Aug 24, 2021
BitGo CEO Mike Belshe and COO Jeff Horowitz talk about one of the hottest topics facing the crypto industry today: regulation. They discuss...
- what BitGo does
- why Jeff left his successful TradFi career to go crypto
- how crypto compliance and custody differs from the traditional finance world
- the state of crypto education amongst regulators
- why Jeff and Mike think the infrastructure bill is a win for the crypto industry
- what FinCEN is doing to regulate crypto
- why they think the infrastructure bill’s goal of raising billions in crypto taxes could only bring in millions
- what FATF guidance regarding VASPs requires of crypto companies
- why the travel rule could lead to US customer data being shared overseas
- how digital assets change the implications of the travel rule
- how regulators are attempting to deal with DeFi
- what the FATF guidance means for FATF countries, like the US
- why DeFi is not ready for strict regulations
- Jeff’s views on Brian Brooks’s departure from BinanceUS
- the Galaxy Digital acquisition of BitGo
- what security issues a trillion-dollar wallet presents
- why BitGo refused to put a “freeze” function in its WBTC contract
- why Tesla and MicroStrategy purchased BTC and why other companies have been slow to follow suit
- whether BitGo will offer NFT solutions going forward
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Episode links
Mike Belshe -- CEO BitGo
- LinkedIn: https://www.linkedin.com/in/mikebelshe/
- Twitter: https://twitter.com/mikebelshe
- Previous Unchained appearance: https://unchainedpodcast.com/mike-belshe-on-what-bitgos-kingdom-trust-acquisition-means-for-crypto-and-how-security-will-develop-in-the-future/
Jeff Horowitz -- CCO BitGo
BitGo
- Website: https://www.bitgo.com/
- Twitter: https://twitter.com/BitGo
- Blog: https://blog.bitgo.com/
- Galaxy Digital purchase: https://www.coindesk.com/galaxy-digital-to-buy-bitgo-for-about-1-2-billion-in-stock-cash
- FATF solution: https://www.coindesk.com/us-crypto-giants-build-first-version-of-fatf-compliant-travel-rule-tool
- New York Trust Charter: https://decrypt.co/60110/bitgo-new-york-trust-charter-crypto-wall-street
Infrastructure bill and its implications for crypto
- https://twitter.com/mikebelshe/status/1424163820726009861
- https://www.wsj.com/articles/bitcoin-fans-are-suddenly-a-political-force-11629115380
- https://www.coindesk.com/infrastructure-bill-house-politics
- https://www.cnbc.com/2021/08/16/tax-foundation-infrastructure-bill-crypto-tax-provision-is-unworkable.html
- https://decrypt.co/78198/senate-passes-infrastructure-bill-crypto-tax-house
- https://www.taxnotes.com/featured-analysis/proposal-regulate-digital-asset-transactions-should-be-struck/2021/08/13/775gf#.YRfX9GEX2GI.twitter
- https://twitter.com/vtg2/status/1426264859071627266
- https://twitter.com/BlockchainAssn/status/1427276559052910599
- Unchained coverage:
FATF and the travel rule
- https://sumsub.com/blog/what-is-the-fatf-travel-rule/
- Unchained coverage:
FinCEN reporting
- https://www.theblockcrypto.com/post/99898/what-comes-next-for-the-us-treasury-departments-plans-to-monitor-crypto-wallets
- https://www.theblockcrypto.com/post/88347/treasury-crypto-wallets-reporting-rule
- Unchained coverage:
Miscellaneous links
- Brian Brooks’s BinanceUS departure: https://www.coindesk.com/binance-us-ceo-brian-brooks-quits-cites-strategic-differences
- Poly Network hack: https://www.elliptic.co/blog/the-poly-network-hack-600-million-in-crypto-stolen-and-returned-in-24-hours
- WBTC: https://www.bitgo.com/newsroom/press-releases/wbtc-brings-bitcoin-to-ethereum/