'Wall Street veterans are starting to give the crypto circle 'licenses'—this wave of compliance cannot be stopped!'
The newly established 'National Cryptocurrency Association' in the U.S. has just formed its first advisory committee. The most explosive news is that former chairman of the U.S. Commodity Futures Trading Commission (CFTC) Chris Giancarlo has officially joined! This guy is no ordinary person; he was the 'head coach' overseeing U.S. commodity and derivatives trading, and he was the one who approved Bitcoin futures for compliant listing back in the day.
Personal opinion + in-depth analysis:
Signal significance explosion: The heavyweight former regulatory giant Giancarlo joining is not just to 'have tea'. This is equivalent to sending a super strong signal to the entire industry: 'Compliance' is no longer optional; it is the only ticket for survival and development! The association bringing him in clearly aims to use the person who understands 'regulatory language' the best to open up the channels in Washington.
The value of the 'regulatory veteran': Giancarlo has experienced the last bull and bear market and knows exactly where the regulatory minefields are. His experience and connections can help the association accurately predict policy trends and formulate industry standards that can be accepted by regulators. Just think, in the future, when the association proposes a plan, it will be like having the problem-solving mindset of a 'former examiner'—the persuasiveness will be off the charts!
Case Study: Coinbase's 'cautionary tale' and 'backdoor': The SEC is now intensely scrutinizing exchanges, and Coinbase is embroiled in lawsuits. Why? A large part is that the 'compliance path' hasn’t been fully navigated, or there’s a 'time lag' in communication with regulators. Now, with a heavyweight like Giancarlo in the association, the goal is to help the entire industry preemptively clear mines, pave roads, and build bridges to avoid more Coinbase-like dilemmas. In the future, new players wanting to enter the market may just copy the 'compliance operation' templates set by the association.
'The big shots are starting to 'sit in a row, sharing the fruit'; who do you think will laugh last at the compliance table in the next bull market?
The market is perilous; only by banding together can we win! The strongest team in 米格 only takes in the ambitious madmen!
