Cryptocurrencies should be established as a “brand new” component of traditional finance, rather than attempting to integrate into existing financial productssuggests the CEO of cryptocurrency exchange Bittrex Global.
The company’s US division recently filed for Chapter 11 bankruptcy and announced its intention to return client funds and liquidate US operations. He added that it would not affect global operations.
Speaking to Cointelegraph at Bitcoin Miami on May 18, Bittrex Global CEO Oliver Lynch stated that in a number of places – including the United States – regulators tend to view cryptocurrencies through the lens of traditional finance, while trying to understand their nature.
Off to Miami this week for @TheBitcoinConf!
I’m honored to be a part of the “What Happened: Exchanges/FTX” panel this Thursday. Find me on the Nakamoto main stage, next to @stephanlivera, @luledemmissie and @Leishman.
See you there! pic.twitter.com/2oCaXo2KJn
—Oliver Lynch (@OliverLinch) May 16, 2023
I’m off to Miami this week for @TheBitcoinConf! I am honored to be part of the “What Happened: Exchanges/FTX” panel this Thursday. Meet me on the main stage Nakamoto, along with @stephanlivera, @luledemmissie and @Leishman. See you there!
He held, however, that it is ineffective to try to analyze cryptocurrencies through the “traditional finance prism”.
Instead, cryptocurrencies should be a “whole new thing […]” in the traditional finance space while still aligning with the same fundamental principles as other traditional financial products, said Linch, adding:
“You have securities, you have derivatives, you have cryptocurrencies. It’s just another component, right?”
Furthermore, Linch stressed that the “strongest regulatory regimes” being put in place are those of countries that actually commit to “crypto-on-crypto zone terms.”
In an ideal world, Linch suggested that “five to 10 years from now,” cryptocurrencies will be seamlessly integrated into traditional finance.and events like “Bitcoin Miami should not exist.”
The US division of the cryptocurrency exchange announced on April 1 that it would end its operations on April 30, citing a difficult regulatory and economic environment in the United States.
Richie Lai, co-founder and CEO, stated that, As the cryptocurrency ecosystem evolved, regulatory requirements became increasingly “confusing” and “applied without proper discussion and input,” resulting in an uneven competitive landscape.
This environment has made it financially unfeasible for Bittrex to continue operations in the United States, he said.
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