The cryptographic industry has been desperate for US regulation as the last important piece in its global expiration puzzle, but the veteran of the sector and compliance expert Tuongvy Le, an former lawyer of the stock exchange and values commission, argues that what Congress and regulators are working is not only for the space of digital assets today but for the core of the future financial system.
LE, who has held legal and regulatory positions in Anchorage Digital, Bain Capital and the old Worldcoin (now World Network), told Coindesk that he expects the new rules to reach his former regulatory employer eventually govern the business in the heart of the markets. The migration of the transactions of basic values and products in traditional finance to the block chain is a dramatic movement for a field stuck in an inherited approach to handle transactions, rooted in long compensation and settlement approaches established decades ago.
“The Crypto-Tradfi convergence has already begun,” he said in an interview, describing the ideas amplified even more in an article he published with Austin Campbell of the University of New York on Monday. “Once the structure of the market and Stablecoin legislation is approved, it will really take off. Honestly. It may be difficult to realize that it is suffering a real transformation as it happens, but I think we will look back in this in this the way we look at the Internet and how we fundamentally change how we communicate and interact as a society.” I really believe that Blockchain technology and tokenization will redo the financial system, the financial system, “says this week. 2025 in Toronto.
Until now, it has been impressed with the changes that Congress legislators have made in the last discussion draft of the market structure bill that is based on the back of the innovation and financial technology of the previous session for the Law of the 21st Century (FIT21), which calls it “much more practical, viable and simplified.” He praised his approach to obtain multiple types of transactions under the scope of individual commercial platforms and also their views on Blockchain’s expiration.
She said that the current legislation in Congress at this time will be a “huge unlock” for the industry, but the financial agencies of the United States, including the SEC and the Trade Commission of Futures of Basic Products, are already moving.
“Even regulators are recognizing how blockchains can be used to create a better architecture for capital markets,” he said. “So, the question is, how can we begin to incorporate that capital technology in a way that makes the markets more efficient, transparent and fair?”
He worked in cases of compliance in the SEC and argues that many of those who involved a misconduct of runner, market manipulation and fraudulent reports could have been avoided if the transactions were living and transparent, with less required intermediaries.
“A large part of the industry has been begging for regulatory clarity for years, not only because being under the constant threat of application action or even criminal charges is not a way to regulate an industry, but because having a clear regime makes it easier to distinguish between good and bad actors,” he said, pointing out that regulations have clearly understood is often as important as its content, since its uncertainty distinguishes more dangers for the business.
“Sometimes clarity is more important than the laws really say, because companies will find a way of working with that,” he said.
It awaits US legislators to also build new resources for market regulators as they assume cryptographic supervision, but those agencies will also have to expand their experience, because “it cannot regulate what you do not understand.”
“The CFTC, in particular, if you are going to get a lot of this new authority over cryptography markets, it will really need to be better resources,” he said. “They are simply not there at this time.”
Cryptographic legislation is a priority in Capitol Hill, despite some setbacks such as policy and the cryptographic interests of President Donald Trump have interfered with their way.
“The wind is really behind the back of the industry at this time, and if we can obtain the correct legislation, it will really unleash a golden age of financial innovation,” Le.
Read more: the former principal lawyer of the SD says that the agency must make clear its Crypto Compliance Rules
