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The CEO of cryptocurrency exchange Bittrex Global suggests that cryptocurrencies need to establish themselves as a “completely new” component of traditional finance, rather than trying to squeeze it into existing financial instruments.
The company’s U.S. division recently announced its intention to file for Chapter 11 bankruptcy protection and return client funds to restore its U.S. operations. It added that global operations would not be affected.
Speaking to Cointelegraph at Bitcoin Miami on May 18, Bittrex Global CEO Oliver Lynch said regulators in several places, including the U.S., are shifting away from traditional finance as they try to understand the nature of cryptocurrencies. He said he tends to see cryptocurrencies through a lens.
Heading to Miami this week @BitcoinConf!
It’s my honor to join you on this Thursday’s What Happened: Exchanges/FTX panel. Find me on the main stage in Nakamoto. @Stephen Rivera, @luledemmissie and @ Leishman.
See you soon! pic.twitter.com/2oCaXo2KJn
— Oliver Lynch (@OliverLinch) May 16, 2023
But he argued that trying to analyze cryptocurrencies through a “traditional financial prism” would be ineffective.
Instead, cryptocurrencies should be “something new”. […] He said that while being a “thing” in the traditional financial arena, it follows the same basic principles as other traditional financial instruments, adding:
“There are securities, derivatives and cryptocurrencies. It’s just another component, right?”
On the other hand, Lynch stressed that the “strongest regulatory regimes” currently in place are those countries that are actually working on “crypto-to-crypto zone conditions.”
Lynch said that in an ideal world, “five to ten years from now”, cryptocurrencies would be seamlessly integrated into traditional finance, and something like “Bitcoin Miami shouldn’t exist” would occur. suggested it would.
Related: Where Cryptocurrencies Can Grow: Digital Asset Regulations Worldwide
The U.S. division of the cryptocurrency exchange announced on April 1 that it will cease operations on April 30, citing strict regulations and the economic environment in the United States.
Co-founder and CEO Richie Lai said as the cryptocurrency ecosystem evolved, regulatory requirements became more and more “unclear” and “enforced without proper discussion and input.” , leading to an uneven competitive environment.
This environment made it financially impossible for Bittrex to continue operating in the United States, he said.
magazine: Crypto Regulation: Does SEC Chairman Gary Gensler Have the Final Decision?
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