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June 29, 2023 09:07 | 2 minute read
Blockstation CEO Jai Waterman believes that conventional financial powerhouses could effectively leverage their credibility and infrastructural advantages to dominate the digital asset trading landscape.
Traditional financial institutions handle the majority of investors’ money, Waterman told Benzinga, citing well-established financial giants such as TDAmeritrade or Merrill Lynch.
“Traditional financial institutions can leapfrog crypto exchanges if the funds are already there and the assets are available for trading, investors will stay put, and that’s where trading activity will take place,” Waterman said.
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Regulators are primarily against unlicensed brokers and unregistered securities and that their role is to protect investors.
When decentralization is used in a way that brings security, transparency, efficiency and improves investor protection, we see regulators continue to embrace it, he added.
DeFi: Waterman also touched on the integration of blockchain infrastructure with decentralized finance (DeFi), likening the current system to a chewing gum machine that lacks accountability and accountability.
To remedy this, he insisted on the need to protect investors and put in place structures that are managed responsibly.
The smartest way to do it is to use gum machine technology and put in place the infrastructure that protects investors,” he said.
The responsibility now lies with who is going to manage it and who is going to deal with any issues that may arise, he said.
On the current state of crypto exchanges, Waterman described them as disconnected.” This is due to the fact that cryptocurrencies are exchanged without proper registration, the difficulties of transferring money in crypto exchanges and the prices of inconsistent trading in different markets.
He advocated for the recognition of cryptocurrencies as securities and their integration into securities markets like stock exchanges.
Meme Coins Akin To Casinos: Waterman said that although meme coins offer high returns, they are similar to playing in a casino. Securities offered to the public must be subject to appropriate disclosures and records, he said.
Read next: KuCoin Introduces Stricter KYC Protocols, Deadline for New User Requirements Looms
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