February 24th – March 2nd
PERSPECTIVES by Eric F. Risley
Is the transformation complete?
Most have concluded that regulatory certainty remains the critical missing link for crypto to thrive. The industry, which began with independent-minded—some might say rebellious—individuals, often displayed a distinct animosity toward established institutions.
For the past five years, the industry was mired in regulatory disputes. That situation has substantially dissipated in a matter of months. In fact, crypto is now a priority for U.S. regulators. In that vein, it was striking to see the U.S. Senate Committee on Banking, Housing and Urban Affairs host a constructive subcommittee hearing this week, entitled “Exploring Bipartisan Legislative Frameworks for Digital Assets.” The hearing is available here.
These efforts and the eventual regulatory frameworks are important to the industry’s maturation and will open the door to a broader array of both use cases and institutional participants—potentially paving the way for tactical and strategic M&A. For such a promising and rapidly evolving field, crypto has remained challenging for existing institutions to embrace. Regulation will change that quickly, and pent-up needs will become apparent.
It may not be a complete transformation yet, but seeing Senate committees in dark suits, white button-down shirts, and muted ties is quite a pleasant sight to behold.
