrex to continue operations in the United States, he said.

Magazine: Crypto Regulation: Does SEC Chairman Gary Gensler Have the Final Word?

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