Bakkt COO says regulators will move at their own pace while ICE, Bakkt move at a startup’s pace |
The impact of cryptocurrencies on the real world has been a topic discussed by several proponents and critics of the space. Most developments and updates have tried to integrate the cryptosphere with mainstream finance. At the recently concluded FIA BOCA 2019, several luminaries from the world of cryptocurrencies spoke about the future of digital assets and the current regulatory climate.
Adam White, the Chief Operating Officer of ICE’s Bakkt, spoke about the regulatory clarity Bakkt had received since its inception. White stated,
“The main advantage of Bakkt and ICE is that ICE takes opaque commodities and objects and creates regulatory clarity. It did it with energy, it did it with credit and now it plans to do it with crypto. One thing that a lot of people don’t realize is that most of the regulations rely on partnerships.”
The Bakkt COO further added that the organization enabled people in the regulatory space to understand technicalities such as “what a hard fork is and what is a deep chain de-org”. According to him, regulators will move at a pace they are comfortable with, which in turn meant that ICE and Bakkt would have to move at a startup’s pace. In his words,
“This is a marathon, the winners and losers will not be revealed overnight.”
The panel also included Thomas Chippas, the Chief Executive Officer of Eris X, who added on to the points raised by Adam White on regulations. Chippas claimed that a majority of the exchanges were approaching other exchanges for opportunities and were extremely tech-focused. He stated,
“As you engage with regulators in the market, I have found out that no regulator will go out of their way to stop someone from doing something. There is a lot of knowledge and education in the space, with the CFTC being the main example of a forward-thinking body. I think there is a cultural incongruence because there is a lot of money involved and everyone wants the bodies to decide on something really quickly.”
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